Author

Topic: $1000 Price (Read 3786 times)

501
newbie
Activity: 28
Merit: 0
November 27, 2013, 09:03:49 PM
#38
Well it looks like I was wrong and #3 was correct. No resistance whatsoever at 1000, just went through it like any other number. Litecoin also quadrupled in value over the last 48 hours, perhaps due to increased faith in cryptocurrencies in general (or bubble lolol)
sr. member
Activity: 491
Merit: 250
S P 8 D E
November 27, 2013, 12:33:06 PM
#37
Just logged on betsofbitco.in, turns out I have a 0.1BTC bet on the price hitting $1000 this year, what a nice little surprise.
Made the bet back in March or April, forgot about it til now!

the website is dead or scam... but anyway I' glad you've won ))
sr. member
Activity: 280
Merit: 250
November 27, 2013, 12:30:09 PM
#36
Imo, because the last run up to 1k was not followed by a very severe crash but just a small one, it means that there were not that many bears, and those now have fewer btc to sell this time around. I think we will break it, sort of calmly.

So for goxllars I was right, but we seem to meet some resistance against 1000 on stamp/-e.
member
Activity: 98
Merit: 10
November 26, 2013, 06:28:49 PM
#35
The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign.

No, it is a sign that they use yuan instead of usd Smiley As for MtGox was the breaking of 5000 yuan mark. Wait until China closes in on 10k CNY per BTC

Exactly.  the point i was trying to make is the OP is predicting the next move is that we will hit $1000 and bounce down to $500, consolidating at $800.  this has already happened and I don't think it will happen again, especially since the 1000 number means nothing to China, the drivers of this rally. We hopefully weeded out those who wanted to dump and run at 1000, and now break through 1000.

I'm curious, does anyone have any insight into the sentiment in China, as far as the next psychological barrier?  Is it 10000 yuan? 8000?  You can tell from the forum here that 1000 is a major number to hit, as was 100 in the spring.  What is that number in China?

That's true. Originally I didn't include the previous $1000 hit because it was fluctuating so much on that day (the 18th, right after the Senate hearing I believe) that things were going crazy, exchanges were crashing, price was 500 and then 1 second later it was 900 then 1 second later it was 600 and people were just panicking in response to the hearing. However this time around, the trend up to 1000 has been more reasonable so I thought the reaction to it may be different.

I hear ya. You never know with bitcoin...never a dull moment  Smiley
501
newbie
Activity: 28
Merit: 0
November 26, 2013, 05:29:41 PM
#34
The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign.

No, it is a sign that they use yuan instead of usd Smiley As for MtGox was the breaking of 5000 yuan mark. Wait until China closes in on 10k CNY per BTC

Exactly.  the point i was trying to make is the OP is predicting the next move is that we will hit $1000 and bounce down to $500, consolidating at $800.  this has already happened and I don't think it will happen again, especially since the 1000 number means nothing to China, the drivers of this rally. We hopefully weeded out those who wanted to dump and run at 1000, and now break through 1000.

I'm curious, does anyone have any insight into the sentiment in China, as far as the next psychological barrier?  Is it 10000 yuan? 8000?  You can tell from the forum here that 1000 is a major number to hit, as was 100 in the spring.  What is that number in China?

That's true. Originally I didn't include the previous $1000 hit because it was fluctuating so much on that day (the 18th, right after the Senate hearing I believe) that things were going crazy, exchanges were crashing, price was 500 and then 1 second later it was 900 then 1 second later it was 600 and people were just panicking in response to the hearing. However this time around, the trend up to 1000 has been more reasonable so I thought the reaction to it may be different.
hero member
Activity: 481
Merit: 500
Woking as a binman sucks.
November 26, 2013, 04:41:19 PM
#33
Just logged on betsofbitco.in, turns out I have a 0.1BTC bet on the price hitting $1000 this year, what a nice little surprise.
Made the bet back in March or April, forgot about it til now!


This bet was risky and if BTCChina counts, you won. If not, there is very high chance it hits this year Bitstamp and MtGox as well
legendary
Activity: 2338
Merit: 2106
November 26, 2013, 04:27:02 PM
#32
i like the "$ 1000,-" threads. it gives me the opportunity to drop an important hint without giving the impression of spamming.

this will happen when bitcoin jumps over $ 1000:


https://btc1k.com/

or

https://bitcointalk.org/index.php?topic=285771.0;topicseen 

ticket sale open in december, reservation via thread.



legendary
Activity: 1188
Merit: 1016
November 26, 2013, 03:49:15 PM
#31
Just logged on betsofbitco.in, turns out I have a 0.1BTC bet on the price hitting $1000 this year, what a nice little surprise.
Made the bet back in March or April, forgot about it til now!
member
Activity: 98
Merit: 10
November 26, 2013, 02:55:52 PM
#30
The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign.

