The Bear Market is officially...OFF?!?

[dbru77]

I always wonder what motivates people to create threads like this.
The price is moving and boom there goes a thread which 1) states the obvious and 2) delivers a bold prediction of what will happen.
These threads tend to dramatize a bit or even try to amplify the whole thing instead of observing.

Anyway, i think it's funny how a price movement triggers the analyst in many people. And the commentator.

Cheers

[AlexM]

I have just put my bids in for $70 and $55. I do not expect the price to go down that far, so I purchased a couple at $111. I think we might be back at $130 within the next 48hours but ... this is Bitcoins and Japan Holidays are next week, so who knows.

Time for me to log off Bitcoins for today.

[GigaCoin]

Solution: Shutdown computer, set it on fire, throw smartphone into the silicon bonfire u just made, check price after 1 year, btc= 1000usd , magic! 

[lebing]

Solution: Shutdown computer, set it on fire, throw smartphone into the silicon bonfire u just made, check price after 1 year, btc= 1000usd , magic! 

Sad but true. 

[Peter Lambert]

Solution: Shutdown computer, set it on fire, throw smartphone into the silicon bonfire u just made, check price after 1 year, btc= 1000usd , magic! 

Wait, are you supposed to make a backup of your wallet before this, or does the price go up only if you destroy all the bitcoins you own?

[evolve]

check price after 1 year, btc= 1000usd , magic!  

Everyone see this?

This is the attitude that is going to get a lot of people burned. Hard.

(I'm not trying to pick on you specifically, Gigacoin...)

[dbru77]

Solution: Shutdown computer, set it on fire, throw smartphone into the silicon bonfire u just made, check price after 1 year, btc= 1000usd , magic! 

Why so humble, little Bull?   According to the great Supernode Advisor we will hit 100000usd by the end of this year.
No discussion, that is a proven fact. Just because it is, basically. You gotta have trust man.
So, I'd suggest you start spending the money right away, as this prediction cannot fail. It just can't. Gotta have faith, son.

LOL

[UltimateReaper]

check price after 1 year, btc= 1000usd , magic! 

Everyone see this?

This is the attitude that is going to get a lot of people burned. Hard.

I don't want to insult a Sensei, but it already looks like the market is recovering. I know this is only in the short term but do you think we are really headed towards inevitable downtrend? I mean, just going by what I've seen in my short time here, what goes up must come down and what goes down will come up. Isn't it more likely we continue to see this unstable flip flop throughout the year?

[dbru77]

check price after 1 year, btc= 1000usd , magic! 

Everyone see this?

This is the attitude that is going to get a lot of people burned. Hard.

Man, you better listen to the Supernode! Every single BTC will be worth 100000 $ by the end of this year.
Great things to come

Just kidding, I think you're right. This forum definitely got some skilled brainwashers on board

[Birdy]

check price after 1 year, btc= 1000usd , magic!  

Everyone see this?

This is the attitude that is going to get a lot of people burned. Hard.

Man, you better listen to the Supernode! Every single BTC will be worth 100000 $ by the end of this year.
Great things to come

Just kidding, I think you're right. This forum definitely got some skilled brainwashers on board

If he manages to gather enough people believing him, it will be true xD
But so are those that say it will hit $0, because people will leave the sinking ship (although they are dismissing the uses BTC has).

[SAQ]

Ohh heyy, you're back

Maybe a bit late? The selling seems to have run out of steam now.

[Jutarul]

check price after 1 year, btc= 1000usd , magic!  

Everyone see this?

This is the attitude that is going to get a lot of people burned. Hard.

(I'm not trying to pick on you specifically, Gigacoin...)

Going long "blind" works under the assumptions that the fundamentals of bitcoin don't change.
This is a strong assumption, given the circumstance that bitcoin operates in a highly disruptive and innovative field.

While the price of bitcoin may be irrelevant for long term adoption, the technological and social indicators are not.
Right now they look good though - very good.

[evolve]

I don't want to insult a Sensei, but it already looks like the market is recovering. I know this is only in the short term but do you think we are really headed towards inevitable downtrend? I mean, just going by what I've seen in my short time here, what goes up must come down and what goes down will come up. Isn't it more likely we continue to see this unstable flip flop throughout the year?

