MTGOX:BTCUSD   Bitcoin / U.S. Dollar
317 7 0
This is one hell of a bubble. It will come down soon to form a trend. Right now there is no trend, just hyperbolic panic buying. By its very nature, a bubble is panic buying.

Wave 5 of the quick move is almost complete.
Wave 2 of the big move will begin shortly.

I'm not saying don't hold your Bitcoin for long term.. I'm saying you may want to consider taking some profits and look to buy cheaper. Wait for the big seller and follow his lead.
minbari PRO
3 years ago
Oh I agree that it's all panic buying, considering the amount of BTC out in the world versus what's being traded. There's been a few calls of bubble and correction today, and I've been inclined to agree for a while now - particularly because of the divergences as you've pointed out.

But time and time again, Chinese demand has proven the saying "The market can stay irrational longer than you can stay solvent". They're about to attempt 3000 on BTCChina and a growing chorus demands that all hell break loose. If it manages to survive at this price, it will be one of the biggest headfakes ever. Oh, if only I bought some popcorn!
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SBCM
3 years ago
I agree, $3000 is nothing. We saw that exact same % gain in the past 1 month.

The problem is that the more liquid it becomes, the harder it is for price to increase.

Still, if 1% of foreign currency reserves were held in Bitcoin, price would have to be over $100,000 each.
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minbari PRO SBCM
3 years ago
Welcome to the twilight zone
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SBCM
3 years ago
At current supply that is.
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SBCM
3 years ago
What's hilarious is that the market cap on Bitcoin is almost reaching the market cap on Silver... INCREDIBLE.

Because silver is one of the most important industrial resources known to man... and Bitcoin is simply a decentralized currency. I guess there's more demand for a decentralized currency than real industrial value than can double as a hard currency
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Makeminea99. SBCM
3 years ago
The Twitter market cap is twice that of Silver. Twitter must be an even more important industrial resource to man than Silver????
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SBCM
3 years ago
Decentralized currency that is inherently deflationary :D
Opposite of the USD, inherently inflationary. :D
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