HOW MUCH will Bitcoin go down ?

[dg2010]

I still think $400 was the rock bottom price and that $600 is good price to buy at right now though I expect a lot of volatility over Christmas and into the new year.

My buy orders tonight are in at  $400-600.

[TERA]

I still think $400 was the rock bottom price and that $600 is good price to buy at right now.

How can you call a rock bottom price when the bounce was led by btcchina (hence it was artificial)? How do you know it will bounce at the same price once btcchina is removed or continues dropping?

[chesthing]

How can someone be sure $400 is the bottom when $400 was reached for the first time about a month ago? This is totally uncharted territory.

[MatTheCat]

How can someone be sure $400 is the bottom when $400 was reached for the first time about a month ago? This is totally uncharted territory.

Yep...I get the uncanny feeling that a lot of people are going to be very shocked at just how low Bitcoin will be made to go.

If Bitcoin hits ~$400 again and confirms a double bottom, with a strong upsurge, then I too will read this market behaviour as the bullish signal it would have to be seen as and enter the market accordingly. If such a scenario were to occur, then I won't be one of the ones who gets in at the bottom as I will need to be strongly convinced that the trend is reversing at this price range, by strong resulting upward market action...which means i will miss out on a few tens of percent of upside.......but like I said, i think it is going much lower yet.

Here are my buy-in tranches on Bitstamp:

OPEN ORDERS
Order type   Date and time   BTC amount   Bitcoin price   Order value   Order status   
Buy   Dec. 20, 2013, 12:53 p.m.   10.00000000   $230.00   $2,300.00   Open   Cancel
Buy   Dec. 20, 2013, 12:31 p.m.   10.00000000   $200.00   $2,000.00   Open   Cancel
Buy   Dec. 20, 2013, 12:31 p.m.   12.00000000   $180.00   $2,160.00   Open   Cancel
Buy   Dec. 20, 2013, 12:31 p.m.   14.00000000   $160.00   $2,240.00   Open   Cancel
Buy   Dec. 20, 2013, 12:32 p.m.   16.00000000   $140.00   $2,240.00   Open   Cancel
Buy   Dec. 20, 2013, 12:32 p.m.   18.00000000   $120.00   $2,160.00   Open   Cancel

[dg2010]

Ha you are dreaming. I see way too much fundamental REAL value to Bitcoin to see it ever go to $200, let alone $120 without some kind of major Bitcoin catastrophe, China can't do it alone imo.

Have to remember how many people are using Bitcoin as a store of wealth right now, I can't see there being much appetite for anyone to sell down that low.

[zeroday]

If you see on exchanges such a low prices, it doesn't mean that everybody is going to sell at it.
The most of whales are now only buying, not selling. I personally know people who hold over 10K btc and have never sold a single bit below $1000. They just don't care about Chinese, FUD and depressed speculators. They don't even look at charts. The same is about big-scale miners.

I personally would be happy to see bitcoin at $300 but I'm sure if it ever happen, it will be a flash crash for a few seconds.

P.S. thanks to proudhon's hilarious FUD post which helped to complete all my bids around $400

[MAbtc]

I certainly don't expect a bottom below previous ATH ($266), and below $300 I find highly unlikely. Granted, it's bitcoin.... certainly possible. If it happens, it will be over in a flash.

[oyeTorry]

How can someone be sure $400 is the bottom when $400 was reached for the first time about a month ago? This is totally uncharted territory.

Your right, bottom might be $300, but no lower, $300-$400  too good price to miss buying

[MatTheCat]

Ha you are dreaming. I see way too much fundamental REAL value to Bitcoin to see it ever go to $200, let alone $120 without some kind of major Bitcoin catastrophe, China can't do it alone imo.

Have to remember how many people are using Bitcoin as a store of wealth right now, I can't see there being much appetite for anyone to sell down that low.