No, it is a sign that they use yuan instead of usd Smiley As for MtGox was the breaking of 5000 yuan mark. Wait until China closes in on 10k CNY per BTC

Exactly.  the point i was trying to make is the OP is predicting the next move is that we will hit $1000 and bounce down to $500, consolidating at $800.  this has already happened and I don't think it will happen again, especially since the 1000 number means nothing to China, the drivers of this rally. We hopefully weeded out those who wanted to dump and run at 1000, and now break through 1000.

I'm curious, does anyone have any insight into the sentiment in China, as far as the next psychological barrier?  Is it 10000 yuan? 8000?  You can tell from the forum here that 1000 is a major number to hit, as was 100 in the spring.  What is that number in China?
sr. member
Activity: 280
Merit: 250
November 26, 2013, 02:15:02 PM
#29
Imo, because the last run up to 1k was not followed by a very severe crash but just a small one, it means that there were not that many bears, and those now have fewer btc to sell this time around. I think we will break it, sort of calmly.
501
newbie
Activity: 28
Merit: 0
November 26, 2013, 01:27:04 PM
#28
I really love this "it's clear".
One thing bitcoin taught me is that you cannot say anything for certain.

You can replace "it's clear it will hit 1k" with "I predict that it's highly likely it will hit 1k." I didn't feel it was necessary to write "I think" or "I predict" because if I'm the one typing it then it implies that it's my thought.

When YOU say "it's clear" , you assume everybody should think the same because you have absolute arguments for that to happen.
Can I go around and say:
"It's clear that half of the US population will die in the next earthquake"
I do think that but it is "clear"?

Sure, you could post that if you wanted, and people would understand that it's your own belief. If you posted "it's clear that half of the US population will die in the next earthquake" on an internet forum, I doubt half of the people who read it are going to immediately start panicking and booking plane tickets to get out of the country.

At this point *I think* most people understand the volatile nature of bitcoin and any speculative post on this forum is taken to be exactly that: speculation. Therefore, I don't feel the need to preface everything I post with "I think" because most people take it to be implied. If you actually did take it as fact and sell all of your bitcoin, then I apologize for not being clearer.
legendary
Activity: 1176
Merit: 1010
Borsche
November 26, 2013, 01:22:24 PM
#27
The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign.

No, it is a sign that they use yuan instead of usd Smiley As for MtGox was the breaking of 5000 yuan mark. Wait until China closes in on 10k CNY per BTC
member
Activity: 98
Merit: 10
November 26, 2013, 12:41:26 PM
#26

Personally I'm going with #2. As soon as it hits 1k it will crash to 500-600. Then people will buy back in, and within a couple of days the price will have stabilized in the high 800's and regular growth will resume...


This already happened.  Where were you last week?  Wink 

Everyone who wanted to sell at $1000 though they'd be smart and sell at $900 before the price crashed.  So as soon as $900 hit, a whole whack of sell orders got taken out and the price went down to $500 area. 

You also would have noticed that China prices remained stable as these sell orders began executing.  What that tells us is that China, the main driver of this recent growth, is in this for the long haul. The $1000 number had no psychological impact on them (not trying to speak for all BTC China investors but that's my take anyway), which is a hugely bullish sign.  Prices only started going down in China AFTER the prices already dropped to <$700 levels on the Western exchanges / MtGox 

IMHO there will be lots more volatility between now and $1000, but we will break though that soon enough.  This reminds me a lot of the volatility we had when we broke through $100 this past spring, and we went all the way up to $266 after that.  This time we don't have to worry as much about Gox Lag and Ddos attacks, and we now have some friends in China who have joined in on the fun  Smiley

hero member
Activity: 826
Merit: 501
in defi we trust
November 26, 2013, 12:14:42 PM
#25
I really love this "it's clear".
One thing bitcoin taught me is that you cannot say anything for certain.

You can replace "it's clear it will hit 1k" with "I predict that it's highly likely it will hit 1k." I didn't feel it was necessary to write "I think" or "I predict" because if I'm the one typing it then it implies that it's my thought.

