It would be interesting to know what price we would be at if the majority of the fiat on the exchanges all bought it. I reckon there's enough to take us straight past the ATH. Think about all the shorts that still need to be closed as well.
Gox re-enabling withdrawals
All the fiat waiting on the sidelines
All the open shorts to be squeezed
If all these things happen I think alot of people will miss the train.
Obviously I dont doubt that we can and probably will go down a bit first but in the near future its gonna be choo choo time.
Gox re-enabling withdrawals
All the fiat waiting on the sidelines
All the open shorts to be squeezed
If all these things happen I think alot of people will miss the train.
Obviously I dont doubt that we can and probably will go down a bit first but in the near future its gonna be choo choo time.
Well. Lets take Bitfinex for example. Now I have two points of data with them. First, I've been tracking their lending fiat amounts which have climbed from 1 million to over 16 million at one point a week or so ago. I believe these are mostly post December deposits because I sent them an email asking how much was being deposited into their exchange and Raphael emailed me back and said on a busy day, over $1 million. Now, Bitfinex represents less than 10% of trading volume. So we can make some very general assumptions that tens of millions have continued to flow into exchanges in 2014 while a great deal of people have sold looking to buy lower.
So I believe there is enough right now to take well past the all time highs.
The exchanges only represent less than 5% of the bitcoin available. How much resistant will there be if the price even manages to go over 1k again? None of the bitcoin exchanges are completely reliable and compared to the sentiment of November a lot of people would agree with me that holding any large sum of bitcoin or USD in and exchange is a gamble. You can say there is enough fiat on the exchanges to bring the price to $1500, I can also say there is enough bitcoins to bring the price down to $100.