Seems like I'm reliving the first bitcoin bubble which I was very active in.
I got into it when bitcoin first rose up to around $30 in 2010 or 2011, I forget now. I wanted to buy and I was in the forums listening to all the euphoric people. I slowly watched it lose steam, regain steam, and slowly look weaker and weaker.
To me right now bitcoin just looks weak and I think it will be going much lower during the next few weeks.
Just like in 2011, I told everybody while the price was still over $20 that they were crazy to not take profits and cash out at that time. Wasn't a few months it was at $2.00. Call me stupid but I did call $1.00 bitcoins at that time for a long time even though people thought it was crazy and flamed me to hell, I missed my $1.00 range to buy in as it hit $2.01. I was close enough. Same stupid mistake was I predicted oil would hit $20 a barrel in around 2008, it hit like $30, my plan to buy in big at $20 and I missed that opportunity.
While I don't hit my marks, at least I predict big downfalls, contrary to what most people believe.
I'm going to say to everybody that if you are not unloading a large portion of your bitcoins over $1000, you are simply crazy as a $1000 bitcoin is just not sustainable, and is outright ludicrous at this time. I am going to even say further that you are ridiculously stupid if you don't cash out a sizeable amount at over $1000, especially if your bitcoins were bought below $100.
The reason why bitcoin hit around $30 the first time, and over $1000 this time is that their are big players or manipulators, I like to call them. They pump the price up high, get people euphoric and get interest into the coin, then slowly dump the coin to make profits. Pump and dump I guess you can call the strategy.
This strategy simply works, it almost gets me (probably the most frugal person in the world) to buy bitcoins during the first bubble at $30, and even now at $1000. Because I am the most frugal person around I just can't get myself to buy at ridiculously stupid price points. I wait to buy at what you would consider my stupid price points, which get close but never hit. My point is that if these manipulators get frugal people like me to consider buying at these insane prices, it gets a lot of normal people to pump money into the system in which they profit from.
My last point is, don't be stupid and greedy and take money from these rich manipulators. They will soon be letting the price fall very soon and doing a controlled drop while cashing out all the coins they accumulated when bitcoin was much cheaper.
Flame away, but I will stick to my position.
No flame intended, but you'll have to forgive me if I decide not to take your advice. Your arguments are less than compelling.
Arguments like "the price is ludicrous" and "you're crazy if you don't take profits now" without any sound logical reasoning behind them are not very convincing, and have the tone of someone who is nervous about losing whatever profits they could take right now. And reasoning like "I've successfully called the crash before!" also doesn't hold water if your reasoning behind calling the last plunge was also emotional. Inflammatory language like "stupid" and "crazy" tends to distance people from your argument, as does bullying your audience.
When you say "To me right now bitcoin just looks weak" without any logical arguments behind that conclusion, your argument appears strictly emotional.
One thing your post does tell me is that there are people in the market that are getting nervous and are about to sell for emotional reasons, and that once the price does dip a bit those emotional traders will panic and sell. In a way, your prediction is self-fulfilling.
As for me, I have very little fiat in the market, but that value has grown quite a lot. I plan to keep holding. If Bitcoin continues to rise, or rises again after your predicted dip, I'm good. If it ever crashes to 0, I'm not out much money.
I disagree that the current price is due to "rich" manipulators. If people are doing anything in the market, they're taking advantage of panic sells in order to gain more profits, and you may be playing into their hands.
I am no expert, and have very little experience in these kinds of things. These are simply my observations.
We'll talk again once you buy at 1300.
