BitCoin to Correct? Your Comments

[Pruden]

With this recent spike, do you think BTC is going to crash?

In case you didn't notice, there was a correction along the weekend that took a whooping 48 hours to recover from. Now go see the charts at 47$ back in march and tell me what you see.

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[AlgoSwan]

A simple BTC charts tell me a breakout on Apr 2013 levels, which is projected at least double from Apr 2013 high. BTC/USD 500 could be a short term top with most conservative prediction. However breakouts frequently create parabolics which can be translated into four digits in BTC quite possible for the next 6 months or so. One thing people don't understand: BTC charts is unique, it can't be comparable to other charts such as forex charts or indices or even commodities. The difference is all the forex and indices (fiat based) instruments have unlimited supply. Everyone knows what is a stock dilution, when prices go parabolic in stocks or forex demand can be decreased by increased supply.

Now ask yourself: How can BTC supply increase when parabolic-demand occurs? Same analysis is true for crude oil and precious metals also. But BTC gives supply information more clearly than commodities. We know how many BTCs are available to trade. And other imporant point to remember is: BTC prices can't be controlled by paper contracts (gold and silver prices can be manipulated and controlled by paper, yeah futures and options contracts).

[shizuska]

Bitcoin will not drop below 200, mining has to remain profitable.

[Loki8]

With this recent spike, do you think BTC is going to crash?

Alessio Rastani: Why Bitcoin will crash to $30

http://www.londonlovesbusiness.com/business-in-london/investment/alessio-rastani-why-bitcoin-will-crash-to-30/6149.article

[ronaldlee0917]

Chinese people need money in the coming Spring Festival, arguably the most important holidays in China, I believe most of them will start cashing out in December.

[BitchicksHusband]

Bitcoin will drop hard to the 100's$

Will never happen unless bitcoin is a failed experiment.

[Davyd05]

With this recent spike, do you think BTC is going to crash?

Alessio Rastani: Why Bitcoin will crash to $30

http://www.londonlovesbusiness.com/business-in-london/investment/alessio-rastani-why-bitcoin-will-crash-to-30/6149.article

Seems like he's preaching propaganda.

I still think April was so heavily related to the EU crisis and if speculators truthfully believed they wanted to get coins before people tried to buy coins for the purpose of sheltering their own savings from a bail in...obviously things calmed and a correction ensued.

This time around we have huge amounts of money invested by Bitcoin Trusts, more and more people have realized the bitcoin wasn't created so drug dealers could sell drugs online. The thing that pushes us forwards is more and more business adopting Bitcoin as payment. Even if one day bitcoin becomes the crypto "gold equivalent" and people spend Litecoin on a daily basis. This stiil achieves the idea that we can buy and sell with out having a fee built in by the banks. Essentially allowing us to do or make more with our wealth.

[BitchicksHusband]

Bitcoin will drop hard to the 100's$

120-150 is my guess.

People don't understand the concept of profit-taking around here.

People don't understand the concept of logarithms around here.

[Loki8]

The thing that pushes us forwards is more and more business adopting Bitcoin as payment.

It won't become a real currency when it swings +/-10% in the time it takes to confirm a transaction. Bitcoin is completely useless for commerce as long as it's having days like this, it's a purely speculative instrument, nothing else.

[kehtolo]

With this recent spike, do you think BTC is going to crash?

Alessio Rastani: Why Bitcoin will crash to $30

http://www.londonlovesbusiness.com/business-in-london/investment/alessio-rastani-why-bitcoin-will-crash-to-30/6149.article

Everyone is entitled to thier opinion. But opinions are like assholes, everyone has one and they mostly stink.
Fair play to Alessio. But he obviously doesn't seem to understand the concept fully.
He repeatedly quotes from other sources who don't seem to understand the concept either. And generally has a pretty scathing/distrusting/traditional investor/old school (world) viewpoint on it. He hardly wrote this piece from an open minded viewpoint.
No, he picked all the ill informed propaganda spewing bitcoin related viewpoints he could and poured hi own cold water on the subject.
Interrestingly the article was written in August of this year. So.. so far he has been the opposite of correct.
I don't discount the posibility that hwat he is predicting could happen one day. It's just that based on my own research, and approaching the subject open mindedly, i completely disagree with him.

