Really the technical analysis works to foresee the future bitcoin price? I don't think so, and there is an increasing number of specialist that consider the technical analysis as a set of superstitions and subjective beliefs rather than an objective method to understand the market behavior.
It's imminent the next arrival to $600. The poll shows that most bitcoiners expect an increase to $1000 at the end of this month, and perhaps it's a good time to become optimistic despite my usual skepticism.
For the last three weekends we have seen an amazing increase in the bitcoin price. I hope this fourth weekend will be not an exception and perhaps we will see a potential break of the $800 level for the first time in several months. $850 seems a good target for this weekend.
For the fourth consecutive weekend we will see an amazing annual record tomorrow. I hope at least $830 at the end of this Sunday.
As long as bitcoin has intrinsic value (which we agree it does), the price can boom due to economic conditions, just like the precious metals.
where's the intrinsic value? i don't believe anything has intrinsic value in the great scheme of things. value's awarded and mutually agreed, it's not a concrete thing.
you're right, all value is necessarily subjective because value is a human construct that doesn't have an object existence you can prove with experimental or observational evidence.
However, Landauer's principle of information theory ensures that entropy-increasing, irreversible computations (like bitcoin's proof-of-work hashing) consume a quantifiable minimum requirement of energy. Energy is an objective, extrinsic property associated with many different tradeable commodities that are widely marketed. i.e. valuable, across the planet.
But energy is just an underlying need in all things based on computational technologies, and we have just founded this critical issue a priori, so the potential value of bitcoin was never calculated based on its energy consumption.
Bitcoinland is so, so quiet.....
Unexpectedly quiet, when most bitcoiners were planning how to manage their new wealth after the highly expected halving.
800 must be some magical fkn number, because it is so obvious that the price is being held below that until the new year comes.
What happens at 800? I would think that there really isn't any resistance left from here on up, but hey what do I know.
Of course it seems an important resistance. That price was never touched again since February of 2014, when the price was set at $800s for several days after the hangover of the historical record of a few weeks before.