Topic: Why is bitcoin plummeting? - page 3. (Read 8404 times)
Right now market is walking cautiously on ice. What until first crack shows up, we'll see then a big explosion, running, fear.
Plummeting? Not yet, give it time, and then talk about plummeting.
There are much more market forces going on in Bitcoin than what you described. This is why the price has been going down.
Bitcoin will be back up to the 840s very soon. No worries! Time to buy more!
My prediction is that it will drop to between $300 - $700 and trade in that range for a couple of months with an average of $600.
After that it will jump to $10,000 in the space of a few days. Jump around between $1k & $10k before settling out at around $5k for a couple months.
Mark my words it will hit $10k (won't stay there but it will hit it) before 2014 is out, might even do it before valentines day.
I'm basing this prediction on a repeated mechanical curve that has been present in the bitcoin market since the first time it reached dollar parity.
If you look at a complete historical chart of the coin you will see a curve (algo trader most likely), that starts as soon as the price hits an even multiple of 10. It happened at $1, it happened at $10, it happened at $100 and it started happenining again at $1,000. Someone's got themselves a profit bot
following China selloff in DEC we had BTC dropping to below 400 for a moment... Now has been trading in 750-950 range for a while, i'd be happy to bet BTC is not touching below 650 ever again...
Why would it not go down? We've had two weeks of undecidedness... The market didn't have strength to go up, it didn't have much strength to go down. Finally there is some movement.
We're only 1.5 months after the large correction of December (deliberately avoiding the word crash). Look at April 2013, look at 2011. It took us 3-6 months to reach a bottom and stabilize. Not saying it has to be the same this time, but always good to keep in mind that it's a distinct possibility.
In the October-December bull run the price of BTC had a ten-fold increase because people began to see its potential. However, it's quite normal in this kind of situation to run ahead of the adoption, ahead of the fundamentals, which without any doubt has been developing extremely well during the last few months.
But for now, it's just market dynamics.
We're only 1.5 months after the large correction of December (deliberately avoiding the word crash). Look at April 2013, look at 2011. It took us 3-6 months to reach a bottom and stabilize. Not saying it has to be the same this time, but always good to keep in mind that it's a distinct possibility.
In the October-December bull run the price of BTC had a ten-fold increase because people began to see its potential. However, it's quite normal in this kind of situation to run ahead of the adoption, ahead of the fundamentals, which without any doubt has been developing extremely well during the last few months.
But for now, it's just market dynamics.
Bitcoin will be back up to the 840s very soon. No worries! Time to buy more!
My prediction is that it will drop to between $300 - $700 and trade in that range for a couple of months with an average of $600.
After that it will jump to $10,000 in the space of a few days. Jump around between $1k & $10k before settling out at around $5k for a couple months.
Mark my words it will hit $10k (won't stay there but it will hit it) before 2014 is out, might even do it before valentines day.
I'm basing this prediction on a repeated mechanical curve that has been present in the bitcoin market since the first time it reached dollar parity.
If you look at a complete historical chart of the coin you will see a curve (algo trader most likely), that starts as soon as the price hits an even multiple of 10. It happened at $1, it happened at $10, it happened at $100 and it started happenining again at $1,000. Someone's got themselves a profit bot
People moving in to Dogecoin?
http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html
Would this affect Btc prices in fiat terms? http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html
It would raise the price of BTC or LTC because right now there is no exchange which works with both USD & DOGE. You need to buy another coin first.
People moving in to Dogecoin?
http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html
Would this affect Btc prices in fiat terms? http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html
Someone bought $5million of DOGEs. No idea if that person sold some BTC / LTC first.
This week, transactions worth a total of $US14 million were made, including one Chinese investor who bought $US5 million worth of the virtual currency.
Read more: http://www.smh.com.au/technology/technology-news/the-rise-and-rise-of-dogecoin-the-internets-hottest-cryptocurrency-20140124-31d24.html#ixzz2rIk7O6Ti
some profit taking right now, when it ends price will recover above 1000$
That would be funny if this just ended with another 2 weeks at $820.
Its really boring. I gave up on day trading because I don't like waiting. I'll be buying back in soon, if not now though... Seems like a good point to bottom out.