[Wekkel]

The thing that pushes us forwards is more and more business adopting Bitcoin as payment.

It won't become a real currency when it swings +/-10% in the time it takes to confirm a transaction. Bitcoin is completely useless for commerce as long as it's having days like this, it's a purely speculative instrument, nothing else.

The chance that a micro bitcoin payment is made twice is so remote, that any commercial party will accept the payment merely by it being registered in the network. That happens literally in seconds.

[Tzupy]

At the current rate of drop in money flow, the correction could start in about an hour, maybe less.

[TERA]

It might correct to $355, before a gradual rise back to ATH and then a breakout. Like so:

[Loki8]

The thing that pushes us forwards is more and more business adopting Bitcoin as payment.

It won't become a real currency when it swings +/-10% in the time it takes to confirm a transaction. Bitcoin is completely useless for commerce as long as it's having days like this, it's a purely speculative instrument, nothing else.

The chance that a micro bitcoin payment is made twice is so remote, that any commercial party will accept the payment merely by it being registered in the network. That happens literally in seconds.

You don't understand or you don't want to understand.

A currency has to be stable enough to be effective. Bitcoin is volatile and it's a bad thing for businesses who sell goods and services.

The volatility is doing a lot of harm to bitcoin adoption by vendors.

The transactions have dropped off significantly:
https://coinbase.com/charts

[sickpig]

Bitcoin will drop hard to the 100's$

120-150 is my guess.

People don't understand the concept of profit-taking around here.

Do you care to explain to simple minded like me? 

[adamstgBit]

Bitcoin will drop hard to the 100's$

120-150 is my guess.

People don't understand the concept of profit-taking around here.

thing is there has been and continues to be plenty of growth, the  market can absorb the  profit taking...

a good way to take some profits would be to take a trip to china and do lots of shopping 

[Wekkel]

The thing that pushes us forwards is more and more business adopting Bitcoin as payment.

It won't become a real currency when it swings +/-10% in the time it takes to confirm a transaction. Bitcoin is completely useless for commerce as long as it's having days like this, it's a purely speculative instrument, nothing else.

The chance that a micro bitcoin payment is made twice is so remote, that any commercial party will accept the payment merely by it being registered in the network. That happens literally in seconds.

You don't understand or you don't want to understand.

A currency has to be stable enough to be effective. Bitcoin is volatile and it's a bad thing for businesses who sell goods and services.

The volatility is doing a lot of harm to bitcoin adoption by vendors.

The transactions have dropped off significantly:
https://coinbase.com/charts

You dont read or do not want to read.

My post only relates to the point of confirmation time. Nothing said about volatility. The volatility will vanish once more people adopt Bitcoin.

[notthematrix]

The thing that pushes us forwards is more and more business adopting Bitcoin as payment.

It won't become a real currency when it swings +/-10% in the time it takes to confirm a transaction. Bitcoin is completely useless for commerce as long as it's having days like this, it's a purely speculative instrument, nothing else.

The chance that a micro bitcoin payment is made twice is so remote, that any commercial party will accept the payment merely by it being registered in the network. That happens literally in seconds.

You don't understand or you don't want to understand.

A currency has to be stable enough to be effective. Bitcoin is volatile and it's a bad thing for businesses who sell goods and services.

The volatility is doing a lot of harm to bitcoin adoption by vendors.

The transactions have dropped off significantly:
https://coinbase.com/charts

You dont read or do not want to read.

My post only relates to the point of confirmation time. Nothing said about volatility. The volatility will vanish once more people adopt Bitcoin.

27 yoday btc is more then 37btc 2 month ago.

[Miz4r]

At the current rate of drop in money flow, the correction could start in about an hour, maybe less.

You really need to work on your timing.

[RodeoX]

Chinese people need money in the coming Spring Festival, arguably the most important holidays in China, I believe most of them will start cashing out in December.

I think I heard that yesterday was China's big online shopping day. Bigger than black Friday and cyber Monday put together. I wonder how many bought with bitcoin?