Finding BTC bottom - page 2. | Bitcointalksearch.org

DaRude

legendary

Activity: 2772

Merit: 1786

In order to dump coins one must have coins

Quote from: Biodom on October 25, 2014, 05:17:28 PM

Quote from: fewcoins on October 23, 2014, 06:16:17 PM

Wait until tomorrow before you make post like this, you know bitcoin will have wild swings... A lot of buys & short covering will happen soon & if it goes near 400 because of that we can start assuming a average bitcoin price. If price breaks 300 then a thread saying it's clear this correction isn't over will make sense

so far it is still declining. I am waiting for some large mining company with higher electrical cost to go out of business (cough-K-N-C-cough) before we reverse.

KnC costs are “significantly below $400”, keep dreaming

http://mobile.bloomberg.com/news/2014-10-21/bitcoin-miner-ditches-clients-to-chase-2-billion-coding-prize.html

dropt

legendary

Activity: 1512

Merit: 1000

Quote from: Biodom on October 25, 2014, 05:17:28 PM

Quote from: fewcoins on October 23, 2014, 06:16:17 PM

Wait until tomorrow before you make post like this, you know bitcoin will have wild swings... A lot of buys & short covering will happen soon & if it goes near 400 because of that we can start assuming a average bitcoin price. If price breaks 300 then a thread saying it's clear this correction isn't over will make sense

so far it is still declining. I am waiting for some large mining company with higher electrical cost to go out of business (cough-K-N-C-cough) before we reverse.

They received a crap tonne of VC recently. Unless that class action is approved, KnC is found guilty, and reparations are made they're going to be around for awhile.

Biodom

legendary

Activity: 3738

Merit: 3848

Quote from: fewcoins on October 23, 2014, 06:16:17 PM

Wait until tomorrow before you make post like this, you know bitcoin will have wild swings... A lot of buys & short covering will happen soon & if it goes near 400 because of that we can start assuming a average bitcoin price. If price breaks 300 then a thread saying it's clear this correction isn't over will make sense

so far it is still declining. I am waiting for some large mining company with higher electrical cost to go out of business (cough-K-N-C-cough) before we reverse.

fewcoins

full member

Activity: 126

Merit: 100

Wait until tomorrow before you make post like this, you know bitcoin will have wild swings... A lot of buys & short covering will happen soon & if it goes near 400 because of that we can start assuming a average bitcoin price. If price breaks 300 then a thread saying it's clear this correction isn't over will make sense

Biodom

legendary

Activity: 3738

Merit: 3848

It is becoming clear that this correction is not finished.
In my opinion, this cycle, which resembles 2011, will bottom only once the highest cost bitcoin mines are driven out of business.
In 2011, market price bottomed just before hashing rate had finished its 50% decline.
Since it will take some time and duration for this decline to manifest itself, I predict that it (price bottom) will happen in ~3-4 mo, or even later because large scale miners would have some operational inertia.

As indicative of this, hashing rate increases are slowing to a crawl, but we need at least about ~50% difficulty decrease, which will be achieved if we slowly decline to somewhere between $72 and $240. $72 is somewhat extreme and would correspond to the same decline %%-wise as in 2011, but $240 is quite realistic and would be extremely painful if it will occur slowly.

Having said that, I am not selling my BTC yet because timing this process exactly is beyond my trading abilities.

Topic: Finding BTC bottom - page 2. (Read 3253 times)