A second bubble?

[BrightAnarchist]

Is it just me, or is the recent breakout above $7 a sign that we may be making new all time highs next year? Any ideas would be greatly appreciated, thanks.

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[Kupsi]

Is it just me, or is the recent breakout above $7 a sign that we may be making new all time highs next year? Any ideas would be greatly appreciated, thanks.

I expect the price to be > $40 31.12.2013 without being a bubble.

[adamstgBit]

Is it just me, or is the recent breakout above $7 a sign that we may be making new all time highs next year? Any ideas would be greatly appreciated, thanks.

yes, breaking 7 was significant. It a sign that points up, But I predict their will be a short sell off period above 8$, which will slowly bring us back down to 6.50ish, after that the 2011 high will the next target  and of course we will dramatically over shoot into the 100's

when The Ellet, and bitcoincard become a reality its only a matter of time for bubble #2 to form. actuly the bubble will porble apear at the same time or a few weeks b4 it release. depending on how successful these devices are, the bubble will either pop or we'll see  another 10,000% increase in price, a bubble fallowed by another BIGGER bubble,

[vssa]

12 usd/btc next month if we breakout 7.25 .
And their is no bubbles in bitcoin price.

[proudhon]

Is it just me, or is the recent breakout above $7 a sign that we may be making new all time highs next year? Any ideas would be greatly appreciated, thanks.

yes, breaking 7 was significant. It a sign that points up, But I predict their will be a short sell off period above 8$, which will slowly bring us back down to 6.50ish, after that the 2011 high will the next target  and of course we will dramatically over shoot into the 100's

Sorry...

[adamstgBit]

Is it just me, or is the recent breakout above $7 a sign that we may be making new all time highs next year? Any ideas would be greatly appreciated, thanks.

yes, breaking 7 was significant. It a sign that points up, But I predict their will be a short sell off period above 8$, which will slowly bring us back down to 6.50ish, after that the 2011 high will the next target  and of course we will dramatically over shoot into the 100's

Sorry...

hold your lol's for next years, when you sold off all your bitcoins and the price keeps going up but you dont care cuz your busy buying a new house 

[proudhon]

hold your lol's for next years, when you sold off all your bitcoins and the price keeps going up but you dont care cuz your busy buying a new house 

If that happens adamstgBit, I'll give you 10 bitcoins, just for me being so profoundly short sighted and wrong.  Free of charge.

[casascius]

I think we could have a pop if something scares everybody off from Bitcoin again, but that's a big if.

Last year, few realized that bitcoins could be stolen in hacks.  That freaked a lot of people out.  This year, everyone knows that they can be stolen and hacked, and that they can also be protected.  Someone gets hacked, and the market correctly says ho-hum, since it understands that the risk of hacking can be mitigated with cold wallets, and correctly realizes that any successful theft probably had much to do with mismanaging wallets.

I see MtGox as the biggest factor in Bitcoin's short-term future.  I sincerely hope nothing bad happens to MtGox, or if something does, that MtGox's competition will be advanced far enough that it won't matter.  Same with Silk Road.  Suppose there was a successful bust of the Silk Road admin(s) and no competing market to take its place - that might precipitate a big blow to the market as well.

On the flip side, if any client developers successfully pull off a working client that allows a full citizen node to function on a partial block chain (either via pruning or meta-chain or meta-tree or whatever), that will be a big plus for the market, because those who correctly point out that Bitcoin is only "so" scalable, will have to re-evaluate just how scalable it is with such a feature.  They'll still be right about it not being infinitely scalable, but they'll have seen a breakthrough to the next serious iteration in scalability and realize that we're still a long way away from insurmountable limits.

[adamstgBit]

hold your lol's for next years, when you sold off all your bitcoins and the price keeps going up but you dont care cuz your busy buying a new house  

If that happens adamstgBit, I'll give you 10 bitcoins, just for me being so profoundly short sighted and wrong.  Free of charge.

your the one being short sighted, all you can see is the FACT that bitcoin cannot go over 10$ because the demand simply isn't their

if you look down the road, you see high demand for alternative currency, bitcoin being the best one with a highly developed economy. if fiat fails gold  will rise up, but bitcoin will take over  

[proudhon]

I think we could have a pop if something scares everybody off from Bitcoin again, but that's a big if.

Last year, few realized that bitcoins could be stolen in hacks.  That freaked a lot of people out.  This year, everyone knows that they can be stolen and hacked, and that they can also be protected.  Someone gets hacked, and the market correctly says ho-hum, since it understands that the risk of hacking can be mitigated with cold wallets, and correctly realizes that any successful theft probably had much to do with mismanaging wallets.

I see MtGox as the biggest factor in Bitcoin's short-term future.  I sincerely hope nothing bad happens to MtGox, or if something does, that MtGox's competition will be advanced far enough that it won't matter.  Same with Silk Road.  Suppose there was a successful bust of the Silk Road admin(s) and no competing market to take its place - that might precipitate a big blow to the market as well.

On the flip side, if any client developers successfully pull off a working client that allows a full citizen node to function on a partial block chain (either via pruning or meta-chain or meta-tree or whatever), that will be a big plus for the market, because those who correctly point out that Bitcoin is only "so" scalable, will have to re-evaluate just how scalable it is with such a feature.  They'll still be right about it not being infinitely scalable, but they'll have seen a breakthrough to the next serious iteration in scalability and realize that we're still a long way away from insurmountable limits.

