Quote from: botany on April 01, 2018, 10:58:09 AM

Quote from: Cryptodaddy05 on April 01, 2018, 06:26:39 AM

Log graph today of bitcoins price from 2010 to March 2018 - https://imgur.com/gallery/nD4rH

That $6.9K price today at the bottom looks tempting if you believe bitcoin is going to follow the long term growth line on this chart, which to my eye would put it at a cool $1 million per bitcoin in ~ 6 years say 2024 - unless the whole thing crashes and burns of course.

But I honestly cant see that happening, with increasing use and ownership of bitcoin worldwide and with a team of 200 top developers working on stellar improvements for it so that its ready for worldwide adult adoption rates of 5-10% up from the 0.5-1% of us who own it now!

What do others think bitcoins long term growth rate will be or not be, and what are your price predictions for 2024 looking at this long-term log chart? Interested to hear, and anyone buying at $6.9K? They say dont try to catch a falling knife so Im waiting and watching!

Extrapolating is a recipe for disaster. If you do believe in the potential of Bitcoin, buying a small amount at these levels would make sense. What you shouldn't do is assume that the price of Bitcoin will definitely go up exponentially and try to buy the dips because of that.

Very true - long-term extrapolation is not prediction as I hope I made clear, reminding me of that lesson from that xkcd meme - https://imgur.com/gallery/rIq2d

But yeah I think looking shorter-term where trends are more relevant - https://imgur.com/gallery/9iF3t - that BTC is just below that long-term trend line I actually drew out, and it should be noted that as seen in 2015-16 BTC can go lower and stay below that line for 12 months - so I agree with you that any buying at todays 6.9K should be cautious!