Latviand
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January 28, 2020, 12:37:22 PM |
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The challenge to get into six-figure level can be so big that maybe we should stop thinking that it can happen within just 2 or even 5 years...we should allot more budget of time for this level to come into reality. Right now, there are many "problems" associated with Bitcoin but as for me things all boil down to the level of demand for this said cryptocurrency. We know that it has a limited supply of around 21 millions and this can be fixed so it is on the side of demand and use-cases where the biggest challenge is. Personally, I am allowing maybe 15 years as conservatively the time needed for BTC to reach the 6-figure zone (based on how things are going on right now), that is if Bitcoin will not be dead before it reached the line.
I respect your opinion. But you are talking from what you believe & not from solid arguments or real rationalisation. What you are saying can be applied to every moment before each halving or bullrun in BTC history. All those rising prices have been insane & people who predicted correctly where called crazy. Why shouldn't the price behave the same way towards the future? .. I'd more believe that what happened in particular with the increase in the past is by due demand in that period only and not because there is an interval or whatsoever. The market price increase is canmot be predicted and controlled especially those which lasted for a period of time. The behavior of the price of Bitcoin does depend on the market situation itself, the differences could be resulted by volatility of the market in nature.
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buwaytress
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January 28, 2020, 01:13:48 PM |
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Interesting isn't it, how we've widened our perceptions for what makes for rational explanations, once we really get down to it? I already said now in my mind rational price is already very relative in my Bitcoin vocabulary, but once we also take into account other factors like supply (I still think it's irrational to think of 1 BTC instead of 1 satoshi) and mining ATH (I still think it's irrational that the biggest miners are thinking to double or triple their rig capacities in a few months), then we start to see it's a bit pointless to define the limits of what's rational for Bitcoin =)
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Clairvoyance
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January 28, 2020, 01:36:03 PM |
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BTC could reach six figures this or next year.
Nearing 6 figure by the end of 2 years can be a great growth but going 6 figures within a year is a very clear market manipulation. I'm very much expectant of the pricing by September (halving). The run for 10k this month has ended since there is a lack of support at $9300+ pricing but since we are now on $9000 mark I expect support to be seen at around $9600+ by 2nd week of February. Growth must always be driven by support not just a synthetic growth or clear whale manipulation.
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Wind_FURY
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January 29, 2020, 11:08:24 AM |
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BTC could reach six figures this or next year.
Nearing 6 figure by the end of 2 years can be a great growth but going 6 figures within a year is a very clear market manipulation. I'm very much expectant of the pricing by September (halving). The run for 10k this month has ended since there is a lack of support at $9300+ pricing but since we are now on $9000 mark I expect support to be seen at around $9600+ by 2nd week of February. Growth must always be driven by support not just a synthetic growth or clear whale manipulation. But, a capped supply, and growing demand makes Bitcoin hold its value in. It might look volatile/manipulated between peaks and troughs, but I believe reaching a 6 figure price would make 100 - 1000 moves look stable. Maybe Bitcoin was made to be a 6 figure coin. ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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Twinkledoe
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January 29, 2020, 11:18:32 AM |
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Interesting isn't it, how we've widened our perceptions for what makes for rational explanations, once we really get down to it? I already said now in my mind rational price is already very relative in my Bitcoin vocabulary, but once we also take into account other factors like supply (I still think it's irrational to think of 1 BTC instead of 1 satoshi) and mining ATH (I still think it's irrational that the biggest miners are thinking to double or triple their rig capacities in a few months), then we start to see it's a bit pointless to define the limits of what's rational for Bitcoin =)
Everyone can make a logical explanation why it could reach that 6-figure price but in reality, we will be missing a lot of factors that are vital in its growth. Without solid adoption from masses, which by the way most of btc holders are holding it and not spending it as a regular money like fiat, would be a large contribution on how the btc performs in the market. I believe if a large percentage of population will be using crypto as everyday payment method in everything he does, I truly believe the price will go high.
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fabiorem
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January 29, 2020, 02:13:22 PM |
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What is keeping the price at this current level is the lack of knowledge & awareness of society in this matter. There is not much clarity & a lot of confusion. I think banks & the media are confusing the masses so they can win time & try to do something that can compete before it is to late. So they can retain power and control.
What is keeping the price at this current level is the centralization of the supply in the hand of a few whales. 99% of the supply is controlled by 1% of users. Lack of clarity and knowledge by the masses is a consequence of this fact, not its cause. People dont use it because they fear it. How can someone receive his wage in bitcoin if its price can fall 40% in the next month? Plus there is the responsibility which is higher than just leaving your money in a bank. Most people dont want responsibility over their own money. For now, we are at mercy of the whales and they will define the price in their bunkers, like in a spy flick.
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Wysi
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January 29, 2020, 02:36:58 PM |
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Great article and you have mentioned every details clearly which educates us about how bitcoin works and why the value did not reach 6 digit figure till now but I would still not believe that the value of bitcoin will reach 6 digit anytime sooner. Already we have witnessed similar speculations I am not trying to portray this in negative way but there are so many factors which decides Bitcoin's value and even if something goes wrong then market will go downward spiral like it happened in last two year.
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206 bones (OP)
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January 30, 2020, 01:10:10 AM |
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Great article and you have mentioned every details clearly which educates us about how bitcoin works and why the value did not reach 6 digit figure till now but I would still not believe that the value of bitcoin will reach 6 digit anytime sooner. Already we have witnessed similar speculations I am not trying to portray this in negative way but there are so many factors which decides Bitcoin's value and even if something goes wrong then market will go downward spiral like it happened in last two year.
