Bitcoin Forum
December 04, 2016, 10:19:40 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Poll
Question: Will $7.20 be the 2012 high?
Yes
No

Pages: [1] 2 3 4 »  All
  Print  
Author Topic: Will $7.20 be the 2012 high?  (Read 5498 times)
proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
April 03, 2012, 05:45:01 PM
 #1

Just curious what you folks think.
1480846780
Hero Member
*
Offline Offline

Posts: 1480846780

View Profile Personal Message (Offline)

Ignore
1480846780
Reply with quote  #2

1480846780
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480846780
Hero Member
*
Offline Offline

Posts: 1480846780

View Profile Personal Message (Offline)

Ignore
1480846780
Reply with quote  #2

1480846780
Report to moderator
ElectricMucus
Legendary
*
Offline Offline

Activity: 1540


Drama Junkie


View Profile
April 03, 2012, 05:50:16 PM
 #2

Oh wow.
The question is suggestive though.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
Qoheleth
Legendary
*
Offline Offline

Activity: 882


Spurn wild goose chases. Seek that which endures.


View Profile WWW
April 03, 2012, 05:57:31 PM
 #3

I wouldn't rule it out, but I think it's unlikely.

A lot can happen in nine months.

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
Stephen Gornick
Legendary
*
Offline Offline

Activity: 1988



View Profile
April 03, 2012, 06:36:15 PM
 #4

A lot can happen in nine months.

A lot can happen in nine hours even.

$7.20 is a 48% rise from the current level.  If history were to ever repeat itself, that size of rise happening in a day or two has occurred mutliple times in Bitcoin's history.

The jump Jan 4th-5th was like that:
 - http://bitcoincharts.com/charts/mtgoxUSD#rg180zigDailyzczsg2012-1-01zeg2012-1-08ztgSzm1g10zm2g25

Or the jump on May 11, 2011:
 - http://bitcoincharts.com/charts/mtgoxUSD#rg180zczsg2011-05-11zeg2011-05-11ztgSzm1g10zm2g25

Though to be fair, that size of drop happening in a day or two has occurred even more often.  Smiley

The Mt. Gox order book currently sits at $1,004,293 to buy all the ask orders through $7.20 (which would acquire 177,076 BTC) according to BTCCharts.com.   Thats not a particularly large amount should there be a crowd or even a single entity wanting in quickly.

ineededausername
Hero Member
*****
Offline Offline

Activity: 784


bitcoin hundred-aire


View Profile
April 03, 2012, 06:38:23 PM
 #5

Just curious what you folks think.

no, because $7.22 was reached Wink

(BFL)^2 < 0
IIOII
Hero Member
*****
Offline Offline

Activity: 924



View Profile
April 03, 2012, 07:01:02 PM
 #6

Will $7.20 be the 2012 high?

No! $7.20 will be the new 2012 bottom. Grin

proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
April 03, 2012, 07:48:30 PM
 #7

Will $7.20 be the 2012 high?

No! $7.20 will be the new 2012 bottom. Grin

Um, that makes no sense.
proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
April 03, 2012, 07:50:41 PM
 #8

A lot can happen in nine months.

A lot can happen in nine hours even.

$7.20 is a 48% rise from the current level.  If history were to ever repeat itself, that size of rise happening in a day or two has occurred mutliple times in Bitcoin's history.

The jump Jan 4th-5th was like that:
 - http://bitcoincharts.com/charts/mtgoxUSD#rg180zigDailyzczsg2012-1-01zeg2012-1-08ztgSzm1g10zm2g25

Or the jump on May 11, 2011:
 - http://bitcoincharts.com/charts/mtgoxUSD#rg180zczsg2011-05-11zeg2011-05-11ztgSzm1g10zm2g25

Though to be fair, that size of drop happening in a day or two has occurred even more often.  Smiley

The Mt. Gox order book currently sits at $1,004,293 to buy all the ask orders through $7.20 (which would acquire 177,076 BTC) according to BTCCharts.com.   Thats not a particularly large amount should there be a crowd or even a single entity wanting in quickly.

I know that percentage wise there have been rises of that magnatude, however I don't think those price increases occurred through the same ask volume density.  There are a lot more bitcoins up for sale closer to the current trading price than in the past when the price shot up above $10, $20, and $30.
bitcoinBull
Legendary
*
Offline Offline

Activity: 826


rippleFanatic


View Profile
April 03, 2012, 08:16:45 PM
 #9

I know that percentage wise there have been rises of that magnatude, however I don't think those price increases occurred through the same ask volume density.  There are a lot more bitcoins up for sale closer to the current trading price than in the past when the price shot up above $10, $20, and $30.

The asks on the order book are fake. They're there to manipulate people into selling their bitcoins for cheap.

College of Bucking Bulls Knowledge
Qoheleth
Legendary
*
Offline Offline

Activity: 882


Spurn wild goose chases. Seek that which endures.


View Profile WWW
April 03, 2012, 08:19:24 PM
 #10

The asks on the order book are fake. They're there to manipulate people into selling their bitcoins for cheap.
That logic cuts both ways, y'know. The ask side isn't the one with a 50k wall Wink

If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the culture of naive fools and conmen, the former convinced that BTC is a magic box that will turn them into millionaires, and the latter arriving by the busload to devour them.
Technomage
Legendary
*
Offline Offline

Activity: 1610


Affordable Physical Bitcoins - Denarium.com


View Profile WWW
April 03, 2012, 09:27:16 PM
 #11

I would be very surprised if $7.2 was the high of the year and obviously disappointed. Especially now that Bitcoin has got basically the biggest news boost since the summer (seriously) with a front page Reuters article linked all over the place and a London Times print article, in fact 2 print articles in the same magazine. On top of this we have basically a regular blogger at Forbes and much more positive/productive news coverage than before.

