Quote from: AE on November 01, 2017, 08:21:11 PM

Quote from: DustyRah on November 01, 2017, 08:14:40 PM

Forget about $7000, I think Bitcoin will reach $70,000 before we all know it. Anyone without Bitcoins at that time will look like an idiot just as people said Bitcoin would not reach $5000 and then were left with a empty paper bag.

Bitcoin is one of the best assets to HODL as well. And therein lies one of the factors that's driving up the price. There are lots of HODLERs creating a demand situation which cannot be met. On top of that, a lot of people are losing their private keys or wallet, reducing the quantity even further.

What about the upcoming halving in 2020 which should get priced in at the end of 2019 or beginning of 2020.

Yeah, but such huge sums will not be mobilized in such a short period of time. It takes 10 more years to 70k BTC. We have seen a rally from 250 USD to now. Dont expect this trend will hold forever.

Liquidity! Just because the price may seem like it's 7k or 70k, doesn't mean that there is enough FIAT or BTC to hold that price.

Imagine an order of just 1btc for 7000, and the next bid is at 6900, the market will say, hey the price is 7k, but in reality a single sell of 1BTC will result in the price being 6900.

This means just one guy can dump say like 100 btc or 1000, and instantly drop the price 1000-2000 dollars for instance.