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Spablauw
May 23, 2017 11:32 AM

Bitcoin to 5k Long

BITSTAMP:BTCUSD1W
Bitcoin / U.S. dollarBitstamp

Description

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please baby!
BTCBTCUSDmoon
Comments
DanNorman90
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A bit optimistic I think...
BRRD
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@DanNorman90, I'm not so sure. I think the spike will be most similar to the first spike of 2013, given certain factors namely:

1. Coming out of a long bear market (the second long bear market for Bitcoin, akin to July 2011 - Jan 2013).

2. Several months after the latest "halving" (when miner rewards are cut in half). The last halving was in November 2012.
BRRD
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In which case somewhere around $ 8 - 10 k is a reasonable target I think.
DanNorman90
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@BRRD, let's hope so!
BRRD
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@DanNorman90, another contributing factor this time around is altcoins. These markets only really started gaining major pace in 2014, when Bitcoin was already beginning it's huge bear market no.2

This time around very significant numbers of Bitcoin buyers are then using Bitcoin to buy altcoins... which are then being moved into other altcoins by altcoin traders. With some altcoin projects gaining major kudos the new hodlers are in altcoins. These cycles lock up Bitcoin in altcoin trading... further reducing supply in fiat markets. I think this shouldn't be underestimated.
DanNorman90
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@BRRD, what sort if time frame do you think will reach 5k?
BRRD
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@DanNorman90 on 8 or 9 June.
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