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Author Topic: is this bitcoin bubble ever going to burst  (Read 1783 times)
1Referee
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May 10, 2017, 08:43:45 AM
 #21

It's not really something that I consider to be a bubble. If I look completely unbiased at current levels, then I say that the price is probably 15-20% overbought. In that regard, if a correction takes place, then that's exactly the amount I think the price will go down. However, the main problem for a lot people is - when will this correction kick in. At this point, that's impossible to say. In order to stay somewhat on the safe side, just cash out a certain part of your profits. If the price goes down, you'll be able to buy back lower. If the price goes up, you'll have enough coins left to cash out, and thus benefit from the higher price. Just use your head.

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May 10, 2017, 08:54:34 AM
 #22

I don't think it is a bitcoin bubble, as Japan is also looking very interested in bitcoins, even Bitcoin traded at  $1,835 in Japan which is very high as compared to rest of the world and the main reason being Japan has now legalised bitcoinin the country. More reasons can be found in the article below
https://cointelegraph.com/news/bitcoin-traded-at-high-premium-of-1835-in-japan-reasons-trends

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May 10, 2017, 10:25:41 AM
 #23

I don't think it is a bitcoin bubble, as Japan is also looking very interested in bitcoins, even Bitcoin traded at  $1,835 in Japan which is very high as compared to rest of the world and the main reason being Japan has now legalised bitcoinin the country. More reasons can be found in the article below
https://cointelegraph.com/news/bitcoin-traded-at-high-premium-of-1835-in-japan-reasons-trends
It's a bubble because of the sudden price jump. It isn't something strange or negative, but I think people are overbuying in hope for larger acceptance. Some analysts have already said that the usage of bitcoin hasn't increased in the last 6 months, but the price did, by 20%! I think we can expect a correction after a large and sudden jump like this one. News from Japan are great, but it's just one country and we still haven't resolved the block size situation.

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May 10, 2017, 10:41:03 AM
 #24

Will the bubble burst after the bitcoin ETF is not approved? What if it gets approved this time, could the price keep going up to $2000?
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May 10, 2017, 10:43:13 AM
 #25

I think this is not really bubble, this is just growing adoption.
If ETF happens again there will be huge bubble.

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NorrisK
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May 10, 2017, 11:04:08 AM
 #26

Imo the rise has only really just started..

I see bitcoin going over 2000 this month, the momentum and increasing acceptance is simple there to support growth.

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May 10, 2017, 11:48:07 AM
 #27

It's a bubble because of the sudden price jump. It isn't something strange or negative, but I think people are overbuying in hope for larger acceptance. Some analysts have already said that the usage of bitcoin hasn't increased in the last 6 months, but the price did, by 20%! I think we can expect a correction after a large and sudden jump like this one. News from Japan are great, but it's just one country and we still haven't resolved the block size situation.
We have sudden price jumps in the past which weren't bubbles, for example price rise after bitcoin halving in 2016.
Bitcoin adoption is growing, maybe not as rapid as bitcoin's price, but nonetheless we noted progress.
You said that bitcoin usage is no growing - there is another possibility, people realized potential of bitcoin to be a store value/safe haven type of asset.
We also have no negative news about BTC recently, our only problem is to resolve scaling issue.
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May 10, 2017, 12:41:15 PM
 #28

Japan is still in FOMO, so I think price will still rally upto $1800  to $2000, I read, one company is aiming a bitcoin start up two weeks from now, this will bring in fund to th economy pushing the price to increase more.  Aside from that, there are still more than 10 companies that is on the line waiting for their license approval.  Isn't this enough to think Bitcoin will still increase in price?



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May 10, 2017, 01:33:13 PM
 #29

Everyone is probably afraid of big dump but as long as Japan and China are so deeply in I beleive the price will continue to go up. For how long, we will see. But at the moment it looks that we can expect 2000$ sooner then we have expected so keep holding the coins and don't sell unless you need to.

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May 10, 2017, 01:56:23 PM
 #30

Guys I sold out and sold my soul, not sure if I should buy back in now or wait for some consolidation ? Any advice would be appreciated. Is there even going to be correction ?

