What does it take for the price to drop?

ltc

newbie

Activity: 12

Merit: 0

Quote from: phlogistonq on March 04, 2013, 11:19:20 AM

what would it take for the price to seriously drop from its current heights, or even to break the current upwards trend?

My supposition is once those who pump them for the past few weeks get bored, which I think is what drives prices up lately more than all the positive news, there's going to be a huge sell off. I may be wrong though.

Lethn

legendary

Activity: 1540

Merit: 1000

You'll have to see some sort of massive sell off, there could be some kind of flaw still discovered but with it being open source it is unlikely and you have all these alternate currencies popping up which are busy improving their own code as well, I'd go so far to say we're on the way to seeing Bitcoin stabilise now, at least in the long term. There will probably be a daft situation though where some idiot at an exchange presses in too many zero's or they have trouble with some new code that causes a crash, you see it happen in professional trading companies so it will happen here.

phlogistonq

full member

Activity: 159

Merit: 100

Good news comes in all the time
- major sites like reddit, MEGA, accept BTC. Surely more to come soon
- Lots of busines and user-friendly tools have been developed opening the way for widespread use of BTC
- The news is spreading like wildfire, more people hear of BTC and more people join in.
- etc

Many, many dollars are waiting for a great buying opportunity.

So, with this basis, what would it take for the price to seriously drop from its current heights, or even to break the current upwards trend?

A major flaw in the bitcoin system itself is highly unlikely at this point, it being open-source and undoubtedly intensily investigated for flaws by highly skilled hackers, given the amount of money that could be made.

Topic: What does it take for the price to drop? (Read 470 times)