I think some try to read too much into this, it's just big players trying to manipulate the market to their advantage. There is no reason to get wet dreams about $50 already, bitcoin does whatever the fuck it wants. Perhaps tomorrow it will rally up to $140. At least that sounds more likely than seeing $50 again just because some whales had a pillow fight just now.
That's what scares me the most. The amount of people who can't wait for the price to drop to 50. Their greed is more important to them than the coin surviving at all.
I doubt they even realize how very bad a drop to 50 right now would be.
Wrong, a sell off down to $50 assuming it held would make a triple bottom and would form a good basis for going up from there.
If only it wouldn't go up so fast.
Remember the price was $50 only a few weeks ago.
You are seriously saying a crash to 50 at this point wouldn't cause massive loss in confidence? You are joking right?
No, people just want to sound badass. It's the absurd attitude of "oh, i'm not afraid of price drops,it's food for me, I earn money with it".
It's pathetic indeed... noobs learn the hard way that trading is just a complicated way to loose money in the long run. Investing is a fundamentally different thing than trading. But those who know how to invest are just a tiny amount of people compared to the huge wave of dumb big mouth pseudo-traders.
It's absurd to look at a 120->50 drop as an opportunity to get 'cheap coins'. What are 'cheap coins'? Where is it written that bitcoins will worth much more than they do now even if they can drop to 50 every now and then? 50 usd might be extremely expensive coins if bitcoin goes down to 1 usd.
Look at the posts yesterday... no mention whatsoever about a price drop. someone dumps a huge amount of BTC on MtGox then suddenly everybody was expecting it and was just waiting for an opportunity to buy coins. Yeah, sure.
Funny thing no one even thinks about the perfect opportunity that the seller caught. There was a massive bid wall, whomever had a big amount of coins to sell could comfortably do it without seeing their order stretching over a 20 dollar wide price range beyond the trading price. It was nothing but the perfect timing to cash out to fiat if you had a big amount of BTC.
It's the same when the walls show up. Everybody is a market analysis specialist and is 100% sure of their stupid explanation of how every wall is 'obviously market manipulation'. I find it quite entertaining, just look at the market the last couple of weeks. Bitstamp wall is 2~3 weeks old and has held there with the price scratching it every now and then, MtGox wall gets consumed. Manipulation theorists could simply shut up, but they are already busy saying that they have always been bears.