When YOU say "it's clear" , you assume everybody should think the same because you have absolute arguments for that to happen.
Can I go around and say:
"It's clear that half of the US population will die in the next earthquake"
I do think that but it is "clear"?
501
newbie
Activity: 28
Merit: 0
November 26, 2013, 12:10:13 PM
#24
I really love this "it's clear".
One thing bitcoin taught me is that you cannot say anything for certain.

You can replace "it's clear it will hit 1k" with "I predict that it's highly likely it will hit 1k." I didn't feel it was necessary to write "I think" or "I predict" because if I'm the one typing it then it implies that it's my thought.
hero member
Activity: 504
Merit: 500
November 26, 2013, 06:55:57 AM
#23
Nobody can see into the future right? If that was possible we would all be rich.
hero member
Activity: 826
Merit: 501
in defi we trust
November 26, 2013, 06:54:25 AM
#22
I really love this "it's clear".
One thing bitcoin taught me is that you cannot say anything for certain.
legendary
Activity: 1988
Merit: 1012
Beyond Imagination
November 26, 2013, 06:28:26 AM
#21
It does not matter, the maximum amount of coin that people can panic sell at any day is getting less and less, since more and more of investors have already ROIed and hold on to the rest of the coins indefinitely
legendary
Activity: 1176
Merit: 1011
November 26, 2013, 05:47:38 AM
#20
I agree to go with mBTC, but unless you have another definition of trillion than I do then there is "only" 21 billion mBTC.
Right, I took the European->American *illion conversion one step too far Smiley
sr. member
Activity: 440
Merit: 250
November 26, 2013, 04:51:45 AM
#19
This. It's time exchanges are going to use mBTC as default unit to compare against the USD. Same for tracker / rate monitor sites like bitcoinwisdom, bitcoinity and clarkmoody.

Also that will help against the stupid "21 million units is not enough" claims, cause with mBTC there'll be 21 trillion Smiley

I agree to go with mBTC, but unless you have another definition of trillion than I do then there is "only" 21 billion mBTC.



I already think in mBTC terms in most transactions. It is unfortunate there are people who think 1 BTC is smallest Bitcoin "share"  Sad
sr. member
Activity: 354
Merit: 250
November 26, 2013, 04:36:53 AM
#18
If bitcoin gets pushed as mbtc. I am actually not sure how this will all happen as I have been out of the loop for a long time. There still remains many people holding a lot of bitcoin that is very expensive.

The big question arises is can the demand for bitcoin keep up with the people who will naturally have to convert their bitcoin holdings into fiat? I would think that many new millionaires will want to buy houses etc. and will be cashing out. Therefore they will need a lot of people to pump money to them. It is hard to see that enough people will be buying out all these very expensive bitcoins.



One major sign that we're not at the top of the current run up is the paucity of luxury goods offered for sale in the marketplace for bitcoin. In April you could get this Porsche for BTC100. I hope the seller kept the coins.

https://bitcointalksearch.org/topic/sold-2006-porsche-cayman-s-located-in-austin-texas-170706
hero member
Activity: 602
Merit: 500
November 26, 2013, 04:29:14 AM
#17
If bitcoin gets pushed as mbtc. I am actually not sure how this will all happen as I have been out of the loop for a long time. There still remains many people holding a lot of bitcoin that is very expensive.

The big question arises is can the demand for bitcoin keep up with the people who will naturally have to convert their bitcoin holdings into fiat? I would think that many new millionaires will want to buy houses etc. and will be cashing out. Therefore they will need a lot of people to pump money to them. It is hard to see that enough people will be buying out all these very expensive bitcoins.

full member
Activity: 209
Merit: 100
November 26, 2013, 04:24:52 AM
#16
I am confident the price will go up, then down, then up, then down, then down again, then up a bit, then up lots...

When this occurs I will try not to say 'I told you so'.

I am wise.
 Grin
legendary
Activity: 892
Merit: 1013
November 26, 2013, 04:12:31 AM
#15
If I had to guess we're already just seeing increased resistance because $1000 is coming. A ton of people want to get out around there, and enough are willing to take a 20-40% discount off that in order to take profits now and keep the price stable.
Best explanation for the behaviour of the last 3 days to me. Except i would say a 5-25% discount. 40% is too much.
newbie
Activity: 18
Merit: 0
November 26, 2013, 03:17:58 AM
#14
Shortly after the $US/BTC exchange rate exceeds $1,000/BTC the idea to switch to mBTC (or whatever it gets called) will push to the front of people's minds again.  $1/mBTC will look very enticing.  The exchange rate will continue to be volatile with 10% swings in 24 hour periods not uncommon but we will see $2/mBTC in 2014.

