How low will it go?

[mute20]

I want to see what the community thinks on how low will the price drop before it regains footing.

[Sitarow]

5 to 4.5

[gw4tt]

Somewhere in the $5's I'm guessing.

[Piper67]

Depends on how many more coins the dumper is willing to dump. Right now, in the last hour or so, it's been close to 20,000. Now, if I was trying to manipulate the market to get more BTC, I'd probably dump some on Wednesday and Thursday, nothing major, just to get a downward momentum going. When miners and others who own hundreds of coins start selling them into the market out of fear or need, I'd wait till they're likely to have started their withdrawals from the exchanges, say Friday afternoon or so... then dump the whole motherload, drive the price down to almost nothing, and buy back without them being able to jumpstart me.

But then, I don't try to manipulate the market... 

[dserrano5]

Despite what I said about $8.5 in another thread (which was just a temptation to Murphy—and it worked!), I'm waiting it at the long term bullish trend around $2.5.

[proudhon]

$2.76543

[oakpacific]

The lowest point is when so many miners quit that CPU mining becomes profitable again, since it's impossible, it won't fall below that point.

[tvbcof]

$2.76543

Good number.  I put in my giant buy order for a few cents North of that (a few days ago.)  I doubt that it will get that low though.  I'm guessing I will pussy out and buy in well North of that.  We'll see.

[Edward50]

It could really go low this time. It was low before the conference rally. people were making huge bets that the conference would make bitcoin rally with all the media attention. However, I do not think it got much of any media coverage. Some bit market player really stepped in before this rally, pumping the bid side of bitcoin up around 200% or more in a few hours. He did not actually buy bitcoins just put in a bunch of bid orders making it look like the demand side was huge.

Well, conference ended, the rally ended, and the selling began. It wiped out major bid walls of 10,000 or more bitcoins with relative ease. In no time the bid order side went down like 200%, probably the investor who pumped it up 200%, pulled out, leaving a few bid walls in place.

Those got sold into with ease. They always do, as bit investors can cash into those bid walls without dropped the price much.

Prime plummeted to the $7's. Not much support left. It is looking very bad. Market sentiment is really bad, most people think on this thread alone we are heading for the $5's or $6's, and why not, it was there just a few weeks ago.

[FlipPro]

Where ever it stops I do know we will only be there for a few short moments, so make sure you guys are paying attention. Last time there was a downturn like this, the bottom low lasted for less than 60 seconds.