It is looking pretty good!
Making it through the weekend without a serious crash was a very good indicator for me.
The total global hashrate also appears to be reaching a bottom (still needs a few more weeks to confirm).
The average cost to mine BTC is north of $3 if you take into account the hardware capital being paid off within two years (reasonable time for computing technology)
It gave me a lot of courage to throw up a nice bid wall around 3 (anyone wan'na sell?).
I agree, things are looking very good for some stability for the next several months with a price between $3 and $4(keeping fingers crossed for the holidays).
After that, the next crash will be in a positive direction - My speculation.
Topic: 3 is the magic number, and the magic number is 3 - page 6. (Read 8093 times)
The same was said at $5 and $14.
I've been buying when under 3, and selling at over 3 for the past two weeks, and have been doing quite well while also helping to stabilize the market.
I suppose it's appropriate for a virtual currency to settle on an arbitrary whole-number barrier, but it looks to me like 3 is a stable price point: the majority of miners haven't abandoned mining, and speculators have the purchasing power to buy all of the coins sold on the exchanges.
My prediction: prices won't drop below $2 or go above $4 this year. Instead, what I'd like to see is the bid & ask walls get steeper, so that the market is less volatile when there are large buys or sells. But remember months ago when 10k-30k coins would often be dropped on the market by a single sell order, crashing the market? It seemed like a weekly occurrence back then, but I can't remember the last time that happened. But we still have 10k-30k bitcoin buys every week or so. Now to see if we can get through the holidays without a big crash.
I suppose it's appropriate for a virtual currency to settle on an arbitrary whole-number barrier, but it looks to me like 3 is a stable price point: the majority of miners haven't abandoned mining, and speculators have the purchasing power to buy all of the coins sold on the exchanges.
My prediction: prices won't drop below $2 or go above $4 this year. Instead, what I'd like to see is the bid & ask walls get steeper, so that the market is less volatile when there are large buys or sells. But remember months ago when 10k-30k coins would often be dropped on the market by a single sell order, crashing the market? It seemed like a weekly occurrence back then, but I can't remember the last time that happened. But we still have 10k-30k bitcoin buys every week or so. Now to see if we can get through the holidays without a big crash.
Jump to: