Post
Topic
Board Beginners & Help
Re: Bitcoin Price Predictions
by
Dargo
on 11/07/2011, 13:53:16 UTC
From a technical charting perspective, if it is currently building a base under $30, and can break out of this base on heavy volume, a reasonable target would be a 100% extension from the base - i.e. about $60 dollars. This is a pattern often seen for stocks. Obviously we are talking about a currency here and not a stock, but it has already been behaving more like a crazy momo stock than a currency, so it may continue to do so in the future. So the bullish scenario would I think put BC at $60, and it could go much higher. The bearish scenario is that it has already had the only run its going to have, and will slowly die from here. IMO, the bullish scenario is more likely, but that's just an opinion. Another few weeks should bring a little more clarity. I don't have any idea about time frames, but the longer it takes to build a base under 30, the more powerful the move can be once it finally breaks out.