next 24h critical
No. We will go back to stable 250-275$.
This spike was caused by LTC cash-out.
Just have a look at all BTC/LTC charts.
Has nothing to do with BTC demand bought by FIAT.
The cycle was very easy:
Accumulate LTC with FIAT or BTC.
Pump LTC like shit (Ponzi in China)
Trade LTC for BTC -> increase BTC price
Sell BTC for FIAT -> drop to levels before the LTC pump
Rinse and repeat. Love that unregulated market. So many people to lose money. Thanks.
Time will tell. The bitcoin 1w chart is looking extremely bullish. Just an uptrend is enough to keep momentum buying to get us over 300 and then once we breach 300 on finex / bearstamp / btc-e things could get really exciting real quick.