Trading in terms of mBTC vs BTC could cause a rapid increase in price if the volume is there to support it.
sr. member
Activity: 448
Merit: 250
this statement is false
November 26, 2013, 02:42:39 AM
#13
Think if we hit $1000, the bias is gonna be clearly upward

More desperate buyers than liquidating early adopters

I'm not too sure about that, from my perspective it looks as though this is just another bubble. If it gets to 1k I'm gonna sell off half of what I have and wait for the market to crash.

funny thing is, if the price does "crash", market participants will anticipate such behavior and undercut you, stealing your profits.

as for a prediction, either way it goes, the efficiency mechanisms (i.e. profit-minimizing tendencies) of the market will likely ensure that no such inflection will occur precisely at $1k BTCUSD but somewhere in the vicinity thereof, determined by the the total set of price-points of market participants.

Since it's clear bitcoin will hit $1000 before the end of the year...

+ newbie sentiment lags sentiment

--arepo

hero member
Activity: 994
Merit: 507
November 26, 2013, 02:34:43 AM
#12
i think $1 for one mBTC would drive price like no other... People can't come to grips with $1000 for one BTC... That is the whole concept behind stock splits are to increase volume. People see a stock at 100$ won't buy it but if they see it back down at 50-55$ after a 2:1 stock split they will buy it. Even though value really never changed. Perception is reality. So if someone knows the guys at the exchanges try to convey this thought process.
I agree and I think an exchange will try it one day. If it does cause a volume increase I'm sure the rest of the exchanges will follow.
legendary
Activity: 1176
Merit: 1011
November 26, 2013, 02:30:40 AM
#11
i think $1 for one mBTC would drive price like no other... People can't come to grips with $1000 for one BTC... That is the whole concept behind stock splits are to increase volume. People see a stock at 100$ won't buy it but if they see it back down at 50-55$ after a 2:1 stock split they will buy it. Even though value really never changed. Perception is reality. So if someone knows the guys at the exchanges try to convey this thought process.
This. It's time exchanges are going to use mBTC as default unit to compare against the USD. Same for tracker / rate monitor sites like bitcoinwisdom, bitcoinity and clarkmoody.

Also that will help against the stupid "21 million units is not enough" claims, cause with mBTC there'll be 21 trillion Smiley
sr. member
Activity: 448
Merit: 250
“A decentralized registry for unique assets”
November 26, 2013, 02:23:51 AM
#10
i think $1 for one mBTC would drive price like no other... People can't come to grips with $1000 for one BTC... That is the whole concept behind stock splits are to increase volume. People see a stock at 100$ won't buy it but if they see it back down at 50-55$ after a 2:1 stock split they will buy it. Even though value really never changed. Perception is reality. So if someone knows the guys at the exchanges try to convey this thought process.
full member
Activity: 413
Merit: 100
November 26, 2013, 02:20:00 AM
#9
Option B is what happened in my dream so I know it's gonna happen!
hero member
Activity: 630
Merit: 500
November 26, 2013, 02:15:34 AM
#8
i would sell at 990 , just in case it crash back to 500 lol
legendary
Activity: 2156
Merit: 1070
November 26, 2013, 02:12:19 AM
#7
Since it's clear bitcoin will hit $1000 before the end of the year, I've come up with 3 likely scenarios that will happen as soon as it touches 1000:

1) Panic Buy: People think "oh my god, it's happening" and buy. Also there will obviously be mainstream news articles/coverage about it breaking the 1k price point and raise awareness amongst the general public who will buy in. Mainstream will also start to see it as a more legitimate holding when the valuation is so high. Also, people who heard about that $27 to 1 million guy will hear about bitcoin breaking 1k and decide it's time for them to buy in. Price skyrockets.

2) Panic Sell: Many early miners cash out a chunk of their holdings. Some speculators don't believe it will sustain 1k and sell. As some people sell, everyone panics and sells. Price crashes.

3) Nothing: Growth stays relatively consistent. IMO there is no way this is going to happen.

Personally I'm going with #2. As soon as it hits 1k it will crash to 500-600. Then people will buy back in, and within a couple of days the price will have stabilized in the high 800's and regular growth will resume, taking us to a little over 1000 by the end of the year. I'm not certain of this so I'm not going to sell anything just incase #1 turns out to be true, but I am ready to buy more if it crashes.

What do you think?

I think what you can expect is this:

A. A lot of selling off BEFORE $1000. So from $890-$1000 there will be coin dumping.

B. A few tests of $1000 with a decent wall at $999 and $1000. 

C. A final blow off of the $1000 top, at which point prices will go up quickly and dramatically as they are free of resistance. This may go to $1100 quickly.

