With the current backlogs of 1 month to get verified at most exchanges I would say it is anybody guess.
All that incoming money is going to be used to obtain a position....newbies tend to market buy as soon as they are able.
Topic: If current growth rate continues, $2000 by Dec 16 - page 2. (Read 2148 times)
In the previous bubbles, daily growth in the final two days reached 20%. So either market will reach the top sooner or bubble will be even bigger (3-4k/BTC?) and pop around holidays.
EDIT: Yes, you are completely right. 2000 this month is wayyy higher, than is reasonable. Even considering exponential growth curve.
EDIT: Yes, you are completely right. 2000 this month is wayyy higher, than is reasonable. Even considering exponential growth curve.
http://www.mql5.com/en/charts/1129898/btcusd-h4-distel-enterprise
I was playing around with some charts trying to find the rate of growth for this current boom cycle. What I saw was that price has been doubling every 13 days or so since mid/late october. we started at around $125, reached the $250 level on Nov 7, $500 around Nov 20, then $1000 yesterday Dec 3. I'm not saying these dates are the exact time price hit those levels, just that if one were to draw the exponential curve on the chart the line would be at the price levels specified around the time specified. On the chart in the link, i marked these areas and its interesting to note that the last two fall around major areas of price correction. If the current rate of growth continues it would seem that price will reach $2000 around Dec 16.
Now my question/ concern is will this growth continue. Is new money coming in fast enough to get price that high in less than 2 weeks? I would expect a major correction near the $2000 level, which would likely be the major crash some of us are expecting(one similar to April) once this happens i would expect price to fall to around $500 and oscillate around the $1000 level where price would level out for a while before the next boom cycle(if it happens)
Furthermore, do you think this current growth rate could continue until January, allowing us to reach $4000? According to my chart, this would happen around Dec 29.
I have a hunch that we will see a crash like in April which left us at an order of magnitude higher than where it started( starting roughly at $10 reaching 250 or so and crashing to $50 then leveling out around $100.) If this current trend follows the same pattern, we might see prices as high as $2500 before correcting to the $1000 level which is an order of magnitude higher than where we started in october.
Since we didn't see an April like correction at the $1000 level, I think there is enough interest in the market to support $1000 bitcoins, but my gut tells me $2000+ is to high when one considers more long term rates of growth.
Right now i think i might set a sell order around $1900(Although that seems a little greedy) and try to buy back in at $750. Price might go lower but i think that would be a fair price when one considers long term growth.
I feel like there's more to say but I'm curious what others think.
I was playing around with some charts trying to find the rate of growth for this current boom cycle. What I saw was that price has been doubling every 13 days or so since mid/late october. we started at around $125, reached the $250 level on Nov 7, $500 around Nov 20, then $1000 yesterday Dec 3. I'm not saying these dates are the exact time price hit those levels, just that if one were to draw the exponential curve on the chart the line would be at the price levels specified around the time specified. On the chart in the link, i marked these areas and its interesting to note that the last two fall around major areas of price correction. If the current rate of growth continues it would seem that price will reach $2000 around Dec 16.
Now my question/ concern is will this growth continue. Is new money coming in fast enough to get price that high in less than 2 weeks? I would expect a major correction near the $2000 level, which would likely be the major crash some of us are expecting(one similar to April) once this happens i would expect price to fall to around $500 and oscillate around the $1000 level where price would level out for a while before the next boom cycle(if it happens)
Furthermore, do you think this current growth rate could continue until January, allowing us to reach $4000? According to my chart, this would happen around Dec 29.
I have a hunch that we will see a crash like in April which left us at an order of magnitude higher than where it started( starting roughly at $10 reaching 250 or so and crashing to $50 then leveling out around $100.) If this current trend follows the same pattern, we might see prices as high as $2500 before correcting to the $1000 level which is an order of magnitude higher than where we started in october.
Since we didn't see an April like correction at the $1000 level, I think there is enough interest in the market to support $1000 bitcoins, but my gut tells me $2000+ is to high when one considers more long term rates of growth.
Right now i think i might set a sell order around $1900(Although that seems a little greedy) and try to buy back in at $750. Price might go lower but i think that would be a fair price when one considers long term growth.
I feel like there's more to say but I'm curious what others think.
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