Bitcoin Struggling To Hold Above $500 USD.

[BitPirate]

I don't understand why people think this is going to last months. Do you really think every significant Chinese investor invested what they wanted in this one week period?

In 2011, Bitcoin was mentioned because of Silk Road, and then Silk Road left the news and it gradually faded away. Now, Bitcoin is huge. The buzz surrounding it will not go away.

Every investor?

I think the people that won the incredible game of pass the bag will not risk driving the price up for a while. The last few investors that joined the game late before learning the rules will likely have to wait.

Did you try BTCChina with 0% fees? Even they describe it as "A new trading experience". For most users, particularly new panic buyers, this experience is probably quite far from "investing".

BTC was huge all year. It still is. The price is not tied to that.

[ablewasiereisawelba]

You're a funny guy.

and I'm not even the one posting a graph from 2011 and claiming that it is analogous to 2013.

[Leehoya]

Roller coaster price. Goes down and goes up again.

[btcprice]

$250 much more likely bottom. It will take time. Months.

I hope it does. It will make the price more affordable for me to buy in again. Then it will go back up to 400, 500, 600+.

[BitPirate]

You know, I still can hardly believe you aren't actually a permabull as I thought you were.

$250 by year-end is still absolutely meteoric -- wouldn't be averse to it going even lower.

$1000+ by year-end is ridiculous. $500 is pretty questionable even. I'm in this for the long haul.

[ablewasiereisawelba]

I don't understand why people think this is going to last months. Do you really think every significant Chinese investor invested what they wanted in this one week period?

In 2011, Bitcoin was mentioned because of Silk Road, and then Silk Road left the news and it gradually faded away. Now, Bitcoin is huge. The buzz surrounding it will not go away.

Every investor?

I think the people that won the incredible game of pass the bag will not risk driving the price up for a while. The last few investors that joined the game late before learning the rules will likely have to wait.

Did you try BTCChina with 0% fees? Even they describe it as "A new trading experience". For most users, particularly new panic buyers, this experience is probably quite far from "investing".

BTC was huge all year. It still is. The price is not tied to that.

I'm saying that the hype around bitcoin is exponential. China just started investing significantly. The time between bubbles has been dropping. If this "bubble" is truly over (hopefully), a new rally won't be six months away.

[N12]

Ah yes, good old economic singularity. Trillion dollar market by 2015.

[BitPirate]

I don't understand why people think this is going to last months. Do you really think every significant Chinese investor invested what they wanted in this one week period?

In 2011, Bitcoin was mentioned because of Silk Road, and then Silk Road left the news and it gradually faded away. Now, Bitcoin is huge. The buzz surrounding it will not go away.

Every investor?

I think the people that won the incredible game of pass the bag will not risk driving the price up for a while. The last few investors that joined the game late before learning the rules will likely have to wait.

Did you try BTCChina with 0% fees? Even they describe it as "A new trading experience". For most users, particularly new panic buyers, this experience is probably quite far from "investing".

BTC was huge all year. It still is. The price is not tied to that.

I'm saying that the hype around bitcoin is exponential. China just started investing significantly. The time between bubbles has been dropping. If this "bubble" is truly over (hopefully), a new rally won't be six months away.

Or, the balls of bitcoin might need twice as long to recharge, after splurging twice in one year. Who knows?

[superduh]

You know, I still can hardly believe you aren't actually a permabull as I thought you were.

$250 by year-end is still absolutely meteoric -- wouldn't be averse to it going even lower.

$1000+ by year-end is ridiculous. $500 is pretty questionable even. I'm in this for the long haul.

how are you picking these arbitrary numbers. i can make those statements with completely different numbers and i'd be just as right.

[superduh]

I don't understand why people think this is going to last months. Do you really think every significant Chinese investor invested what they wanted in this one week period?

In 2011, Bitcoin was mentioned because of Silk Road, and then Silk Road left the news and it gradually faded away. Now, Bitcoin is huge. The buzz surrounding it will not go away.

Every investor?

I think the people that won the incredible game of pass the bag will not risk driving the price up for a while. The last few investors that joined the game late before learning the rules will likely have to wait.

Did you try BTCChina with 0% fees? Even they describe it as "A new trading experience". For most users, particularly new panic buyers, this experience is probably quite far from "investing".

BTC was huge all year. It still is. The price is not tied to that.

I'm saying that the hype around bitcoin is exponential. China just started investing significantly. The time between bubbles has been dropping. If this "bubble" is truly over (hopefully), a new rally won't be six months away.

