Beijing market is in meltdown, so expect some temporary gains in Bitcoin. Next few hours will be interesting.
But we will be back to 230 by Friday.
If that is the case you should be more than happy to take 10 bucks over your spot price then, after all, giving you 10 dollar profit.
More profitable to sell at 290 and buy them back at the lower price. If you are a hoddler, then you may not get that.
What this holder doesn't get is how you can be so sure it's going to be appreciably lower on Friday, let alone all the way down to $230.
Sounds like a typical beartard pipe dream.
Well, on balance, you are right - 'appreciably lower' would have been a better term than '230'. But '230' gets a better reaction!!
Its just a hunch - I think a lot of the recent gains have come from Asian money hedging their stock market woes. I think when the dust settles on Thursday, there will be a lot of bargain hunting on the Beijing market, pulling money out of the bitcoin markets.