Quote from: ravenjt on August 12, 2017, 09:41:56 AM

I can't believe you are all talking about only 4k. It will likely break through that level this weekend!

This is a super price spike. Past history suggests prices can increase 20 fold in this situation, including the late 2013 price spike (from 60 to 1200) and even the 1700s tulip mania (also a 20 fold increase).

I believe the reason for this recurrence of 20 fold increases is that it indicates the level at which those investors who entered at the beginning of the spike decide to sell. Meanwhile the late adopters simply don't have enough money to soak up what the early investors try to sell.

As this price spike started at around 400, I think 8k is entirely likely, and very soon, within only a few weeks from now. But it's going to be important to sell just before the peak as it will become very difficult to sell once the price starts falling.
The Chinese traders controlling this market are likely to be very quick and savvy in taking profits.

But where is the money coming from, for this spike? Are you sure it's the Chinese traders? They have been rather subdued since the Chinese govt forced KYCs on the Chinese exchanges.

I think the money is coming from somewhere else, but have no idea where.