Or, the balls of bitcoin might need twice as long to recharge, after splurging twice in one year. Who knows?

no, we know.

[theonewhowaskazu]

I think we could be in for another 6 months of terror... but i doubt it'll be that steep. Probably bottom is about $266.

No, 500$ is the new bottom (gox price). 266$ has no meaning. Look at the chart. http://bitcoinwisdom.com/markets/mtgox/btcusd

But it is possible to stay in the 600 +-100$ region for a while.

$500 very well might be the new bottom. I'm just saying that $266 is the absolute minimum price possible, because that was the top of the last bubble. The only reason why it appears to have no meaning is because we've never tested it. The moment we get even close everybody, myself included, will come bidding with thousands of dollars.

$600 feels like a reasonable price to fluctuate around, though I'm thinking its more like $650 if we aren't going to continue any kind of slide.

[BitPirate]

You know, I still can hardly believe you aren't actually a permabull as I thought you were.

$250 by year-end is still absolutely meteoric -- wouldn't be averse to it going even lower.

$1000+ by year-end is ridiculous. $500 is pretty questionable even. I'm in this for the long haul.

how are you picking these arbitrary numbers. i can make those statements with completely different numbers and i'd be just as right.

Based on the weekly VWAP. How many weeks this year have we been above $250? 3?

Where were we in January?


Actually -- you could pick almost any number below $250, and the rise would still be very satisfactory.

[exstasie]

as an investor..isn't this a good thing?  With this much volatility there is a lot of profit that can be made!

[superduh]

You know, I still can hardly believe you aren't actually a permabull as I thought you were.

$250 by year-end is still absolutely meteoric -- wouldn't be averse to it going even lower.

$1000+ by year-end is ridiculous. $500 is pretty questionable even. I'm in this for the long haul.

how are you picking these arbitrary numbers. i can make those statements with completely different numbers and i'd be just as right.

Based on the weekly VWAP. How many weeks this year have we been above $250? 3?

Where were we in January?


Actually -- you could pick almost any number below $250, and the rise would still be very satisfactory.

you do understand that the value, awareness and usefulness of bitcoins is growing.... makes sense for the price to reflect that. not your desires to buy cheaper coins when you have more money to spend

[JTrain_51]

Was at 500 3 hours ago now at 560 looks like its rising at a good speed KEEP BUYING!

[BitChick]

I don't know, having gone through the April crash (we bought right before and into that rise) I have learned from experience that this is all normal and I am quite relieved that we are settling in at around $500 as the new base.  Sure we might be in the 400-600 range for a while but there will come a day when we have another crazy rally, this time it will be up to $1500 or so and then settle around $1000.  Then the price will stay around $1000 for a few months, we will have a rally up to $3000 or $4000 then the price will find a new base of $2000 or so.  This will repeat all the way to the top of the S-curve adoption, which many speculate could be $100,000 per coin, or more.  At this point Bitcoin will act more like a stock and have it's ups and downs but will no longer have these massive runs.  I personally enjoy them.  They just mean that Bitcoin is going up and will find a new "bottom" as we continue the rise to numbers beyond my wildest dreams. 

[rocks]

Never forget.

Oh god, take that away!

Why? I would absolutely LOVE it if the price reach single digits again.

[PenAndPaper]

Well, it's higher then like, well, last week. So it's not really a crash. More like it was unsustainable for the price to keep going like that.

Not really a crash? Seriously? So when the price went from 200 to 900 in 2 weeks i guess it wasn't really a rise..

[Bitcopia]

I think we could be in for another 6 months of terror... but i doubt it'll be that steep. Probably bottom is about $266.

No, 500$ is the new bottom (gox price). 266$ has no meaning. Look at the chart. http://bitcoinwisdom.com/markets/mtgox/btcusd

But it is possible to stay in the 600 +-100$ region for a while.

I agree $500 is going to provide some serious support, we'll see if it holds up!

Also, how did I not know of bitcoinwisdwom.com/markets??? Awesome. Thanks.

[Maged]

Well, it's higher then like, well, last week. So it's not really a crash. More like it was unsustainable for the price to keep going like that.

Not really a crash? Seriously? So when the price went from 200 to 900 in 2 weeks i guess it wasn't really a rise..

Pay them no attention. They seriously use that rationalization every single time we crash. This is what is known as "denial". I'd post the sentiment chart, but it's really been overdone.