Quote from: kireinaha on February 12, 2014, 11:12:42 PM

Quote from: JimboToronto on February 12, 2014, 10:44:56 PM

If this week wasn't enough to knock the price down under $500 (excluding that one short-lived blip at BTC-E), it seems bullish to me.

Going over $1000 to stay is a forgone conclusion. The only question is when.

Going under $500 is a possibility. The question is how long it will stay there.

I still think we need more time to allow the market to soak in all the bad news. People are holding and waiting anxiously for positive developments, but have their fingers on the sell button, ready to click. If we don't hear any positive developments about the tx bug and customer withdrawals soon, I have a feeling that the market will get much worse as frusteration mounts.

On the contrary; people sell out of fear (short term impulse, rapid volatility), uncertainty (medium term outlook, slight downward movement), and doubt (how likely Bitcoin is to survive at all; flash crashes, price doesn't recover.)

Most of the market is selling from fear. The fear happens extremely quickly. If there's more fear injected it won't be for the same news; it would be from something new...The uncertainty is relatively small right now as can be seen by the new support base at the $650 range and doubt remains very slim. People who doubt Bitcoin will survive usually aren't invested in Bitcoin at all.

Quote from: sprot on February 12, 2014, 11:20:50 PM

I don't see it going above $1000 anytime soon (i.e. this year). If it does it'll quickly get bitchslapped down by people like me who are still trying to offload stupidly expensive coins bought during, um, more optimistic times.

All it would take is one single company or investor to decide that they want to own 1% of the BTC currently in circulation... They wouldn't just dump a buy wall but they would drive the price in proportion to the rate of price increase. If they feel there is a competitor it will increase the buy volume as if it were a race...

Most investors won't buy when they believe the price is too high. If Bitcoin doesn't tank on these current events then chances are higher that it'll never be cheaper to buy than it is right now and the "too late to win" mentality will be completely washed away...