I am watching this closely and must say I am surprised it rebounded so quickly.
Volume also seems low and it is not a good sign that it has not reached over 1,000 yet.
I honestly do not know where it will go at this point so that may mean it may just stay around where it is
I do know the first bubble took a fairly long time to deflate from the $30 to $2.01 and had its ups and downs like this.
I am still convinced that many people are slowly cashing out and because they are not trusting the exchanges with too much of their money at one time, they will take advantage of this time to continue to cash out. I worry that there will not be enough buyers buying at such a high price to cash out all the people who want out. The downward pressure may win here.
Volume also seems low and it is not a good sign that it has not reached over 1,000 yet.
I honestly do not know where it will go at this point so that may mean it may just stay around where it is
I do know the first bubble took a fairly long time to deflate from the $30 to $2.01 and had its ups and downs like this.
I am still convinced that many people are slowly cashing out and because they are not trusting the exchanges with too much of their money at one time, they will take advantage of this time to continue to cash out. I worry that there will not be enough buyers buying at such a high price to cash out all the people who want out. The downward pressure may win here.
People need to cash out slowly. Imagine, if just 2% of all people cash out quickly (or everyone just sells 2%). That would be 240,000 coins hitting the exchanges. Look at the order books and make your own guess...
Remember that if someone is going to dump 1000 coins on Gox now, we would approximately go down by 40 USD. The guy doing that would have pocketed around USD 880.000, but the Bitcoin marketcap would decrease by USD 480 Mio.
EDIT: (not implying that one person can move the market as such, I just want to point out how fragile the whole wealth in Bitcoin is)
