Quote from: Shinobi on July 05, 2011, 05:59:22 PM

I and several others predicted that this was going to happen:

The SRAs (i.e. the folks who found out about and bought into Bitcoin in June as a result of the Silk Road Articles) are getting bored with Bitcoin.
The SRAs would have cashed out a few weeks ago if it wasn't for the MGH (the Mount Gox hack) which had them licking their chops at the thought of a possible "reset" of the market which would allow them to buy in at pre-June prices.
As that didn't happen, the SRAs' boredom and inability to make profits on large margins because of the relatively stable $17 price since the MGH is now finally resulting in a slow but steady cash out.
The price is now dropping to the point where even the faithful are losing their nerve and cashing out.
Bitcoin will continue to drop, with possible plateaus at $10 and then steadily drop from there to around $3 or $4, if not lower.
Throughout the drop media articles will detail the drop of Bitcoin, while Bitcoin zealots like TraderTimm, Evorhees, and Atlas will continue to post about the "great opportunity to buy" as they watch their anti-establishment dream disappear along with their significant investments.

Thoughts?

The price of bitcoins:

[ ] Have gone up significantly
[ X] Have gone down significantly
[ ] Have not fluctuated significantly

And I believe the price:

[X ] will continue this behavior
[ ] will not continue this behavior

And therefore one should:

[ ] BUY BUY BUY BUY!!!
[X ] SELL SELL SELL!!!
[ ] HOLD HOLD HOLD!!!
[ ] DO THE HOOOOKEY POKEY!!!

I base this opinion on:

[ ] mathemagic
[ ] statistics
[ ] correlations between price and a thing which may or may not be causally related to price
[ ] graphs
[X ] extrapolations
[X ] current events
[X ] historical events
[ ] the fact that a pattern like this has occurred before and therefore will occur again
[ ] insider knowledge that a large trade is about to take place
[X ] the fact that I have seen and predicted things correctly before
[ ] Oracle at Delphi
[X ] Magic 8 Ball