Still waiting for a correction to buy in?

[cjspiller28]

History and trends give me a lot of reason to believe there would be a significant correction after a surge like this one, but something feels different this time around.

Do you think there will be a correction?

If so, have you set a buy in mark?  For me, it's around $280 right now, but I have no idea what to expect.

[MoreFun]

Where were you 2 hours ago? It was $281.

[mccorvic]

Where were you 2 hours ago? It was $281.

Maybe his post was stuck at MtGox.

[barbs]

i caught 2 @ 269 at stamp this morning

[piramida]

I think there will be a correction.. to around $500 region, from - I don't know where - anyone's guess. four digits probably? does not seem all that insane now.

[Coinseeker]

I've seen several corrections.  I think what you're looking for is an absolute market collapse.  Capitulation.  While that's always possible, it's really a different time with a different set of variables.  Previously the markets were led by one exchange, now there are three major players plus China.  So things are spread around real good.  Secondly, alot of weak hands already got shaken out and people learn over time that just because the market drops $20, doesn't mean the sky is falling and it's time to panic sell.  This is all actually a really good sign for Bitcoin speculation moving forward.  Bitcoin's growing up, as are the people around it.  Despite some small and healthy corrections, dare I say, I only see more up, up, up.   

[phlogistonq]

I would not mind an epic weekend dip. 

[bitrider]

I've seen several corrections.  I think what you're looking for is an absolute market collapse.  Capitulation.  While that's always possible, it's really a different time with a different set of variables.  Previously the markets were led by one exchange, now there are three major players plus China.  So things are spread around real good.  Secondly, alot of weak hands already got shaken out and people learn over time that just because the market drops $20, doesn't mean the sky is falling and it's time to panic sell.  This is all actually a really good sign for Bitcoin speculation moving forward.  Bitcoin's growing up, as are the people around it.  Despite some small and healthy corrections, dare I say, I only see more up, up, up.   

+1 That's about how I see it. Of course we are not beyond overshooting from time to time, with strong pullbacks.

[BittBurger]

Corrections with Bitcoin tend to be minor.

$307 earlier today down to $281.

That would be a typical "correction" with Bitcoin.

As long as Bitcoin continues to have worldwide adoption, and the infrastructure continues to be built surrounding it in multiple countries ... i don't believe it will ever "crash".  We've reached a point now where it has a stable grounding.   And unlike the "financial analysts" say, that grounding has nothing to do with rally buying and pure speculation. They are building an infrastructure for this technology in many countries.  

The goal is to bring a bank account to 6 billion people who have no bank account.  A way for 6 billion people to hold and transact money. As long as this infrastructure continues to grow, so will Bitcoins value.

Where are we in the infrastructure building process?  I would say we have barely just left the starting line.  

Starting line|$60---$300 ----------------------------------------------------------------| $? Global Adoption

[mvidetto]

Corrections with Bitcoin tend to be minor.

$307 earlier today down to $281.

That would be a typical "correction" with Bitcoin.

As long as Bitcoin continues to have worldwide adoption, and the infrastructure continues to be built surrounding it in multiple countries ... i don't believe it will ever "crash".  We've reached a point now where it has a stable grounding.   And unlike the "financial analysts" say, that grounding has nothing to do with rally buying and pure speculation. They are building an infrastructure for this technology in many countries.  

The goal is to bring a bank account to 6 billion people who have no bank account.  A way for 6 billion people to hold and transact money. As long as this infrastructure continues to grow, so will Bitcoins value.

Where are we in the infrastructure building process?  I would say we have barely just left the starting line.  

Starting line|$60---$300 ----------------------------------------------------------------| $? Global Adoption

I'd have to agree here, its going to be difficult to stop bitcoin now that it's used in so many countries even if the US outlaws it, there's a strong population supporting it elsewhere.

[byronbb]

Where were you 2 hours ago? It was $281.

Maybe his post was stuck at MtGox.

Not bad.


I wrote about this before but bitcoin is not on a linear scale. Obviously the price can move in a linear fashion, but that is mere short term error. If you think about bitcoin's exposure to the rest of the world it will be on an exponential scale for at least the discernible future. The current psychology of the bitcoin trading market is primed to believe in massive corrections, so we are now going to have a head-less chicken style conversation about "calling the top". But previous price action and current price action may not have much relation because the underlying market forces can grow at incredible scale, and render past data simply noise. Imagine the market forces to be water flowing through a pipe. In entrenched markets like say the Gold Market, the variables are well understood, the market participants more or less constant, and the price rises and falls with increases or decreases in pressure. But if bitcoin, being in its infancy, finds its pressure rising to test the strength of the pipe, will just replace the pipe with a bigger one. And this replacement, this increase, need not be bound by linear rules, the pipe can increase 10x over night.

[theonewhowaskazu]

I think there will be a correction.. to around $500 region, from - I don't know where - anyone's guess. four digits probably? does not seem all that insane now.

yes, a long-awaited opportunity to double my Bitcoin holdings.

Seriously my favorite thing about bubbles these days is the potential for another crash. I've gone entirely insane. I -need- more Bitcoins.

[removebeforeflight]

Selling all the way up to the bubble top (small amounts). Learned my lesson from last time around ! (ATH)

[TERA]

Historically when a significant previous high is broken, there is no return. Your best bet is $280.

[Zangelbert Bingledack]

The Bitcoin waits for no one.

[Mageant]

The problem is nobody knows how high it will go before it corrects.

It could go up to $1000 and then "correct" down to $500, for example.

Which would mean that it's still worthwhile to buy in now.

[theecoinomist]

The problem is nobody knows how high it will go before it corrects.

It could go up to $1000 and then "correct" down to $500, for example.

Which would mean that it's still worthwhile to buy in now.

my thoughts as well

[the joint]

The interesting thing to me about this 'bubble' is that the buy side of the order books are virtually stripped.  Nobody wants to be the first to catch a falling knife.  Also, nobody wants to cash out a significant amount of BTC that would significantly drop the price, thereby cutting into their profits.

I think when the buy side of the order book gains depth across the exchanges, then down we go.  But, the price needs to steady itself for this to happen.