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Question: How low will BTC/$ drop over the Thanksgiving weekend?  (Voting closed: November 28, 2011, 12:56:16 PM)
$2 - 13 (35.1%)
$1.75 - 10 (27%)
$1.50 - 2 (5.4%)
$1.25 - 3 (8.1%)
$1.00 - 1 (2.7%)
<$1.00 - 8 (21.6%)
Total Voters: 37

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Author Topic: How low will BTC/$ drop over the Thanksgiving weekend?  (Read 2955 times)
Elwar
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November 23, 2011, 12:56:16 PM
 #1

I am far from a bear and want Bitcoin to shoot up to $100/BTC but have seen time and time again that on long holiday weekends when people cannot get deposits into their Dwolla accounts until the following Monday, the price drops throughout the long weekend, further than an average weekend.

It dropped quite a but over 4th of July weekend, Labor Day weekend and even over Columbus Day weekend.

Those were 3 day weekends.

With Thanksgiving, it will be 4 days with no deposits.

How low do you think Bitcoin will fall?

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StewartJ
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November 23, 2011, 05:27:58 PM
 #2

I voted $1.75 and that is my very bearish assessment, if the holiday drop history repeats itself.

But my more hopeful assessment, based on the last week and looking at MT Goxmarket depth , I see steady in-range trading in the $2.20 to 2.40 range over the holiday weekend. A much deserved stability, fingers crossed, knock on wood...

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November 23, 2011, 05:33:20 PM
 #3

It's difficult to say, I think that will be decided in the next following hours.  I did choose 1.75 because that is the furthest I think it could fall now, it might not go down at all.

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November 23, 2011, 06:57:58 PM
 #4

I'm not a bull by any means, but I wanted to vote for $2.50 (or at least "it won't drop appreciably").

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November 23, 2011, 07:07:06 PM
 #5

It dropped quite a but over 4th of July weekend, Labor Day weekend and even over Columbus Day weekend.

Those were 3 day weekends.

With Thanksgiving, it will be 4 days with no deposits.

Does this indicate that most Bitcoin buyers are in the States?  Granted, we are talking about USD/BTC, but is it that all of the deposits/trades from other countries combined isn't enough to keep the price from falling when US buyers can't deposit/trade?

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trogdorjw73
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November 23, 2011, 07:37:39 PM
 #6

I guess I'm just shocked that anyone is still trying to deposit money into Bitcoin. Mine for coins? Sure. Speculate for more coins? Yup. Sell off coins for money to pay bills? That too. Put money into coins as an investment? You've got steel ones, bud.

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November 23, 2011, 08:04:16 PM
 #7

How about a "doesn't drop" option? Or drops to $2.15? I don't believe in any of the options right now.

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November 23, 2011, 08:13:04 PM
 #8

I guess I'm just shocked that anyone is still trying to deposit money into Bitcoin. Mine for coins? Sure. Speculate for more coins? Yup. Sell off coins for money to pay bills? That too. Put money into coins as an investment? You've got steel ones, bud.

It's a fair bit cheaper to buy right now than mine. If instead you put what you would've spent on electric for the month towards buying, you'll end up with more BTC than that month worth of mining. Plus it helps the economy!

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November 23, 2011, 08:14:02 PM
 #9

How about a "doesn't drop" option? Or drops to $2.15? I don't believe in any of the options right now.
+1
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November 23, 2011, 09:46:54 PM
 #10

I don't think it will drop below $2 - but if it did - then it would probably go all the way down to $1.
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November 23, 2011, 09:57:27 PM
 #11

I guess I'm just shocked that anyone is still trying to deposit money into Bitcoin. Mine for coins? Sure. Speculate for more coins? Yup. Sell off coins for money to pay bills? That too. Put money into coins as an investment? You've got steel ones, bud.

It's a fair bit cheaper to buy right now than mine. If instead you put what you would've spent on electric for the month towards buying, you'll end up with more BTC than that month worth of mining. Plus it helps the economy!
Depends on your electricity cost, though. For instance, I get 750MHash/s from two GPUs (6950 and 5870, both slightly OC'ed) and draw 535W (Core i7 Bloomfield). That works out to around 0.57 BTC per day, for a price of $1.28 (at $2.25). I pay $0.08/kWh for power, so my power cost on that system is $1.03 per day, thus I get a profit of $0.25. Yeah, it's not a lot by any stretch, but at least it's not losing money. If my power bill was $0.10 per kWh I'd break even, and above that you're right: it's inefficient and a waste of money.

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November 24, 2011, 06:04:35 PM
 #12

SUCKERS!

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November 24, 2011, 08:08:01 PM
 #13

Short squeeze

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November 25, 2011, 07:30:27 AM
 #14

Funny, seems to have dropped all the way to $2.4 at the moment Smiley

BadBear
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November 25, 2011, 01:10:25 PM
 #15

Short squeeze

Gonna have to go quite a bit higher than 25 cents for a short squeeze. 

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November 25, 2011, 01:17:59 PM
 #16

Short squeeze

Gonna have to go quite a bit higher than 25 cents for a short squeeze. 

It won't.
Dan The Man
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November 25, 2011, 01:44:24 PM
 #17

it will

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November 25, 2011, 01:55:45 PM
 #18

it will

Nuh uh!

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November 25, 2011, 02:41:53 PM
 #19

I doubt there will be a serious drop. It won't go below 2. If it does so, I will buy tons of them.

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November 25, 2011, 03:32:01 PM
 #20

It won't, it's too predictable and people will be watching for it.  The lower the price gets, the slower the downtrend will get.  It may take another couple weeks, or even a month. 

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