I was screaming the last 2 weeks "bubble" and nobody listened. People were delusional, thinking of new paradigms, prices of 10,000 USD and so on. But history repeated, bubble popped and lots of people are now at a loss. Sadly, that's the name of the overspeculation game.
I believe prices of more than 250 are unsustainable and we will eventually get even lower. China is not buying, it's speculating. It's playing. Chinese are mostly gamblers, not investors.
So, see ya at 300s
It wasn't not a bubble.
People simply bailed at 800 because that was their trigger number. They'd been planning to do so all along.
Then people bailed at 900 because that was *their* trigger number. They'd been planning to do so all along.
It will happen again at $1,000 probably much bigger.
Bubbles imply overvalue. That isn't whats going on.
These are long term holders (several months, maybe years) finally hitting that crazy high they've been waiting for.
How did it get to that high? Because that's what its worth.
How do we know that? Because we're back at $700+ already.
Bubbles don't recover instantly. This one has.
Bubble was in April. It spiked fast, it crashed fast, and it didn't recover for months.
Its less than 10 hours later now, and we are already back to 700+
It wasn't a bubble.
You didn't tell us so.
Want proof?
Yesterday's Top Headline:
"Senior U.S. law-enforcement and regulatory officials said they see benefits in digital forms of money... US officials ... called it a "legitimate" financial service. Federal Reserve Chairman Ben Bernanke... said... that virtual currencies "may hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system."
Bitcoin bubble didn't burst. Bitcoin is more legitimate and poised for long term success than it has ever been.
People just cashed out because it hit the high they were waiting for.