Hello everyone,
I just joined this wonderful forum because I found the conversations are very interesting. I have been studying BTC for quite a while and finding the latest price increase is simply nuts! Why is it going up so much so fast? Anyone got a sensible answer?
No one knows what is the exact reason behind all these things. But you can check some of the close things that might be the reason for this price increase. It will take a long paragraph to post it so I suggest just check it out thru Google.
The price is most likely going to fall below $1200 as the rise is insane. The only positive seems for MTGox that can again become solvent if the price reaches $2800-$2900 and they can pay their debts but as of now, only the recent speculation and hacks has led to the price rise from $1200 to $1700 now. Can't image bitcoin has increased by 70% in a year's time and the market is now having billions in trades.
Even if the "bubble" were to pop we would drop right back into the channel which is currently near 1400. 1200 is possible but it's much more likely if the unlikely were to happen that the price would be around 1400. If you use fancy trader lines this is completely expected if you disregard Gox as price would have theoretically been $50 then if Gox did not happen.
I would tend to agree. Once price decrease will happen, the correction price would still land to the price that is still can tagged as a high price. But if I will take the statement to my own analyzation, the bubble burst is not yet closely to happen as in the first place there is still no bubble that will burst. I mean, it's still forming and can't called completely as a bubble.