Of course if it just turns out as hype once again, it will be disappointing. However I see this year and the next as the years of actual growth (of Bitcoin usage). So far we have mostly had growth of 1) Silk Road 2) Speculation and 3) General interest but there is so much more coming. So much more.

Denarium - Leading Physical Bitcoin Manufacturer - Special Xmas deals now live!
haploid23
Legendary
*
Offline Offline

Activity: 812



View Profile WWW
April 04, 2012, 09:42:33 AM
 #12

Where did you get such random numbers? Why not $6.50, or $8.00?

proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
April 04, 2012, 11:46:54 AM
 #13

Where did you get such random numbers? Why not $6.50, or $8.00?

Crypt_Current
Hero Member
*****
Offline Offline

Activity: 686


Shame on everything; regret nothing.


View Profile
April 04, 2012, 03:58:36 PM
 #14

Where did you get such random numbers? Why not $6.50, or $8.00?



$4 is likely the new bottom, but there's still 2/3 of 2012 left.  I see an overall rise in this chart... if that slight trend continues, it could be possible to break 7.2 by 12/21/2012  Wink Grin

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
LTC:  LRL6vb6XBRrEEifB73DiEiYZ9vbRy99H41  NMC:  NGb2spdTGpWj8THCPyCainaXenwDhAW1ZT
guruvan
Hero Member
*****
Offline Offline

Activity: 518

ShastaFarEye Prospectors mazaclub & mazacha.in


View Profile WWW
April 04, 2012, 04:29:58 PM
 #15

I wouldn't be surprised to break above $7.20 this year. In the moment, (as I stated in another thread), the market cap is awfully small, and still would be "small" at $7.20 - I'm looking for more along the lines of a $100M - no later than year's end. I wouldn't be surprised to see a little bubble to $10ish, see a new bottom form at the $7.20 zone, and then a steady rise to find the reality of the $10+ resistance.

There's definitely a real basis for a move up beyond the bottom we've largely established so far this year. There is definitely an influx of solid, hard money. (Mining gear sales alone suggest this) - I don't actually think the true level of investment is priced into the market yet. This is what I expect to drive us up past the $7.20 mark (to make that a new bottom) - There is a ton of investment that hasn't hit the network yet - it's going to start to hit May/June.

Also, somewhere between $20M and $50M an investment becomes too valuable to allow a chance of failure, and seems reaching that level often results in a direct influx of cash. Again, if this were a startup, and the actual investors were venture capitalists, they'd be looking for 20:1 on their initial investment, within 3-5yrs, sooooo... that's a lot of money.

Mine at the Maza Club! with ShastaFarEye Prospectors! Mazacoin PPS & P2pool mining, and more services coming soon!
Maza Means Money! Check yours at the mazacha.in!

Please contact me  on my  OTC registered GPG (A54E87F2) Key's email address or guruvan@shastafareye.net  and encrypt all correspondence.
hazek
Legendary
*
Offline Offline

Activity: 1078


View Profile
April 04, 2012, 09:20:02 PM
 #16

Given the massive inflation faze Bitcoin is in right now I'd say it's possible.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
proudhon
Legendary
*
Offline Offline

Activity: 1148



View Profile
April 04, 2012, 10:17:20 PM
 #17

Given the massive inflation faze Bitcoin is in right now I'd say it's possible.

I think it's more than possible.
blablahblah
Legendary
*
Offline Offline

Activity: 775


View Profile
April 05, 2012, 01:52:12 AM
 #18

Using my incredible scientific method (bitcoincharts.com --> charts --> the gox --> maximum time period --> make edumacated McGuesstimate), it's clear that the price will go sideways 'til about May or June, then go parabolic to $40+ by October. Smiley
mp420
Hero Member
*****
Offline Offline

Activity: 501


View Profile
April 06, 2012, 08:39:06 AM
 #19

I don't think so. There's a lot of time for various kinds of things to happen before the year is over. And, although adoption rate has slowed down (may be temporarily, may be for good), I'm fairly sure most current and potential owners of bitcoin aren't really very well versed in the technicalities of the bitcoin network, and the block reward halving will thus be a strong boost to bitcoin overall. I'd dare say MOST btcs are bought by people who do not price the eventual inflation rate drop into their strategies.
Crypt_Current
Hero Member
*****
Offline Offline

Activity: 686


Shame on everything; regret nothing.


View Profile
April 06, 2012, 08:51:43 AM
 #20

I'd dare say MOST btcs are bought by people who do not price the eventual inflation rate drop into their strategies.

Not quite sure what you're getting at with this statement -- I am genuinely curious:  What do you think are the implications is most BTC are bought by people who do not price the eventual inflation rate drop into their strategies?

Apologies to OP if this is off-topic.

10% off at CampBX for LIFE:  https://campbx.com/main.php?r=C9a5izBQ5vq  ----  Authorized BitVoucher MEGA reseller (& BTC donations appreciated):  https://bitvoucher.co/affl/1HkvK8o8WWDpCTSQGnek7DH9gT1LWeV5s3/
LTC:  LRL6vb6XBRrEEifB73DiEiYZ9vbRy99H41  NMC:  NGb2spdTGpWj8THCPyCainaXenwDhAW1ZT
Pages: [1] 2 3 4 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!