That would be funny if this just ended with another 2 weeks at $820.
Bitcoin will be back up to the 840s very soon. No worries! Time to buy more!
Would this affect Btc prices in fiat terms?
this is to summarize the most important factors:
-> China profit taking before the Chinese New Year
-> Overstock+Tiger autosell BTC they received from sales
-> Rumored sale of $25m FBI coins - certain traders reducing exposure in the hope to buy cheaper some later
Also some mixed noises coming out of DAVOS, and seemingly not yet enough new entrants globally to counteract temp increased supply.
Still, I d expect that more smart money is looking for dips to buy cheaper coins, so think BTC could dip below 700 but not for long...
Agree that some BTC and LTC diversified into pumping cheaper Altcoins / projects this week (DOGE, CAT, NXT, LOT, MOON etc.), but here market cap is not enough to move BTC substantially... With regards to things being "priced in" is a tough call in such an inefficient market yet...
-> China profit taking before the Chinese New Year
-> Overstock+Tiger autosell BTC they received from sales
-> Rumored sale of $25m FBI coins - certain traders reducing exposure in the hope to buy cheaper some later
Also some mixed noises coming out of DAVOS, and seemingly not yet enough new entrants globally to counteract temp increased supply.
Still, I d expect that more smart money is looking for dips to buy cheaper coins, so think BTC could dip below 700 but not for long...
Agree that some BTC and LTC diversified into pumping cheaper Altcoins / projects this week (DOGE, CAT, NXT, LOT, MOON etc.), but here market cap is not enough to move BTC substantially... With regards to things being "priced in" is a tough call in such an inefficient market yet...
It could also be that TigerDirect does a larger volume of sales than Overstock (the price fell with Overstock too) They sell instantly so everything bought with BTC might as well be a "sell" order on the exchange.
This seems like what is happening. The price has been fairly steady as bulls are holding out on big buys because of the pending Fed bitcoin sale and the bears are not selling all with the large amount of retailers coming online and Bitcoin adoption.
So a steady slow decline is likely a lot of people with bitcoins buying electronics.
Overstock.com was great (and also sent the price down the first day) but TigerDirect is much more relevant to Bitcoin users. I would not be surprised to see at least $2-300k in bitcoin sales the first day. That is all bitcoins being converted to dollars to pay TigerDirect.
It is good for Bitcoin in the long run. It fulfills part of the chicken and egg scenario that we were always worried about in the early days. It gives more reason for people to adopt using bitcoins day by day. But in its hybrid state of converting bitcoins to dollars it will drive the price down.
Bitcoin has not increased in value in 2-3 weeks and is now plummeting. I'm not really understanding why since more vendors are accepting bitcoin, it's getting more renown, etc.
A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases. I'm obviously missing a core concept here so wtf is the deal?
Bitcoin is not a stock. It does not follow news. It follows supply and demand. If the flow of coins out is greater than the flow of fiat in, then it drops. Right now a dominant market participant is exiting the market, there is low volume, we are way above the exponential trendline, just rallied 800% 3 months ago, and haven't had a good capitulation in a while. All of these adoptions are not going to stop this type of momentum.A few weeks ago some real estate company accepted bitcoin and the value increased dramatically; tiger direct accepts bitcoin and the value decreases. I'm obviously missing a core concept here so wtf is the deal?
Where do you see the next bounce coming TERA?
I am placing my bets on the $700 - $720 range, but am ever mindful of the potential for a proper capitulation event as the China exit nears.
I thought we were all in agreement that china was already priced in. ...
?
All? Probably all dellusional bulls. Everybody who bought above 1000$, thank you for holding the bag.
I thought we were all in agreement that china was already priced in. ...
You know a tsunami is coming when the tide rolls backward away from the beach.
First I'm watching the snowball effect of all the retailers joining in, and enjoying it!
And now I'm on the beach, fancy sunglasses on, and waiting for the sunami!
http://fancy.com/things/384926694034639957/Ray-Ban-Clubmaster-Aluminum
http://www.coindesk.com/pinterest-fancy-bitcoin-payments/
Loving it!
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