Topic: The Bear Market is officially...OFF?!? - page 22. (Read 29279 times)

It's certainly possible, but in my opinion, we are heading down for the visible future (with crazy volitility along the way).



This is the way I see it:

   Despite all of the hype, there was never any justification for the price being this high in the first place. By the time we hit triple digits, the price was being driven almost purely by speculation.

   I think 33 was the real start of the speculative bubble. Once we passed that psychological barrier and didnt crash into singles (which quite a few of us believed would happen), the money started piling in from those in the community, who now feared missing the boat.

   As the price rose, media attention began to grow; this attracted new investors, which in turn attracted more media attention, and the snowball grew. Now we had people entering the market simply to make a quick buck...people who didnt know or care much about bitcoin, but were simply looking to get rich quickly.  By this time, hype was at an all time high and the market was hitting an unsustainable amount of growth.  People actually started leveraging debt to buy btc (never a good sign).

  That's when the panic selling started.  People started pulling out once they feared their investment would be lost. Just like the rise, however, the price fell too fast and we saw the bounce up to 160 (which was expected).  

Since we have hit that mark, we have seen steady downward pressure. If you notice, after each of these moves downward lately, we have not been bouncing back as high (Lower lows and lower highs). To me this says we may be seeing the beginning of the same type of slow steady slide down we saw in 2011.
  

Going long "blind" works under the assumptions that the fundamentals of bitcoin don't change.
This is a strong assumption, given the circumstance that bitcoin operates in a highly disruptive and innovative field.

While the price of bitcoin may be irrelevant for long term adoption, the technological and social indicators are not.
Right now they look good though - very good.

Ohh heyy, you're back

Maybe a bit late? The selling seems to have run out of steam now.

If he manages to gather enough people believing him, it will be true xD
But so are those that say it will hit $0, because people will leave the sinking ship (although they are dismissing the uses BTC has).

Man, you better listen to the Supernode! Every single BTC will be worth 100000 $ by the end of this year.
Great things to come

Just kidding, I think you're right. This forum definitely got some skilled brainwashers on board

I don't want to insult a Sensei, but it already looks like the market is recovering. I know this is only in the short term but do you think we are really headed towards inevitable downtrend? I mean, just going by what I've seen in my short time here, what goes up must come down and what goes down will come up. Isn't it more likely we continue to see this unstable flip flop throughout the year?

Why so humble, little Bull?   According to the great Supernode Advisor we will hit 100000usd by the end of this year.
No discussion, that is a proven fact. Just because it is, basically. You gotta have trust man.
So, I'd suggest you start spending the money right away, as this prediction cannot fail. It just can't. Gotta have faith, son.

LOL

Everyone see this?

This is the attitude that is going to get a lot of people burned. Hard.

(I'm not trying to pick on you specifically, Gigacoin...)

Wait, are you supposed to make a backup of your wallet before this, or does the price go up only if you destroy all the bitcoins you own?

Sad but true. 

Solution: Shutdown computer, set it on fire, throw smartphone into the silicon bonfire u just made, check price after 1 year, btc= 1000usd , magic! 

I have just put my bids in for $70 and $55. I do not expect the price to go down that far, so I purchased a couple at $111. I think we might be back at $130 within the next 48hours but ... this is Bitcoins and Japan Holidays are next week, so who knows.

Time for me to log off Bitcoins for today.

I always wonder what motivates people to create threads like this.
The price is moving and boom there goes a thread which 1) states the obvious and 2) delivers a bold prediction of what will happen.
These threads tend to dramatize a bit or even try to amplify the whole thing instead of observing.

Anyway, i think it's funny how a price movement triggers the analyst in many people. And the commentator.

Cheers

+1

I think people are going to get burned harder on this pop than they did a few years ago, though (which could mean a long recovery period). 

"Should have" are the operative words here...but I think a lot of people bought into the hype, and I worry about all those people that leveraged debt to buy in somewhere in the two hundreds (I did try to warn some of those people here that it was a very bad idea...but once again, I was shouted down).  

Same, I usually lean bullish, but I try to be reasonable, never really a bear or bull, but I feel we are headed down before eventually heading up in Bitcoin's Wave 5. I would love to scoop up more coins at the bottom and enjoy that ride up, I just hope it doesn't take forever like it did last time.

I just hope it won't take another 2 years to recover.

I would appreciate a new record before the end of the year.

Everybody should have made profit in both bitcoins and dollars. If you do things right, you end up with more dollars than you started with and also more bitcoins.

I honestly think it is.

The lower lows and lower highs we have been seeing over the last week do not look good, IMO. The market is creeping down.

It's like 2011 all over again.