Topic: Simple reason for the price spike... why this weekend's dip will be deep - page 2. (Read 3287 times)
July 11, 2013, 01:00:59 PM
bitcoin undervalued? nobody knows real price. to me it worth few grams of weed , thats all
July 11, 2013, 12:47:16 PM
BTC was really oversold so a snap back rally isn't surprising. This is a key area of resistance worth watching, a break above $100 would be very bullish but I put greater odds on a break downwards.
July 11, 2013, 12:33:04 PM
I think those that bought at around $70 are lucky at this point. Prices will stabilize at around $90 and then steadily go up from there. That is my prediction anyways.
July 11, 2013, 12:16:34 PM
I wouldn't doubt a big whale shit this weekend. I'm actually betting on it.
July 11, 2013, 11:59:22 AM
any sudden or very rapid price change will face a correction. It happened with the huge slide down, and it'll happen with the big increase now.
This. Nothing to do with USD at all, methinks. Also, the push from 76 to 90 was put into motion with a single whale's 6k+ market order + xk (2k+?) bid wall -- makes the rally feel a tad artificial, don't it? July 11, 2013, 10:40:19 AM
bitcoin has risen versus all other currencies as well.
Bingo.
This isn't about USD. It's all about BTC.
BTC was undervalued due to USA government/MtGox problems. The market corrected itself.
Of course it had, because the wall collapsed so people started buying. End result BTC up higher than it should be in all currencies.
See if the % rise is equivalent to the Euro, it shouldn't be. USD % rise should be higher.
July 11, 2013, 09:51:38 AM
bitcoin has risen versus all other currencies as well.
Bingo.
This isn't about USD. It's all about BTC.
BTC was undervalued due to USA government/MtGox problems. The market corrected itself.
July 11, 2013, 09:31:00 AM
The value of the USD dropped!
Let me tell you a story.
Once upon a time in bitcoin land we were sitting on the fence at around $79/BTC, a big $600k wall stood in between us and the 80s.. Then BOOM! Ben Bernanke drops the bomb, America ain't doing so well after all...
The USD plummets, shedding 2%. But nothings happened to our bitcoins, the fundamentals are still strong, they are still as intangible as ever..
So bitcoin is worth exactly the same, but the USD is not. In fact at the current prices for the USD, BTC should easily be worth $80.6.
Only one problem there's a massive $600k sell wall at 80.... Actually, that's not a problem at all... In fact it's great news!! A massive opportunity, that means I can buy coins at 60c under what should be the value...
Wooosh lets buy up those cheap coins!!
Speculator... "Woah what's going on here... somebody just bought straight through that wall... They must know something... BUY BUY BUY"
More speculators "BUY BUY BUY"
More speculators "BUY BUY BUY"
$90/BTC!!!
Where to from here?
Has this little event driven up the price of BTC for good? Or are we going to see a massive splashdown in this weekends dip?
My bet is the 90 wall is going to hold, and people will start pulling their coins once the big fish who are keyed in on this kind of thing do.
Let me tell you a story.
Once upon a time in bitcoin land we were sitting on the fence at around $79/BTC, a big $600k wall stood in between us and the 80s.. Then BOOM! Ben Bernanke drops the bomb, America ain't doing so well after all...
The USD plummets, shedding 2%. But nothings happened to our bitcoins, the fundamentals are still strong, they are still as intangible as ever..
So bitcoin is worth exactly the same, but the USD is not. In fact at the current prices for the USD, BTC should easily be worth $80.6.
Only one problem there's a massive $600k sell wall at 80.... Actually, that's not a problem at all... In fact it's great news!! A massive opportunity, that means I can buy coins at 60c under what should be the value...
Wooosh lets buy up those cheap coins!!
Speculator... "Woah what's going on here... somebody just bought straight through that wall... They must know something... BUY BUY BUY"
More speculators "BUY BUY BUY"
More speculators "BUY BUY BUY"
$90/BTC!!!
Where to from here?
Has this little event driven up the price of BTC for good? Or are we going to see a massive splashdown in this weekends dip?
My bet is the 90 wall is going to hold, and people will start pulling their coins once the big fish who are keyed in on this kind of thing do.
hm... bitcoin has risen versus all other currencies as well.
July 11, 2013, 07:20:58 AM
Also, a general rule of thumb is that any sudden or very rapid price change will face a correction. It happened with the huge slide down, and it'll happen with the big increase now.
July 11, 2013, 05:33:48 AM
The value of the USD dropped!
Let me tell you a story.
Once upon a time in bitcoin land we were sitting on the fence at around $79/BTC, a big $600k wall stood in between us and the 80s.. Then BOOM! Ben Bernanke drops the bomb, America ain't doing so well after all...
The USD plummets, shedding 2%. But nothings happened to our bitcoins, the fundamentals are still strong, they are still as intangible as ever..
So bitcoin is worth exactly the same, but the USD is not. In fact at the current prices for the USD, BTC should easily be worth $80.6.
Only one problem there's a massive $600k sell wall at 80.... Actually, that's not a problem at all... In fact it's great news!! A massive opportunity, that means I can buy coins at 60c under what should be the value...
Wooosh lets buy up those cheap coins!!
Speculator... "Woah what's going on here... somebody just bought straight through that wall... They must know something... BUY BUY BUY"
More speculators "BUY BUY BUY"
More speculators "BUY BUY BUY"
$90/BTC!!!
Where to from here?
Has this little event driven up the price of BTC for good? Or are we going to see a massive splashdown in this weekends dip?
My bet is the 90 wall is going to hold, and people will start pulling their coins once the big fish who are keyed in on this kind of thing do.
Let me tell you a story.
Once upon a time in bitcoin land we were sitting on the fence at around $79/BTC, a big $600k wall stood in between us and the 80s.. Then BOOM! Ben Bernanke drops the bomb, America ain't doing so well after all...
The USD plummets, shedding 2%. But nothings happened to our bitcoins, the fundamentals are still strong, they are still as intangible as ever..
So bitcoin is worth exactly the same, but the USD is not. In fact at the current prices for the USD, BTC should easily be worth $80.6.
Only one problem there's a massive $600k sell wall at 80.... Actually, that's not a problem at all... In fact it's great news!! A massive opportunity, that means I can buy coins at 60c under what should be the value...
Wooosh lets buy up those cheap coins!!
Speculator... "Woah what's going on here... somebody just bought straight through that wall... They must know something... BUY BUY BUY"
More speculators "BUY BUY BUY"
More speculators "BUY BUY BUY"
$90/BTC!!!
Where to from here?
Has this little event driven up the price of BTC for good? Or are we going to see a massive splashdown in this weekends dip?
My bet is the 90 wall is going to hold, and people will start pulling their coins once the big fish who are keyed in on this kind of thing do.
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