the willybot knocked the price around and sucked in alot of speculators.
assuming most were in it for the short term gain and not because they fundamentally thought bitcoin itself was a great idea then most will have been exiting since Nov 2013.
so in thinking about where the price might go now it seems sensible to try to guess when the bot fooled the market.
if it was not until that month then Oct 2013 is a point we might go back to - it had an opening price of $123 and closed at $198. we are not far off the closing price now. However the price jumped 61% in that month so it looks like some decent amount of speculation was going on.
so if people want a rough guide to where we might end up
- if you are bullish then it maybe say $170-$200.
- if you are bearish you might go back in time a bit to feb 2103 when the opening price was $20 and closing $33 with a similar % rise for the month (65%). so the price now might go to say $26 -$34.
time will tell but since despite all the positive things coming up in the next 12 months and which are far more positive than bitcoin's prospects in 2013 we have no decent demand happening.
so I see at least the price going down another $30-$50 easily and if no buyers move in a slow drop down to sub $100.
assuming most were in it for the short term gain and not because they fundamentally thought bitcoin itself was a great idea then most will have been exiting since Nov 2013.
so in thinking about where the price might go now it seems sensible to try to guess when the bot fooled the market.
if it was not until that month then Oct 2013 is a point we might go back to - it had an opening price of $123 and closed at $198. we are not far off the closing price now. However the price jumped 61% in that month so it looks like some decent amount of speculation was going on.
so if people want a rough guide to where we might end up
- if you are bullish then it maybe say $170-$200.
- if you are bearish you might go back in time a bit to feb 2103 when the opening price was $20 and closing $33 with a similar % rise for the month (65%). so the price now might go to say $26 -$34.
time will tell but since despite all the positive things coming up in the next 12 months and which are far more positive than bitcoin's prospects in 2013 we have no decent demand happening.
so I see at least the price going down another $30-$50 easily and if no buyers move in a slow drop down to sub $100.
I think it will be another slump for BTC's price in 2015. That's just me... I know others think otherwise and have valid points and arguments behind it.
The smart money is quietly in this period, if we have 1 last sharp drop then fine but its no big deal if right after we are testing ATHs few months later. Whales are controlling the market perfectly keeping the prices down to accumulate.
I really don't know what to believe, it could very well be that whales are trying to accumulate even more but there's no proof of that. If they were really buying that much that would be an increase in buying pressure and the price would have to go out to some point, you can only keep the price low for so long.
Gemini is currently regarded as the one Bitcoin market which will push it up in the eyes of investors and bitcoiners alike