Who in their right mind is using something as volatile as Bitcoin as a 'store of wealth'

Bitcoin is used for shifting money around, shifting money around under the radar, for buying drugs on the internet, but it's first and foremost use at this point in time is surely speculating, I would have thought.

I would suggest that so far, we have had a relatively weak recovery since we are now entering a clear downtrend again (my MACD's and my Stochastics say so). This $380 - $720 pales in comparison to the the $540 - $990. Lots of people thought the bottom was in then as well, I didn't and actually made a lot of posts suggesting $300's would be next stop....wish I had listened to my own advice.

Looking at the USD charts and especially the BTC China chart, instills zero confidence in me that the bottom is in or that the next dip will either confirm the bottom or set a higher low.....especially since this Chinese Bitcoin 'ban' gremlin is still at large.

Time will tell.

[Lloydie]

If you see on exchanges such a low prices, it doesn't mean that everybody is going to sell at it.
The most of whales are now only buying, not selling. I personally know people who hold over 10K btc and have never sold a single bit below $1000. They just don't care about Chinese, FUD and depressed speculators. They don't even look at charts. The same is about big-scale miners.

I personally would be happy to see bitcoin at $300 but I'm sure if it ever happen, it will be a flash crash for a few seconds.

P.S. thanks to proudhon's hilarious FUD post which helped to complete all my bids around $400

Fundamentals look good to me too: www.bitcoinpulse.com

[knightcoin]

the Unshackle Vodkas .. listem

http://www.youtube.com/watch?v=eVRpA-_jzV4

[dg2010]

Fundamentals look good to me too: www.bitcoinpulse.com

My feeling is most of the chaps here 'investing' haven't got a clue about fundamentals which is why it's not often discussed on these boards. All they want to discuss is the latest bit of pump+dump news like China.

Spend a bit of time outside of this sub-forum, also check out many other bitcoin related websites, see how many people are talking about it, how many businesses are using it. This really is still the beginning. As I keep saying, short of a catastrophe, BTC will continue to trend up.

Got a bunch of coins at $550 last night, my buy orders working so far. I think we will see a few more short drops into $500 over the next few weeks as well as some highs into $750 ish, but generally settling into the $600 mark. I will be sniping coins under $600 whenever I can.

[MatTheCat]

Fundamentals look good to me too: www.bitcoinpulse.com

My feeling is most of the chaps here 'investing' haven't got a clue about fundamentals which is why it's not often discussed on these boards. All they want to discuss is the latest bit of pump+dump news like China.

Spend a bit of time outside of this sub-forum, also check out many other bitcoin related websites, see how many people are talking about it, how many businesses are using it. This really is still the beginning. As I keep saying, short of a catastrophe, BTC will continue to trend up.

Got a bunch of coins at $550 last night, my buy orders working so far. I think we will see a few more short drops into $500 over the next few weeks as well as some highs into $750 ish, but generally settling into the $600 mark. I will be sniping coins under $600 whenever I can.

Perhaps I don't have a whole lot of knowledge about the fundamentals, but I do know that the fundamentals won't have changed much in the last fortnight. I do however know that the price of BTC however, is down 50%.

I know what catches my attention most at this point in time.

When we get another period of relative stability in Bitcoin, then I might start looking in to fundamentals.

[MAbtc]

Such hostility from long term holders around here. Why so hostile simply because others trade on different time frames than you? I am a long term bull, I keep some in cold storage. Such hating on day traders. Digging for positive fundamentals isn't particularly useful when trying to navigate a short term bear market.

Maybe I'd be talking shit like that too if I was around in early 2011.....

[reb0rn21]

Day traders are full off shit, nothing more same as BTC-e troll chat

[Dafar]

I don't think we will see it go below $400 unless something worse than the recent China news happens. Hell like I've said before, $500 is the new 'cheap' price that has a lot of support, and every time it dips below $600 i buy a coin and hold.

[fixxi.net]

Truth is nobody knows. Whatever you do, don't listen to anybody on this forum.

haha LOL to this comment.