Topic: We are in green 7 weeks in a row first time in 2 years (Read 5619 times)

Bitcoin is revolutionary. It changes how the money should be issued. There are more and more work on infrastructure for the usage of bitcoin. When these building are ready, bitcoin will be used widely. The value will increase. The price is difficult to predict, but the general trend is up.

Bitcoin is getting easier all the time.  New startups come to market every other week with a simpler way to use bitcoin.  You can even send bitcoin tips on twitter now with the click of a mouse!  

I'm certainly comparing bitcoin to currencies as you suggest.  And in the grand scheme of things, $5 Billion dollars is not much for the multi-trillion dollar currency market.  Especially an internet currency.  It has a LONG way to go.  

And again, I want to emphasize this.  I don't know anyone who can look at the past 4-year exponential bitcoin chart and say with absolute certainty that bitcoin won't grow fast anymore, unless that person had a lot to lose if confidence in Bitcoin continued to grow at the same rate!  

That's not a case I'm trying to make, it's just another straw man.  I've enjoyed the discussion.  If everything you say is correct, I'll be perfectly thrilled.

Twitter "adoption" is basically someone clicking a mouse. It's free. It's easy. Bitcoin adoption requires people to actually exchange hard-earned cash for bitcoin.

Of course sites like Twitter will grow faster. You have to compare bitcoin to stocks or currencies or at something that requires people to spend money to use it.

Twitter makes for a great analogy because twitter scaled exponentially without any game-changing attributes.  Bitcoin has game-changing attributes.  It has the potential to fly past twitter like a rocket.

You're trying to make the case that 300,000x growth means the exponential growth-rate potential has already peaked.  But when you look at the market it seeks to serve by its very nature, a market cap of $5 Billion compared with the Multi-Trillion Dollar dinosaur fiat-dollar-bubble shows that bitcoin is still just in the infancy stages of network growth, and there's bigger institutions supporting it now than ever before.  There's more adoption than ever before.  There's more infrastructure than ever before. So anyone buying north of $300 could be buying south of Fifty-Grand lol.  Yes, I "seem to expect" a hefty rate of return because the history of bitcoin shows this and the purpose it seeks to serve shows this and non-revolutionary apps are already achieving this.  It's elementary, Watson.  If Bitcoin succeeds, it will likely do so in the same manner as the last 6-7 years of its advancement.

Twitter isn't revolutionary.  Bitcoin might be.  So how does that make for a usable analogy?

Bitcoin has already grown 300,000x.  Doesn't that mean, as I already said, we are pretty far into this thing?  You're not buying at $0.001 today.  You're buying north of $300. 

This whole "bitcoin could fail" angle is a straw man.  I agree that it is possible.  I, like you, am pretty confident that it won't.  But our difference of opinion is NOT along the lines of "it will fail" or "it won't fail".  It's just that I'd expect a different rate of return than you seem to expect.  If we get a 40% rate of return over the next decade, I would consider my speculation in bitcoin to have been very successful. 

I'm sorry you wish that I were correct.  I didn't address the issue of technological advancement because I can't conceive of a reason why these issues will NOT be resolved. You reference things that the protocol can and will updated as needed.  There's already plenty of chatter about the potential evolutionary paths of Bitcoin, and they will absolutely come about in some shape or another because the people who participate to secure the network will want Bitcoin to be adopted more widely and thus increase their investment.  And it's not just blind faith.  It's math.  

Statistically speaking, Bitcoin was already supposed to have died like 78 times by now as seen at: http://www.bitcoinobituaries.com
Yet it keeps coming back with a vengeance because it was programmed to have a very powerful and distributed resilience.

You referenced the artificial transaction limitation that was set to limit spam in the early days of Bitcoin.  Satoshi Nakamoto (the person or the team) envisioned that there could eventually be over 100 million transactions per day. While there should certainly be caution in choosing the best course of action to increase the temporary and artificial transaction limit, I believe that bitcoin will survive these natural growth tribulations YET AGAIN as it has done so time and time before.

The twitter analogy is GREAT.  Twitter has had its own adjustments as well along the way.  And as you admit, Twitter isn't even revolutionary!  And as you also admit, Bitcoin "might be."  So there ya go bro! Bitcoin is far more significant and statistically speaking should certainly outperform something so arbitrary as twitter.

