Quote from: Technomage on October 18, 2011, 10:30:43 AM

What the bottom will be is a good question and it's an important question for many. We're reaching the stage where most of the bears are slowly starting to think about actually missing the bottom which means the bottom will undoubtedly be higher than what the majority of bears think it will be.

Now, my personal bet is that it'll be somewhere around $1.x, that's as detailed as I can be because otherwise I would reveal my positions. But it's possible that if everyone thinks it'll be at $1.5, maybe then $2 never breaks. This is why it's smart to use multiple buy-in points while buying back because you simply can't know what will happen.

If enough people use gradual buy-in points starting from around $2, there will be quite heavy support at $2 already. And to be honest, selling is more and more unattractive the lower we go. I recently talked to some of my friends who didn't sell at $4 and are now in a difficult position, none of them are about to sell any coins and will hold as long as it's needed.

This will be the thought pattern for many because everyone knows Bitcoin doesn't go to 0 and is actually quite unlikely to go below $1 due to the fact that even small players can buy serious amounts of coins at that price and we definitely have a large amount of small players willing to buy at that point.

Regardless, the lower it goes the more stupid selling feels for any bag holders. But it's interesting to see what happens.

i think it could easily go under $1 because the market always overshoots. So even if a sustained 'bottom' is supposedly $1.x... it'll still spike down briefly and pop back up.