Honestly, I'm very surprised we are seeing a rise in price right now.
Usually everyone in the West is spending their money on christmas presents, travel plans like vacations or going home for the holidays.
So price is more than likely being driven by Asia- India, China, etc.
If we get some good news on Segwit, the confirmation backlog being eliminated, or some new service starts accepting BTC payments,
hitting the $800 to $900 range by the mid of next year seems easily achievable.
Usually everyone in the West is spending their money on christmas presents, travel plans like vacations or going home for the holidays.
So price is more than likely being driven by Asia- India, China, etc.
If we get some good news on Segwit, the confirmation backlog being eliminated, or some new service starts accepting BTC payments,
hitting the $800 to $900 range by the mid of next year seems easily achievable.
I'm not surprised, because even if some Bitcoiners do Christmas shopping, the effect is minuscule compared to the overall market activity. Maybe, Bitcoiners are even buying Bitcoin as a Christmas present for their loved ones.
The overall demand for Bitcoin compensates all spending activity there is. There are - by an order of magnitude - more people outside Bitcoin, wanting in than people already invested. I think the recent actions in India will increase demand for Bitcoin in the medium term. Even if only 1% of the Indian people discover Bitcoin as a solution to their cash problem, Bitcoin fiat valuation will soar.
If i had to guess, I would say we see the start of another epic bubble by end of the first quarter 2017.
ya.ya.yo!