I think it's also worth not forgetting that there isn't an easy way to short anymore.  I expect that when shorting makes it's way back into the system the price will take a pretty big hit.

[adamstgBit]

I think we could have a pop if something scares everybody off from Bitcoin again, but that's a big if.

Last year, few realized that bitcoins could be stolen in hacks.  That freaked a lot of people out.  This year, everyone knows that they can be stolen and hacked, and that they can also be protected.  Someone gets hacked, and the market correctly says ho-hum, since it understands that the risk of hacking can be mitigated with cold wallets, and correctly realizes that any successful theft probably had much to do with mismanaging wallets.

I see MtGox as the biggest factor in Bitcoin's short-term future.  I sincerely hope nothing bad happens to MtGox, or if something does, that MtGox's competition will be advanced far enough that it won't matter.  Same with Silk Road.  Suppose there was a successful bust of the Silk Road admin(s) and no competing market to take its place - that might precipitate a big blow to the market as well.

On the flip side, if any client developers successfully pull off a working client that allows a full citizen node to function on a partial block chain (either via pruning or meta-chain or meta-tree or whatever), that will be a big plus for the market, because those who correctly point out that Bitcoin is only "so" scalable, will have to re-evaluate just how scalable it is with such a feature.  They'll still be right about it not being infinitely scalable, but they'll have seen a breakthrough to the next serious iteration in scalability and realize that we're still a long way away from insurmountable limits.

couldnt of said it better myself.
the fact is the scalability issue will be solved, because it can.

anyone remember how lame Linux was back in 1995?
why did some people get so excited about it?

remember bitcoin is only on year 3. it take 10 years for a new tech to really function properly.

you have any idea how many people think bitcoin can be hacked and anyone can make "free money" with it by selling your freely made bitcoin to the "suckers".... some people need years of bashing over the head b4 they understand.

[evoorhees]

I predict a price around $10-$20 by end of the year. This is not because the price "broke through" $7 just now, but because I know of certain developments in bitcoinworld that support such a price (and the above price target does not include speculative froth, but simply a reasonable market price given the fundamentals).

Let's also remember that any price increase anywhere below $32, if a bubble, is less of a bubble than we had last year, for the economy is far stronger now than it was a year ago. In other words, if we shoot up to $25, it might be a bubble, but it's a far smaller bubble than we had prior. The fundamentals are far more supportive of such a price now than prior.

[Technomage]

I predict a price around $10-$20 by end of the year. This is not because the price "broke through" $7 just now, but because I know of certain developments in bitcoinworld that support such a price (and the above price target does not include speculative froth, but simply a reasonable market price given the fundamentals).

Let's also remember that any price increase anywhere below $32, if a bubble, is less of a bubble than we had last year, for the economy is far stronger now than it was a year ago. In other words, if we shoot up to $25, it might be a bubble, but it's a far smaller bubble than we had prior. The fundamentals are far more supportive of such a price now than prior.

+1

[genuise]

I predict a price around $10-$20 by end of the year. This is not because the price "broke through" $7 just now, but because I know of certain developments in bitcoinworld that support such a price (and the above price target does not include speculative froth, but simply a reasonable market price given the fundamentals).

Let's also remember that any price increase anywhere below $32, if a bubble, is less of a bubble than we had last year, for the economy is far stronger now than it was a year ago. In other words, if we shoot up to $25, it might be a bubble, but it's a far smaller bubble than we had prior. The fundamentals are far more supportive of such a price now than prior.

Can you please eleborate on those fundamentals and certain developments in bitcoinworld.
It would be good to know too

[Piper67]

Or... the 2011 bubble was never a bubble, just the kind of drop in price you would expect as a consequence of hacks and theft. A bubble presupposes that Bitcoin was fundamentally overpriced. I don't think it was then, and I don't think it is now. If it lives up to one fraction of its potential, Bitcoin is still ridiculously undervalued.

[BoardGameCoin]

Bitcoin is still ridiculously undervalued.

+100

It may be over-valued for its present utility, but not by all that much, but the fundamentals are unlike anything else available

[AmazonStuff]

Every bubble that doesn't burst is a good bubble, I hope this one is elastic enough 

[Qoheleth]

Calling it a bubble is a bit premature.

I think a breakout above $7.22 is a big deal, if it happens; it means that for the first time since the crash, the peaks of market sentiment are getting higher. It means we'll have left the shadow of June 2011.

I think it's also worth not forgetting that there isn't an easy way to short anymore.  I expect that when shorting makes it's way back into the system the price will take a pretty big hit.

To me, this is the #1 risk factor of this being a bubble and not real growth. As with the highs of last year, there's no capacity for short positions backed by fiat; no matter how unrealistically high a person thinks $7.20 is as a price for 1BTC, they can't put their money where their mouth is unless they're already holding the asset in which they have no faith. Even a functional futures market would be enough to assuage some of my worries here, but alas.

[BrightAnarchist]

Let's also remember that any price increase anywhere below $32, if a bubble, is less of a bubble than we had last year, for the economy is far stronger now than it was a year ago. In other words, if we shoot up to $25, it might be a bubble, but it's a far smaller bubble than we had prior. The fundamentals are far more supportive of such a price now than prior.

This is a really good point, I agree.

[waspoza]

Being some time on this forum taught me one thing. Such amount optimism always ends in one way. Big selloff. Lets see if history will repeat itself.