Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
People who have been holding for months and are used to $140/BTC as a "fair price" are probably going to think $1100 a coin is ludicrous when we first arrive at that price. This may induce selling.
If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.
I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.
Of course, cash in naturally drops during the weekend and we see minor selloffs.
If strong support materializes and we stay above $1000, long-term impressions change and long-term holders may re-evaluate their concept of a fair price.
I believe sell pressure is strongest during the hike up. Even if cashflow in begins to taper I expect we can stay in this price range.
Of course, cash in naturally drops during the weekend and we see minor selloffs.
Thank you.
In my understanding, people sell in the early stages of the rally (supported by the bitstamp data). Then the ascent of the rally goes steeper, as people who had selling pressure have already sold. February was a great selling month
Now there should be selling, because the price is objectively high, but many delay the selling until bubble has popped, steepening the decline.My analysis draws quite much from the early 2013. If instead 2010-2011 would be used, the ascents are more violent, crashes faster, and the plateaus between ascents happen near the ATH. That was characterized by a relentless influx of new money. It is possible that we are entering in the same kind of phase now, but if that happens, everybody is just so rich anyway that I rather hedge my bets and do comfortably in both scenarios.