TheSleepyTrader

$450 an important milestone (Long term bull - Short term bear)

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
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Hitting $450 is an important milestone for Bitcoin             .

Long term I am still long, but short term I don't see how these rises can be sustained. $100 dollars in a week, Bitcoins             are great but there isn't 450x the usage or services available that there were a year ago.

This is largely being driven by media interest and the opening of BTChina (and there is a lot of demand in China).

I still think we will see a short term correction, but whether this is like the $400 to $300 we saw last weekend (and lost me 3 BTC             as I was waiting for $280) or whether it will be the big correct we are expecting back to the $230 - 280 level I don't know.

But if it does get back to $280 I will be buying in heavily.
too much people think the same as you, it won't go this down, expect just a little correction that's all /
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That's what I said - Long term I'm bullish on Bitcoins, I fully expect $1000 per coin, but in the short term there isn't the market and economy in Bitcoins to support this rise. There has to be a correction soon and people will profit take as Bitcoins are still high risk; I don't think we will see below $200 again but there will be a big and fast fall soon.

This is a speculation rise currently, but not a long term sustainable rise at this rate.
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