Bitcoin has also scaled quite nicely. Moving from $0.001 per bitcoin to $315.00 in 6-7 years, represents a multiplicative factor of 300,000 TIMES GROWTH!  That's 30,000,000%!  That's a lot of market confidence. I'd say Bitcoin is doing just fine and has demonstrated longevity and the ability to die 78 times and be magically resurrected with greater adoption each time.  

Yes, it's possible that bitcoin could fail.  But I'm pretty confident given its history.  In fact, merely by looking at Bitcoin's history, there should be no reason to even suggest that it's impossible for Bitcoin to make gains so quickly, unless maybe one were shorting the market and invested in its failure (in which case you certainly wouldn't want market confidence at all.)

One can't fall forever, one time the floor will be hit and you will bounce before being destroyed

April 2013 has ~12 bullish SAR dots. November 2013 is ~7-8.  That would give us 6-10 more weeks to fly. We don't need more than another week to confirm it. Unless we go up another $30+ this week, then the pattern is broken.

I wish I thought you were correct. 

I ask what has changed with the technology or the application of that technology over the last two years.  You don't actually answer that question, but you answer instead about institutions that favor it.  It wasn't a very specific answer, by the way.  The fact of the matter is that there have not been fundamental technological advances in the last two years or more.  If anything, some of the potential issues are even more pressing now and unsolved. 

The twitter analogy does not work at all, because the technology was far more simple and also much farther along in its development curve.  Long before it WAS adopted so widely, the technology was capable of scaling to that adoption level.  Bitcoin is not. 

Twitter isn't revolutionary.  Bitcoin might be.  Twitter uses the internet and refines aspects of it.  Bitcoin is more like the development of Hypertext Transfer Protocol.  Don't forget that buying at $310 in November of 2015 is NOT like being a private market VC buyer of twitter at the very beginning.  We're already pretty far into this thing. 

It's possible that bitcoin will be higher than $7000 in less than a decade.  It's also possible that we'll never see $1000 again ever.

I'm grown up.  I'm in real life.  I can see the $18 Trillion + debt of just one nation.  I can see the ridiculous explosion of money-printing going on.  And I can see the usefulness of Bitcoin.  A ponzi scheme isn't useful.  Bitcoin is not a ponzi scheme and it has exhibited exponential growth due to the fact that it's a superior form of value exchange. 

Perhaps you're the one who needs to grow up and witness reality.  Twitter grew exponentially to 340 Million tweets per day in 6 years and it is the most simple application ever.  It just lets you type less than 200 characters to people.  Wow.  What a game-changer.  If you think twitter can do it but bitcoin can't, then you're in the wrong forum dude

A lot has changed with respect to how many more people and institutions favor it.  All these things you mention will sort themselves out and it won't take 10 years to do it, especially considering the extraordinary amount of people working on solutions

Oh fuck, 40% ROI per year is too little for me. Bitcoin is supposed to make me rich next year..

Come on, grow up, this is real life. 40% is insane ROI for anything real and would be called a ponzi all day long already.

You may have to be more patient than you would like.  I agree that the technology is a game-changer, BUT there are still a lot of details to be worked out.  The blockchain can't (or at least doesn't right now) support enough transactions quickly enough for mass consumer adoption.  You can't buy gas at the gas pump with it.

Two years ago, I mapped out a scenario by which bitcoin could hit $3500 by 2019 or so.  I think it can be used in the B2B remittance market along with several other applications.  I still believe that to be true.  But ask yourself this: what has REALLY changed in the last 2 years?  What has improved in the technology or the application?

40% per year will take Bitcoin over $1,000 again in 4-5 years.  That's ridiculously too long for a technology that's supposed to be more of a game-changer than twitter, which took like 6 years to explode.  The same metrics will take Bitcoin to about $7,000 in a decade.  That's a really long span in bitcoin time.  It would be a tragedy if adoption took that long

I have never heard about the Huobi until i saw in an coindesk article.
It seems that is the second exchange after the OKcoin about the volume.
Both of them have large volume and large buy/sell orders, yesterday was a red hope today will end by green.

Could the bullish pSAR be due to the MM ponzi scheme and the Bitcoins bought to pay that businessman's ransom? The price crashed after rumors started flying that the MM ponzi scheme had switched to "pause mode", which might morph into closed mode. All those Bitcoins being bought so quickly must show on the charts and move all the indicators.

This makes me smile!!

Updated OP, 7 weeks in green, 2nd week with bullish pSAR.