It's certainly possible, but in my opinion, we are heading down for the visible future (with crazy volitility along the way).



This is the way I see it:

   Despite all of the hype, there was never any justification for the price being this high in the first place. By the time we hit triple digits, the price was being driven almost purely by speculation.

   I think 33 was the real start of the speculative bubble. Once we passed that psychological barrier and didnt crash into singles (which quite a few of us believed would happen), the money started piling in from those in the community, who now feared missing the boat.

   As the price rose, media attention began to grow; this attracted new investors, which in turn attracted more media attention, and the snowball grew. Now we had people entering the market simply to make a quick buck...people who didnt know or care much about bitcoin, but were simply looking to get rich quickly.  By this time, hype was at an all time high and the market was hitting an unsustainable amount of growth.  People actually started leveraging debt to buy btc (never a good sign).

  That's when the panic selling started.  People started pulling out once they feared their investment would be lost. Just like the rise, however, the price fell too fast and we saw the bounce up to 160 (which was expected).  

Since we have hit that mark, we have seen steady downward pressure. If you notice, after each of these moves downward lately, we have not been bouncing back as high (Lower lows and lower highs). To me this says we may be seeing the beginning of the same type of slow steady slide down we saw in 2011.
  

[arepo]

It's like 2011 all over again.  

I honestly think it is.

it can't be exactly like 2011, because everyone knows exactly what happened in 2011.

that being said, it's also completely different, as i have argued many times this month.

[liberty90]

Why so humble, little Bull?   According to the great Supernode Advisor we will hit 100000usd by the end of this year.

I wouldn't rule out such possibility...

[evolve]

it can't be exactly like 2011

No, but 2011 is certainly a decent road map on how this thing is going to play out.

[SAQ]

To me this says we may be seeing the beginning of the same type of slow steady slide down we saw in 2011.
   

Maybe - it certainly seems that way. But what most people outside of bitcoin community herd in 2011 was that bitcoin was hacked or the biggest bitcoin exchange was hacked. Considering that this was only one year or so after bitcoin came to be, most people would have written bitcoin off their mind and consider it to be too risky and unfeasable.

Now in 2013, I think bitcoin has gained a lot of credibility and therefore interest. Many people have seen its potential. Many events can dramatically change the field for the better.

So while 2011 made people write it off. 2013 made people take real interest in it. For those reasons, I don't think we'll see 37 or even 50. 70-80 maybe.

That said, unless one of these events does dramatically change the field, i.e. another cyprus, purchasable with credit/debit card instantly (so some mainstream forex exchange adopts it), incorporated into the system of money movers, then we might go even lower than 37.

[ElectricMucus]

The only thing I want is that is that the price doesn't tank as far that the exchanges contemplate running with my trading capital....

[dbru77]

Why so humble, little Bull?   According to the great Supernode Advisor we will hit 100000usd by the end of this year.

I wouldn't rule out such possibility...

Me neither, I just try to keep my perspective.

Mr. Supernode seems to be engaged in gathering as much BTC as possible, basically to reduce the amount of circulating Coins.
At least that's what I read between the lines.

If he and his partners manage to achieve their goals it COULD be possible that BTC price will rise extremely.
This plan will only work out if the demand for BTC rises significantly. I think that is part of his plan,
to raise demand for BTC and through "selling" it to his customers as just another commodity.
Maybe some big investors join the party..nobody knows for sure if this will happen.

Of course it is very appealing to think that way. Who does not want to be rich?  
People are very open for these scenarios and sometimes our decisions are guided not by rational thought but by wishful thinking.
I'd love to see BTC hit 100000 $ but I refuse to follow this extremely confident speculation at the moment.
A lot of things have to happen before we can expect this scenario, and a lot of things must not happen.
We'll see if this prediction withstands the test of time - I have doubts.

That doesn't mean I think BTC will crash, either. BTC Price at the end of the year is not predictable from my point of view.

[barbs]

The only thing I want is that is that the price doesn't tank as far that the exchanges contemplate running with my trading capital....

QFT we could be sitting here at MTGox or BTC-E with our pretty numbers on the screen and there is absolutely no guarantee they will be solvent / able to pay out who the hell knows how much champagne they are all chugging back there in the server room these days!