Nailed it..
Bitcoin up 20% @ $693.64
Well we hit it right on the nose.
As predicted the price of bitcoin not only tested the $600 range, but went on to hit our target of $650 and ultimately went as high as $725 before profit taking took it down.
Many of you that I've personally spoken to the course of the last few months will find that today's CoinDesk online magazine has an article which seems to mimic my exact presentation as to why the price is soaring.
{{I think they've tapped my phone.}}
(link below)
http://www.coindesk.com/five-factors-driving-bitcoin-price-demand/
Topic: We posted this on reddit on Wednesday (Read 442 times)
https://www.reddit.com/r/Bitcoin/comments/4n84t6/a_case_for_bitcoin_to_revisit_ath_of_1200/
BITVEST MINT MARKET COMMENTARY
With Bitcoin prices testing the waters nearing $600 it may be time to take a serious hard look at what's driving prices and consider whether this is a sustainable rally or just another bull trap.
It appears that the market is in consolidation mode again following repeated attempts to crest $600.
We're currently trading in the $570 - $590 range mirroring the $470-$490 range in the weeks preceding the breakout above $500 just last month.
In fact, the current period of consolidation is so closely mirroring the previous month that we believe the price will be following that same path.
We expect to see another leg to the upside within the next few days which may see highs in the $630- $650 range.
Due to the halving taking place next month we feel very strongly that this move is only the beginning of a very long and protracted bull market that will ultimately exceed the all time highs experienced in 2013 of $1.200
However there would be major differences between the $1,200 of 2013 and $1,200 of 2016 were we to see it hit those lofty levels.
First and foremost the 2013 rally for the most part was artificial in that the Mt .Gox trading bot "Willy" was responsible for a great deal of the trading volume that took place in months and weeks leading up to the all time high.
Secondly the market was a tiny sliver in comparison to what we have today.
Thirdly, the hype machine and FOMO was raging rampantly in a very thinly traded market with only a couple of exchanges where bitcoin was traded.
Today the landscape could not be more different, the ecosystem as a whole has grown to monumental proportions.
The infrastructure fueled by billions of dollars of capital investment on the part of Venture groups, individual investors and miners clamoring to build bigger more efficient data centers to house mega mining operations have laid the groundwork for Bitcoin to take the next steps on the road to fulfilling the grand vision of our still unknown genius benefactor(s).
Commentary courtesy https://bitvestmint.com/
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