If the price sticks around $295+-10 for some weeks, then it is excellent for rising later. The whales have to collect enough coin before they push the price higher. They might dump some and drive the price down. If the price rise slowly during the push, it is good.

I think that bitcoin has been moved to the next new floor.
Most of us don't want to see again the price falling below $300.
I hope every next upcoming weeks will be green and no red please.

May be you're right as per the current scenario, bitcoin may stick around $300 levels for some times with respect to supply and demand concerns. it may test some higher levels too, but will sustain around $300 levels as it seems a good price for time being.

hmm - the question is if the seven red weeks that'll come later will eat the 7 green weeks

Anyone had a dream on that?

We haven't stayed above $300 for more than 24 hours this year. We're struggling at 299 as we speak. These next few days are the moment of truth. Is $300 still the ceiling, or is it going to be the new floor?

Yes. We've had cheap coins all year, it's their own damn fault if they want the price to go lower for cheaper coins.

Well it is still green, for 7 weeks almost.
Only today the price of bitcoin has been increased too much +$11.78
Which makes bitcoin price of $306.18, i think that most of us are happy that the price has been increased right?

people are accustomed to the last ath were the gain was enormous, we skyrocketed from 90 to 1200 in two weeks, unbelievable, almost $80 per day

it's clear that 2% seems a dot in comparison

$0.3 per day gain for the next year is appropriate. In 5 years, $3 per day appreciation is fine. No more than 40% volatility per year .

He's short, hence his username.

Wat.

$2-3 a day is NOT slow and steady, it is 133-361% a year.
It is hardly slow.

Hope red will take at least a little bit as green means bad things 

Yep. And couple that with a little FOMO and off to the races we go.

hope the "green" will go until NYE

The average joe is much more likely to put money into Bitcoin if there are prospects of 100%-500% returns.

Greed is the biggest driver of Bitcoin adoption. You don't generate much of it with "slow and steady growth"

It's the traders who've always been steering the ship and they care not for what Average Joe feels. Maybe when there's enough genuine demand all the market psychos will be swamped in a tidal wave but until then they're calling the shots whether we like it or not.

I put myself in the group of "slow and steady growth".  The reason I say that is because volatility is great for traders, but the average Joe wondering where to park his money needs confidence in some kind of stability on annual returns, and they are also the majority of the population.  $2-3 gains per day would be fantastic imho.

I like your beliefs my friend but Bitcoin could not handle this huge sums and transaction that would take place and be needed for this to happen. So a slower growth is appreciated from my point of view.We wanna be sustainable and trusted.So let's do it with patience and stepwise.

or even per day.  Bitcoin marketcap is still too ridiculously small compared to all the money on Earth.  The number of people who know anything about it is still way too small.  It needs to expand explosively in fits, filling mainstream media headlines,  to fill it's rightful place when the inevitable worldwide collapse of fiat finally arrives.

That was bubble time. The price crashed from 1200 to 200. We do not need any bubble like that. Steady 10-40% per year appreciation is fine. Less volatility will make bitcoin into a real currency, not just a betting chip.

It's slow compared to 2013, when the price went from 200 to 1200 within 1 month.

ftfy

I just hope that this is not another hype-pump just like our previous run into $300.

Yes, it showing day high as $303. Very exciting. I believe it's going to be continuous seventh week in a row. But it was very long period of two years for this kind of performance when comparing bitcoin's performance and volatility.

It's a reality now. stamp showing 301 for me.

Huobi chomping $308+ at the moment and likely to continue so it appears that we're on the elevator. When folks see something moving up, watch out. Twilight zone on the horizon.

At the very least we can say that its going to be 7 Weeks in a Row of Green
At least it feels like the week has passed and the title should be changed whether it becomes 2 months of positive is another question.

Until that figure is in the rear view mirror I'll sit back and enjoy the view. It's hard to tell whether there's proper steam this time. If there isn't then we may be condemned to a few more weeks or months of boredom. Still, it's nice to see some genuine signs of life for once.

Coindesk had it break $300

TODAY'S OPEN$294.40 TODAY'S HIGH$301.96 TODAY'S LOW$294.40
http://www.coindesk.com/price/

If it breaks through I expect it to push to $320 for the next test.

Bitstamp:

Interestingly it reached exactly $300.00. However, it is normal that it bounced a bit back down. We're already $9+ today, $15 or more would be way too much in my opinion. Are we heading into another green week?

