The price rise from 1200==>1600 was mainly artificial, thanks to the liquidity squeeze from bitfinex, which the other exchanges chose to follow like lemmings.
True, there are a lot of new institutional investors and overseas investment. But not enough to raise the price that high.
I don't know how you could call this anything but a mini-bubble based on artificial bitfinex prices.
Look for a correction down to 1400ish
True, there are a lot of new institutional investors and overseas investment. But not enough to raise the price that high.
I don't know how you could call this anything but a mini-bubble based on artificial bitfinex prices.
Look for a correction down to 1400ish
I am thinking the same thing. Bitfinex price had to rise and everyone followed.
With Bitcoin finding the price point is difficult. Nobody knows what it is worth so you just go with the flow.
The main thing to keep it from jumping to 1 million is that there are 12.5 BTC created every 10 minutes. There is at least some price limiter from miners.
I believe that most miners are smart enough to hold off on selling during a rally. Though they have bills at the end of the month that they can only hold back on so long.