This possible "downward spiral" after May, is protected by the increase of the stock to flow ratio, bull market long term steady FOMO & increment of the number of people doing HODL. 2 years ago, was exactly the middle of the 4 year cycle. It was a price that only grew in short term FOMO, without any downward protection.
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Ozero
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January 30, 2020, 05:40:08 AM |
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Reaching 6 figures and maintaining 6 figures are 2 different things. Take ETH for example. Back in 2017 it started out at less than $10, and around a year later it peaked at $1400. So basically a 140x growth, which is unbelievable but completely unsustainable.
So its possible that we might break $20K and quickly go to $25K and then the FOMO will build, people will see Bitcoin on TV and newspapers and within 2 months we can quickly get to $100K however it won't be able to hold that price because it will only take a few early adopters to start selling in massive quantites and won't be enough demand to keep up with massive supply.
Absolutely correct reasoning. Even if we assume that the price of bitcoin will soar for some reason up to one hundred thousand dollars, it is unlikely that it will stand for long at this mark. It will inevitably fall in the future. Therefore, a significant increase in the price of bitcoin is fraught with another danger. How will investors relate to Bitcoin after the drop in the price of Bitcoin again to ten thousand dollars? Will the next wave of growth in its price be possible if investors know that Bitcoin will fall again after a price increase, which means that it is not worth investing in it with a significant increase. In my opinion, this is precisely what will prevent the Bitcoin from growing too high in value later.
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btc78
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January 30, 2020, 05:58:37 AM |
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Very promising post,worth reading when things really happen because it looks truthful because i also believe that the innocence of people around the globe is what Hindering the price to step up and make a new HYPE. how i wish the adoption comes soon now and market will kick start breaking the 2017 highest value of all time.
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posi
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February 01, 2020, 07:40:35 PM |
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Very promising post,worth reading when things really happen because it looks truthful because i also believe that the innocence of people around the globe is what Hindering the price to step up and make a new HYPE. how i wish the adoption comes soon now and market will kick start breaking the 2017 highest value of all time.
It worth reading all the mentioned price range are just prediction of what the price of bitcoin market could be after halving and no one is 100% sure it that their prediction will happen. Nevertheless,it too early to expect the crypto market to experience rally and I'm sure you'll agree with me if you check the year 2017 market thoroughly.
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wheelz1200
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February 01, 2020, 07:46:38 PM |
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Guys, I just posted this answered in a topic & I thought it was to good not to share it with the community. BTC could reach six figures this or next year. I'll tell you why. BTC preoperties & utilities make it perhaps the best sound money history has ever known. What is keeping the price at this current level is the lack of knowledge & awareness of society in this matter. There is not much clarity & a lot of confusion. I think banks & the media are confusing the masses so they can win time & try to do something that can compete before it is to late. So they can retain power and control. BTC competes directly with this 3 markets: metals like gold & silver ($10tr +), foreign currencies ($80tr +) & offshore banking ($40tr +). It would only take a small % of one of this markets to make BTC rise to $100.000.- a coin (2 trillion market cap). Taking everything into account I see it as something very possible & easy to accomplish in the long term. So, don't stop the HODL. The current price is a bargain. But guys, let me be clear. I don't want to ignite FOMO. Be very careful with your investments & don't put more money than you can. There is stil a possibility that everything can go to hell. No one knows. Im just talking theory here. Reality might be much more complex. What do you guys think? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) Those markets you reference are driven by large investors or institutions. Something will have to shift rather quickly to get them to play in the crypto market. Drops like we see in crypto would have people losing careers and life savings if they happened in other markets. It might take awhile for a portion of those markets to shift into crypto. Right now crypto is the super pink sheets in the investing world as a whole. Can it happen sure is it likely to 10-12X from here next year, I think that might be a stretch but who knows right ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Mahanton
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February 01, 2020, 07:57:42 PM |
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Guys, I just posted this answered in a topic & I thought it was to good not to share it with the community. BTC could reach six figures this or next year. I'll tell you why. BTC preoperties & utilities make it perhaps the best sound money history has ever known. What is keeping the price at this current level is the lack of knowledge & awareness of society in this matter. There is not much clarity & a lot of confusion. I think banks & the media are confusing the masses so they can win time & try to do something that can compete before it is to late. So they can retain power and control. BTC competes directly with this 3 markets: metals like gold & silver ($10tr +), foreign currencies ($80tr +) & offshore banking ($40tr +). It would only take a small % of one of this markets to make BTC rise to $100.000.- a coin (2 trillion market cap). Taking everything into account I see it as something very possible & easy to accomplish in the long term. So, don't stop the HODL. The current price is a bargain. But guys, let me be clear. I don't want to ignite FOMO. Be very careful with your investments & don't put more money than you can. There is stil a possibility that everything can go to hell. No one knows. Im just talking theory here. Reality might be much more complex. What do you guys think? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) 6 figures in matter of year or two? No it wont be easy as it sounds but the possibilities you had mentioned might happened or not.It will depend on adoption though but knowing that traditional investors wont be easily be hooked up nor recognized crypto market as viable thing for them to engage.They do always matter or do have concern when it comes to security. This is why hesitance is still there and still seeing the market doesnt rise up much due to that reason.Institutional funds wont easily flow here on crypto.
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criza
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February 25, 2020, 01:58:54 AM |
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Obviously, referring to the law of Supply and Demand, the six figure value of Bitcoin would be proven by the halving event that is coming in just a couple months. As the whole world have known the event, many are expecting for its price to increase massively. As long as, the players continue to hold Bitcoin till it reach a new record, this prediction would be close to a realization. Investors and supporters of Bitcoin should indeed hold and trust Bitcoin as its supply would decrease because of halving. For me, a new all time high value of Bitcoin would soon happen gradually after the month of the halving because the demand for the coin would surely increase massively.
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