Looks like Huobi is the only one that broke the 300 barrier today. Bitcoinwisdom currently puts it at 303 USD, which a peak around 306 or something.

It also shows bitstamp and bitfenix briefly hitting 300 before diving below it again.

Well i wonder where have you seen the $300.
I regularly check the bitcoin price in coindesk website
And the maximum that it hit today is $298 in Bitstamp exchange.

That's the special characteristic we can expect from bitcoin. when people are expecting the bitcoin price to hit $300 within this month it hit on 27th itself. We need to see a sustaining price here to make forward. I believe $500 within November month.

I think you are off an order of magnitude.  I predict we will have a smooth rise though most of 2016 to $100,000, not $10,000.  Look at the previous peeks and you will see $10,000 is too low for the next ATH

Coinmarketcap still shows price in the range of $290-$295.
$300 must have been just a blip

It reached $300 today. It is too fast. Hope it will not break $310. We need some consolidation for the future price rise.

The green is continuing and it is not stopping
The price is going to reach probably $300 by today.
It has been a huge change the last 15 hours for a bout $9.5

This post and image had me fist pumping in bed.

i agree its 300$ next week and next month the rise for 350$ maybe after christams cash outs and be like jan or feb the 350$ and the next year will rise a just a few i guess europe its not all the world soo the factors fo europe dont make it grow substancialy.

Consolidation aournd $300 for a few month is good for the medium price increase. The big whales have to buy some coins before they dump at a higher price.

Expecting a plateau @~300 for another 3 to 4 month.

I think we will hang around $300 for a bit. I don't believe we will go back as low as $220s as much as I don't believe we will just shoot up to a $1,000.

It wouldn't be bad at all to break through this $300 and then to format a new, strong floor out of this $300 level.

seeing how the price of bitcoin, remained constant for the past 10 months+, all they can earn is +25% for every bitcoin invested, if they predict exactly the bottom for buying and the top for selling, but this isn't the case as we know

so they are making, supposedly, much less, let's say 5% for every btc, therefore some of them that went big with 1k bitcoin, are making only 50+, which is almost 15k, but this in a time frame of 2-3 months...

There seems to be some strength behind this push upwards.
So I am hopeful that we will cross $300 soon and stay there.

This is a great point. Many attribute the price gains of 2013 to bots yet negate this bot-influence in the bear market that followed.

$1k will come sooner than a couple years, what makes it so hard for people to realize this? Why are people predicting $400-$500 at halving? Bitcoin growth is exponential.
"Oh but the last pump was caused by willy bot! Not real money!" Oh really? Look at all these bots trading right now, if there was a reason their owners wanted flip them to fuckin willy 2.0 mode, they would. It's all about timing to maximize profits. Those same bots helped push the price way down under $200 after the bubble. Tell the people who made a shit ton of cash or lost a shit ton of cash it wasn't real money. It's still a zero sum game.

I don't think we should get too excited yet. Give it a couple of weeks and the price will likely be back down to where it was though I hope I;m wrong. Can't see it going back to anywhere near $1000 either anytime soon. Think we'll probably ave to wait a couple of years to see those sorts of figures again.

Serious speculators from elsewhere? I doubt it's crossed their radar yet. All of this is sub peanuts to them. The most swaggering BTC whale would be laughed out of the Hamptons. 

That's only because most people in this section are trolls. Serious speculators make serious money on this sort of volatility.

No. People need to stop reacting to every few dollars that it goes down. It was a healthy correction and we're at $284 now at Bitstamp. We don't need to be going anywhere from that as long as we can keep the price stable. Stability is of greater importance than going into another bubble once again.

Bubbles are bad in general. I doubt that most people in this section earn more than peanuts from trading.

Well quoting another chart in the speculation forum we will know if it sees resistance at $320
https://bitcointalksearch.org/topic/m.12787208
Either way it's nice to see a long line of green after the long price decreases.

Yes the cent raise towards around $300+ was not happened suddenly. A slow and sustaining movements with good enough volume trading was witnessed almost every day of this progress. This mean that 6 weeks of green trend will continue further hopefully towards $600 mark within this year end.

I had a feeling the green trend was going for a while now and the rises haven't been very rapid
That said it does make me optimistic if were treading at these levels, that said the trend could be broken if the market does not push the price past $300 it's still early though.

Agreed. Also, volatility is where there is money to be made. Bring on the next superbubble.

