[2017-12-06] Bitcoin Price Hits $12,000 – Just as We Predicted

[CryptoBry]

Bitcoin’s incredible 2017 bull run continued today as the price hit $12,000 USD on Coinbase. It’s less than a week after it hit $9K, suggesting gains are now happening exponentially. Of note, Bitsonline‘s technical analyst Ramiro Burgos called $12,000 exactly a month ago on November 6th — it seemed like a crazy idea even then, as the bitcoin price sat at an all-time-high of just $7,000.

Burgos’ piece, titled “Bitcoin Price Projected to Reach $12,000 After Earth-Shattering Rally” suggested the introduction of bitcoin price-related futures at CME had caused the rally. That’s despite the coming futures products, also from CME’s competitors CBOE and Cantor, being cash-settled “bets” on bitcoin price that don’t deliver any actual BTC.

Even so, doubters scoffed at the $12K suggestion and even Burgos warned the price could drop back to a support level at $6,500 before going higher. In fact, it dropped briefly below $6K soon after, before rebounding. Source is here...

We are entering a new surge for Bitcoin as it is now officially at the $12,000 level (to be exact it is at $12,466 in CMC as I am writing this comment). Some are predicting a big pullback even saying that it can go as low as $6,000 which of course I discounted never to happen given the excitement and some big good news happening in the cryptocurrency world. I am expecting some more upward trend as we are closing the year 2017.

But what about 2018...do you see the same positive trend or will there be some slump as if Bitcoin got tired in doing some rampage?

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[senin]

I think that bitkoyn will grow somewhere else until February 2018 and during this time it may well reach the rate of 15 000 - 18 000 dollars, after which there will be a correction of its course and its volatility will continue to manifest as a result of which it will then rise up to the rate February, then go down somewhere to the level of 12 000 - 13 000 dollars.

[davey76]

It is even at $12645 right now according to http://www.livecoinstats.com/

Coinone is over $14000 right now, the Koreans are behind this high price. What will happen when the USA wakes up and sees this

[greeklogos]

I think that bitkoyn will grow somewhere else until February 2018 and during this time it may well reach the rate of 15 000 - 18 000 dollars, after which there will be a correction of its course and its volatility will continue to manifest as a result of which it will then rise up to the rate February, then go down somewhere to the level of 12 000 - 13 000 dollars.

15-18k$ for bitcoin now is a point of one hour to reach. It is already in one step from 15k$ and I really don't know what to expect by Xmas, probably it is going to be a new surprise in the form of the fastest ever bull run to the point of 20k$ or something around that number.

It is even at $12645 right now according to http://www.livecoinstats.com/

Coinone is over $14000 right now, the Koreans are behind this high price. What will happen when the USA wakes up and sees this

On YoBit it is already 12850$! Americans probably will start to sell, but whales will keep holding, so the fall isn't going to be so deep.

[Lukas Tarantas]

It is difficult to make any predictions regarding the course of bitcoins. About 2 months ago I bought bitcoin at 7400, today I plan to sell them, because it's tedious to watch the price jumps.

[CBJon]

Yeah, the rocket sure is looking unstoppable.

I wonder though, what effect of the futures contracts coming online are going to have.
If you can move enough bitcoin around (and there's a few people / organizations that can - I'm looking at you Winkevosses) you could take huge, huge bets and manipulate the market just enough to win big on swings.

Who here is a futures trader that can give me a mind-dump on how to protect yourself against swings using futures?

[1Referee]

It is difficult to make any predictions regarding the course of bitcoins. About 2 months ago I bought bitcoin at 7400, today I plan to sell them, because it's tedious to watch the price jumps.

It's not difficult at all since there is (short term speaking) only one way this market goes into, and that's the way up. Everyone with a functioning set of brains can see that happening with so much money being pumped into Bitcoin globally. In that regard, this "just as we predicted" titled article doesn't hold much importance. I can predict things too, and predict that we'll soon reach $14,000 and then $15,000 very likely this year. I however won't pop up and say that the price has gone up just as I predicted. As long as there is money being pumped into Bitcoin, we'll smash through each and every round price level. It's that simple. It may very well be that we get to touch the $20,000 level before the end of this year, or somewhere in January.

[darkangel11]

It is difficult to make any predictions regarding the course of bitcoins. About 2 months ago I bought bitcoin at 7400, today I plan to sell them, because it's tedious to watch the price jumps.

And a week from now when it passes another mental barrier you'll buy it back hoping for a quick gain and sell a week later in fear. Newbie traders always end up doing this over and over until in a moment of clarity they do the math and realize they would gain more by simply holding and watching the price. It requires some cold calculation to know when the time is right, but it can be done.

[CBJon]

And a week from now when it passes another mental barrier you'll buy it back hoping for a quick gain and sell a week later in fear. Newbie traders always end up doing this over and over until in a moment of clarity they do the math and realize they would gain more by simply holding and watching the price. It requires some cold calculation to know when the time is right, but it can be done.

Agreed.  I use technical investment but only to support my long term fundamental positions.  Sure, you could trade in and out of BTC on the hour and win a little more, but trading on a 3/21 day moving average achieves pretty much the same result for me.

I think lots of noob traders are having fun in a bull market. It's easier to win when you can predict an upswing, but when / if fundamentals change they risk being caught out.

[veleten]

it is about to break 13.000$,maybe it is higher at some of the exchanges already
what is fascinating is the tempo of growth
and by fascinating I mean both great and worrying
I love the price,but I am concerned that the growth is too rapid,too high and without any visible reasons to it
if you looked at the trades,the price is rising when there is a huge trade volume,out of the blue,spikes
several times more than a day or a few days before in a row,sometime 10-20x
and that is a sign of the market being manipulated by big players,so if it can be manipulated one way,it could be manipulated the other way just the same

[Samarkand]

... and without any visible reasons to it
...

Let me tell you a few reasons:
1. CBOE Bitcoin futures
2. CME Bitcoin futures
3. NASDAQ Bitcoin futures
4. Likely ETF approval in the near future as the introduction of the futures increases the maturity of the whole BTC environment
5. Dark Net use of BTC is on the decline, which results in increased legitimacy
6. Failing currencies in countries like Venezuela
7. FOMO buying due to increased media coverage fueled by the big price rise
8. Increased awareness of BTC due to increased media coverage
9. The influx of (backed or unbacked?) Tethers, especially in the case of a BTC price dip
...

[cr1776]

... and without any visible reasons to it
...

Let me tell you a few reasons:
1. CBOE Bitcoin futures
2. CME Bitcoin futures
3. NASDAQ Bitcoin futures
4. Likely ETF approval in the near future as the introduction of the futures increases the maturity of the whole BTC environment
5. Dark Net use of BTC is on the decline, which results in increased legitimacy
6. Failing currencies in countries like Venezuela
7. FOMO buying due to increased media coverage fueled by the big price rise
8. Increased awareness of BTC due to increased media coverage
9. The influx of (backed or unbacked?) Tethers, especially in the case of a BTC price dip
...

10. Lightning implementation interoperability tests successful.

[J. Cooper]

-snip-

-snip

10. Lightning implementation interoperability tests successful.

I was a lot happier waking up to this than to 14K bitcoin.