D. A sell off that then drops the price down to and below $1000 shortly.

E. Another rise, not as quick but with the potential to escalate if it continues.
501
newbie
Activity: 28
Merit: 0
November 26, 2013, 01:58:20 AM
#6
This is the time boys; get your money in now.  Keep it in until you are obliged to retail it out after you exhaust your non-Bitcoin resources.  Do not attempt to time the dips and rises or be prepared to under-perform.  Yes, of course, a few will get lucky timing but it is just that luck.  Ignore their claims of a charting theory or some other voodoo junk.  Everything looks like a perfectly predictable chart in the rearview mirror; past performance is not a reliable indicator of future performance.

This is something I generally agree with and I haven't cared about buying in more at 600 for example rather than waiting to see if it dipped back to 500. However the first time it hits 1000 I believe it will dip significantly, so I think that would be an excellent time to load up on more coins if I'm right.
sr. member
Activity: 274
Merit: 250
November 26, 2013, 01:39:18 AM
#5
If I had to guess we're already just seeing increased resistance because $1000 is coming. A ton of people want to get out around there, and enough are willing to take a 20-40% discount off that in order to take profits now and keep the price stable.
hero member
Activity: 742
Merit: 502
Circa 2010
November 26, 2013, 01:33:00 AM
#4
Think if we hit $1000, the bias is gonna be clearly upward

More desperate buyers than liquidating early adopters

I'm not too sure about that, from my perspective it looks as though this is just another bubble. If it gets to 1k I'm gonna sell off half of what I have and wait for the market to crash.
hero member
Activity: 709
Merit: 503
November 26, 2013, 12:01:40 AM
#3
Newcomers are numb to the wild swings; they want in now despite the swings.  They hope they catch a dip but won't wait very long to try to time entry.  Old guys bringing more in are content to enter at any price on the way up.  The transition from non-retirement funding to retirement funding via SecondMarket and eventual the ETF are causing an inflection point up.  The slope of the curve will become steeper up until the funding influx is over and a more steady state is reached.

This is the time boys; get your money in now.  Keep it in until you are obliged to retail it out after you exhaust your non-Bitcoin resources.  Do not attempt to time the dips and rises or be prepared to under-perform.  Yes, of course, a few will get lucky timing but it is just that luck.  Ignore their claims of a charting theory or some other voodoo junk.  Everything looks like a perfectly predictable chart in the rearview mirror; past performance is not a reliable indicator of future performance.

This is a fundamental shift in the world.  People will always gravitate toward freedom and liberty and Bitcoin is the most free and liberating currency (er, thingie) ever.

If there's a fatal flaw found then either the developers will correct it quickly enough or the whole thing goes to zero faster than most can get out; sorry.  So, stay diversified (which is clearly contradictory to my early missive; sorry).
hero member
Activity: 709
Merit: 503
November 25, 2013, 11:45:37 PM
#2
Shortly after the $US/BTC exchange rate exceeds $1,000/BTC the idea to switch to mBTC (or whatever it gets called) will push to the front of people's minds again.  $1/mBTC will look very enticing.  The exchange rate will continue to be volatile with 10% swings in 24 hour periods not uncommon but we will see $2/mBTC in 2014.
501
newbie
Activity: 28
Merit: 0
November 25, 2013, 11:39:42 PM
#1
Since it's clear bitcoin will hit $1000 before the end of the year, I've come up with 3 likely scenarios that will happen as soon as it touches 1000:

1) Panic Buy: People think "oh my god, it's happening" and buy. Also there will obviously be mainstream news articles/coverage about it breaking the 1k price point and raise awareness amongst the general public who will buy in. Mainstream will also start to see it as a more legitimate holding when the valuation is so high. Also, people who heard about that $27 to 1 million guy will hear about bitcoin breaking 1k and decide it's time for them to buy in. Price skyrockets.

2) Panic Sell: Many early miners cash out a chunk of their holdings. Some speculators don't believe it will sustain 1k and sell. As some people sell, everyone panics and sells. Price crashes.

3) Nothing: Growth stays relatively consistent. IMO there is no way this is going to happen.

Personally I'm going with #2. As soon as it hits 1k it will crash to 500-600. Then people will buy back in, and within a couple of days the price will have stabilized in the high 800's and regular growth will resume, taking us to a little over 1000 by the end of the year. I'm not certain of this so I'm not going to sell anything just incase #1 turns out to be true, but I am ready to buy more if it crashes.

What do you think?
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