Really nice chart OP! if this is indeed "the big one", what do you expect the top will be?

taking profits is normal. you can't expect the price to go up constantly without seeing people take profits at certain price levels.

It is just a normal retrace caused by someone taking his profit. Wouldn't you take a 2k profit if you bought 100 bitcoins 2 days ago?

Just part of the normal price evolution. We will be above todays high by tomorrow or the day after. Don't worry.

and ......  It's gone.   Someone woke up the dumpers. 

Firts time without mtgox´s bots 

I hope you're right on that one. 300 USD is nothing in the long term but it'll be like a breath of fresh air, I'm sick of being stuck in the 200's.

I personally am of the opinion that this is the final days of seeing bitcoin in the  200's. Ever!!

 Even 300$ is cheap, super cheap! So much invoation have passed in the past 2 years. Confidence was shaken with GOX and it took time to recover, i dont think 500-600$ are even the targets.... With coming economic crash, we may experience something BIG here!

it feels good to see people get more bullish after all the negativity we've seen for such a long time. let's hope we'll see the price go up more.

Damn, 6 weeks! I haven't realized it's that long. This looks promising guys! Not just looking at the charts but I just have this feeling as well. I have reached the threshold of my Fiat invested into Bitcoin and have sworn that I won't go over it, but maybe I need to think about it once again. With halving in front of us, this all looks very promising!

but you in reality, think that it will not starts right? it's another one of those fake run-up, that will suddenly stop and cause another dump

if we get exited everytime there is a mini pump in action, we are not so realistic aren't we?

That's actually not a bad advice. Student loans are easy to get but if you have already used that straw then perhaps local drug dealers, maffia and loansharks have some quick cash to give you without requiring collateral.

Time for some down, me thinks.

That's why people should buy when the price is getting dumped to the ground. Better moments to buy than that is not possible. Those who were holding since sub $200 are enjoying this ride  

I think if not today the price of bitcoin will reach $300 by the end of this month.
Current price in OKCoin exchange is $297.29 and i check regularly the bitcoin price in coindesk.
In the last 8 days there were 2 reds but a green immediately where after that.

It would still be a great run.
Double in 6 months. 4 times in 2 years.
That should be enough to make most people happy.

weekly parabolic SAR is about to flip into raging bull-mode at ~298$.

Ok gys.  BIG BUBBLE NOW.

Looks like its up to $10,000 this time, not $1,000

Buy it now. Take loan on everything. Loan on your house. Buy it now guys, time running out.      

Excellent
Even if this doesn't start a massive bubble, which would be cool, I just hope this gets us out of the 2 year down tread and out of the 200-300 cycle. We are almost to 300, it will be exciting to see what happens!

When would the psar flip? Forgive my newbness.

For me there isn't any reason to have a fantasy about the price smashing through the $1000 barrier once again, at this point. My guess for now till after the halving is a max of $500-600. We might see $1000 in 2017.

Thanks for sharing the graph There has been some good news regarding bitcoin in the last weeks and also the gemini launch.

What would you think will happen if we are in the green for another week? Will that be the beginning of the launch?

I prefer exactly the opposite. I hate all those fuckers who didn't buy when BTC was undervalued. Those sheeple who only start to buy in when they read from the newspaper that bitcoin has risen 1000% in a couple of weeks. They deserve to lose their money for their greed and stupidity. They have a gambling problem and they need to be punished. When a bubble bursts it's a perfect punishment for the brainwashed swarm. I laugh at them every time it happens and it's a damn good laugh.

I prefer slow and stable raise after these green visuals. You know last time it raised too high... till it went down so fast.

What worries me is this:

Daily Change:
$8.86
+3.13%

At this price level, when we were recently seeing a really stagnant and slow moving price hovering around $250, daily changes in price like this just don't seem sustainable to me. If a rally starts, it's almost definitely going to cause a bubble.

Waking up to this price was certainly unexpected. It was pretty stable around $280 yesterday and it didn't move too much up or down. Looking at the market depth on Bitstamp right now, it certainly looks like the sell side has become weaker. I wonder if we could break $300. However, I wouldn't want us to go back down then. It does look like there is some resistance from $250 though. I'm pretty sure that it is also related to the VAT exemption.

Weekly parabolic SAR in full bull mode. Volume has been steadily increasing for weeks now. And it is already higher than during the beginning of the last bubble. This is going to be humongous. 1000$ ATH will be dwarfed like a little bitch.