$8 today?

[Dan The Man]

It had to be said.

Edit:Sorry just saw that there actually was already a post over on the next page. This can be deleted.

[Serge]

i don't exclude any possibilities )

[ineededausername]

It could happen. But I think it would take about $1.5M to do it at this point.

Damn the walls, full speed ahead!

[StewartJ]

It could happen. But I think it would take about $1.5M to do it at this point.

Damn the walls, full speed ahead!

You should know by now that 'walls' don't really matter. They don't really describe how the market will respond once it moves.

It has taken about $3M/month of actual dollars flowing into the market to get us to where we are now. As it stands, price has gotten as far as it has on the basis of funds made available up to about 00:00 GMT today. Some of that has been taken off the table and we are basically re-trading with amounts that were there some 23 hours earlier.

In order to go to $8 all that has to come back, plus a lot more. A total of about $1.5M.

Looking at the chart, the last 6 hours we've been doing some sharp .50 - .70 spikes up and down.

Do you see us trading back to a less volatile range soon?

[legitnick]

$9000

[Mark Oates]

Any thoughts on selling in anticipation of a weekend drop?

[MoonShadow]

While I believe that the initial floor of $2 a couple of months ago, and the following slow rises to $3 or so are justifiable based upon fundemental metrics related to the bitcoin economy; the most recent spike to $6+ is unfounded and indicative of a rising mania.  The growth of the bitcoin economy simply hasn't had the time to keep up with that kind of runnup.

[zby]

Any thoughts on selling in anticipation of a weekend drop?

Bitcoinica is recently often out of BTC - this means there was a massive short selling going on in the past hours.  They broke the trend - but it looks like it bounced back to it - I think a short squeeze is on the menu on Saturday. It might be a huge spike - but the correction will come after it and this will be a longer correction, not just a quick dump and back.  At least that is what my crystal ball says.

[notme]

Any thoughts on selling in anticipation of a weekend drop?

Bitcoinica is recently often out of BTC - this means there was a massive short selling going on in the past hours.  They broke the trend - but it looks like it bounced back to it - I think a short squeeze is on the menu on Saturday. It might be a huge spike - but the correction will come after it and this will be a longer correction, not just a quick dump and back.  At least that is what my crystal ball says.

I believe you could be right.  Seven-ate-nine.  The failed resistance at seven will eat through to 9 once we break 8.

[evoorhees]

While I believe that the initial floor of $2 a couple of months ago, and the following slow rises to $3 or so are justifiable based upon fundemental metrics related to the bitcoin economy; the most recent spike to $6+ is unfounded and indicative of a rising mania.  The growth of the bitcoin economy simply hasn't had the time to keep up with that kind of runnup.

Doesn't that assume that the "floor" of $2 wasn't an overcorrection to the downside?  Whatever the "proper" price of BTC is, market prices almost always overshoot, both up and down.

[teflone]

While I believe that the initial floor of $2 a couple of months ago, and the following slow rises to $3 or so are justifiable based upon fundemental metrics related to the bitcoin economy; the most recent spike to $6+ is unfounded and indicative of a rising mania.  The growth of the bitcoin economy simply hasn't had the time to keep up with that kind of runnup.

Nooooooooooo!


They got to you didnt they ?  


just teasin!, I actually feel he same way, but not till it hits the teens..

[old_engineer]

While I believe that the initial floor of $2 a couple of months ago, and the following slow rises to $3 or so are justifiable based upon fundemental metrics related to the bitcoin economy; the most recent spike to $X+ is unfounded and indicative of a rising mania.  The growth of the bitcoin economy simply hasn't had the time to keep up with that kind of runnup.

FTFY

I don't think that the bitcoin economy has much of anything to do with the price. Bitcoin has established that value can reliably be stored and transferred using cryptographic keys, and this feature in and of itself is useful enough to justify the current valuation.  Being able to spend bitcoins directly in more places is just a bonus.

[ineededausername]

sorry, everyone.  I didn't post a $8 today?! thread and consequently, the market tanked. 

[StewartJ]

While I believe that the initial floor of $2 a couple of months ago, and the following slow rises to $3 or so are justifiable based upon fundemental metrics related to the bitcoin economy; the most recent spike to $6+ is unfounded and indicative of a rising mania.  The growth of the bitcoin economy simply hasn't had the time to keep up with that kind of runnup.

I sympathize with your sentiment. I would love to see Bitcoins trade and grow in value in a  slow, steady way. But as the last week as shown, the Bitcoin market is really based on speculation and manipulation.

You can go with the flow and hope to make out when she skyrockets into double digits, or you can sit it out and preserve USD if and when Bitcoins comes tumbling down.

I got out recently and made some profit.  You had to know the $7.20 plateau was not going to sustain. The last time we had a 1/2 day of steady pricing we were at $6.20. Maybe we are still correcting into a new trading range, but this recent volatility is keeping some folks out, me included.

[RandyFolds]

It has taken about $3M/month of actual dollars flowing into the market to get us to where we are now.

No, brother. Remember all those bitcoin that were traded for fractions of a penny? Your extrapolated market cap is BS.

[MoonShadow]

While I believe that the initial floor of $2 a couple of months ago, and the following slow rises to $3 or so are justifiable based upon fundemental metrics related to the bitcoin economy; the most recent spike to $6+ is unfounded and indicative of a rising mania.  The growth of the bitcoin economy simply hasn't had the time to keep up with that kind of runnup.

Doesn't that assume that the "floor" of $2 wasn't an overcorrection to the downside?  Whatever the "proper" price of BTC is, market prices almost always overshoot, both up and down.

Yes, I made such an assumption.  I have no evidence that can reasonablely support this position, but nor is there any evidence to support the position that $2 was an overcorrection.  There simply isn't enogh data to make such a determination, and there cannot be.