I think you just wait for bitcoin to reach the price of 2000$. Once reaching 2000$, many people will sell and this will make bitcoin down to 12000 to 1300 range. This will be best time to buy again as it wont stay low for long.

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May 10, 2017, 02:34:27 PM
 #31

Whether or not you think this run is a bubble or not, there will be a correction. Right now though, with $2000 well in sight, FOMO is in full effect. Just have your fiat ready on deck so that when that correction comes, you'll be prepared for the opportunity.

Yes. The SEC is reviewing the winklevoss etf again, and will have a decision by 15th May. I think the current pump is aimed at that date (there may be a sell-off as the etf is rejected again).

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May 10, 2017, 02:37:48 PM
 #32

Guys I sold out and sold my soul, not sure if I should buy back in now or wait for some consolidation ? Any advice would be appreciated. Is there even going to be correction ?

Don't take advice from anyone on a forum, people here are mostly bull on bitcoin all the time regardless of whether its warranted or not. There are sound reasons both to expect the price to go up as well as for it to go down.

What it comes down to is do you think its heading up? Or more importantly do you think its going up in the long term?

If the answer to either is yes then you should buy now, trying to trade to buy back is just going to end in tears most people end up buying at the top and selling at the bottom.
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May 10, 2017, 02:40:41 PM
 #33

Guys I sold out and sold my soul, not sure if I should buy back in now or wait for some consolidation ? Any advice would be appreciated. Is there even going to be correction ?
The current price bubble will definitely burst, it always has after such sudden rise in price. But the overall bitcoin bubble, I don't think it's anywhere close to bursting. You really did make a big mistake selling, right now you should wait few weeks before this current bubble bursts If you see the price going anywhere near $1200-1300 make your move and buy back. But keep in mind there is a tiny chance that this bubble doesn't burst at all and BTC reaches another ATH.

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May 10, 2017, 06:24:05 PM
 #34

Guys I sold out and sold my soul, not sure if I should buy back in now or wait for some consolidation ? Any advice would be appreciated. Is there even going to be correction ?
The current price bubble will definitely burst, it always has after such sudden rise in price. But the overall bitcoin bubble, I don't think it's anywhere close to bursting. You really did make a big mistake selling, right now you should wait few weeks before this current bubble bursts If you see the price going anywhere near $1200-1300 make your move and buy back. But keep in mind there is a tiny chance that this bubble doesn't burst at all and BTC reaches another ATH.

Definitely price bubble always burst but with bitcoin, the question is when, i still think the bubble wont burst yet, it will ballooned even larger because there is incoming large player tothe scene.  and india is looking good in recognizing Bitcoin so is China as money or mode of payment.  So definitely there is still a huge room for the bubble to grow before bursting.
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May 11, 2017, 09:38:07 AM
 #35

Thanks for the information guys. Anyone know the approximate time of etf decision ?

Date or exact time? The date is 15th May. To be honest, I wouldn't expect a huge dip, nobody expects it to be approved anymore.
Just like the the price of LTC didn't plummet hard again on Segwit activation, like it did when Segwit got locked in. People catch on to whale's tricks.
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May 11, 2017, 12:15:38 PM
 #36

Guys I sold out and sold my soul, not sure if I should buy back in now or wait for some consolidation ? Any advice would be appreciated. Is there even going to be correction ?

Don't take advice from anyone on a forum, people here are mostly bull on bitcoin all the time regardless of whether its warranted or not. There are sound reasons both to expect the price to go up as well as for it to go down.

What it comes down to is do you think its heading up? Or more importantly do you think its going up in the long term?

If the answer to either is yes then you should buy now, trying to trade to buy back is just going to end in tears most people end up buying at the top and selling at the bottom.

+1

If you think in long term BTC is going to appreciate, then any speculation to bet on future correction/sudden price drop are very dangerous. As you see, you need to buy back anyway one day, and it can be very painful.
Like an old fox, you need a very strong belief and patience, and prepare the cash and buy in when everyone is really panicking.

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