I agree this price cannot be sustained. No level headed investor is going to buy in at the top of a huge rally like this. Investing 101 says buy low and sell high, and most investors realize this. They are not going to continue to dump money into it on a huge upswing like this. It has gone up way too high & too fast to be sustained.

I would be very surprised not to see a flash crash down to the $300-$400 range this week. I expect this to happen any moment now. You can already see the market adjusting, but I doubt it will stop at $560. Even at $560 it's gone up too high & too fast to be sustained. Sorry bulls, but Bitcoin is not ready to be steady at >$550 just yet. This is just the middle of yet another bubble... this is not the first and it will not be the last.

/speculation

I very well could be wrong, it is just my opinion of what will happen. Only time will tell though, you bulls could very well be right.

On cspan3 again?

Money launderers don't mind paying a vig, especially to buy a decentralized currency. I imagine they'd pay even more of a vig for BTC than they would through their other methods of money laundering (hence > BTC China's current price).

They answered this yesterday. The IRS is actively working on rules for virtual currencies, but they are not done with the guidance yet. No one will know until this guidance is released.

That's a triple bull trap we're seeing now. Is that even a term? rofl...  

I wouldn't be surprised to see it at $300-$400 in a few days, this is my first guess. My second guess is that $500 may be the floor, there would have to be a 10k sell off to get there. I wouldn't be surprised to see that either.

By the way, I have no idea what I'm talking about. However, I have called the last two bubbles within a day or so of the bubble happening. Maybe it's luck.

It looks like my first guess will probably be more correct. We chewed through that 10k wall a lot faster than I thought we would. I should of gone with my instincts.

I agree, after reading it a couple times I think the leak is fake.. it just seems so far fetched. It's weird that several parts of it have been confirmed independently though, something just isn't adding up.

"A leak in our hot wallet" causing coins to be lost from their "cold wallet". If that truly happened, then they have the worst security practices ever...

It's tough to say, but my gut tells me this is a bear trap. I would like to see $1600+ today... that would be nice.

There will be a lot more blood spilled in the streets of ALT coin land if that holds true.

It will be an interesting day.

If I had to guess... they were able to find a bank (or more) that was willing to process their bank transfers for them. I think this was bound to happen eventually, because someone is always willing to participate when there is money to be made... and banks like money! Maybe they will have more luck with credit unions than with banks??

This news will be very bullish. You should expect new all time highs!!!  

I agree with this. An ALT coin collapse is looming, because they have gone up in value way too much too fast compared to the actual value and usefulness they provide. I think the ALT coin crash will come at the same time that Bitcoin stops mooning and corrects its own value.... which will be soonish. I still expect new all time highs for Bitcoin in the coming days, but upwards of a month or more then I am not sure how long this bull run can last.

It looks like the weak hands are slowly but surely being weeded out. The dumps are becoming less and less (as far as the amount dumped.)

It looks like $2k is a realistic near term possibility?

Sorry hodlers, but I just sold out to FIAT... I am expecting at least a small correction soon.

Maybe we go back up after a small correction, or maybe there is a large correction looming.

I think I will buy back after the small correction, and curse the gods if there is a large correction.  

Maybe I am, maybe I am not. I suppose we will find out soon...  

Either way, I think I will be happy with whatever happens. I am not greedy.

Well, unfortunately I did not have the foresight to hodl all the BTC I have bought/owned throughout the years, so I own very little BTC... so little that it is pretty much "play money" for me. I am also a bit of a gambler. 

I am just having fun really. Maybe I lose a bit, or maybe I won't.... we shall see! One thing's for certain... I refuse to buy back in at a loss, so I am on the sidelines for now.

It looks like all the whales decided to start buying after I sold, lol. Maybe it will correct back down sooner or later.

I pretty much agree with this. With the exeption of one threat... the entire Alt coin ecosystem could be undermined by Bitcoin sidechain Alt Coin sidechain implementations. I am still on the fence whether it is a real threat or not. If it is, it will be a long term threat. The Alt bubble might burst soonish, but they will recover and they aren't going anywhere in the near term.

hahahahahahhaa

^ @ all of those that criticized me for selling BTC at the top a day ago.

What goes up must come down, right?

I've been around too long to know that extended uptrends only last so long.

Not yet. I am on the fence.

One one hand, I think this could be another bear trap on the way to $2000 to $2100ish, then the real correction will occur down to $1100 to $1500.

On the other hand, I think that now is the time for the correction down to $1100 to $1500.

I think I will sit on the sidelines for now, since both of my guesstimations lead to the price going down from their current levels eventually.

When the Winkelvoss' ETF is denied a second time on the 15th, then I think that will spark the real correction if it is not already in motion now.

Wellp, I am back on the hodl train. I bought back in when it dipped down to 1750.

I'm wishing now I would of waited for $1700, but oh well. I can't tell the future. :\

I think there is a decent chance this is another bear trap before a new all time highs, then the real correction will occur.

If a big correction is occurring now, then I am going to hate myself, lol.

CHOOO CHOOOO.  

I'm glad I hopped back on the train at $1750

I guess we are headed for $2k in a matter of a couple weeks or less?

I still think a correction can come at any moment in the next few weeks, but I will enjoy the ride up while it lasts!

Congrats hodlers, it looks like the rally isn't over yet!

May I ask why you suggest Florins to Bitcoin core peeps specifically? I understand Florincoins are used in the decentralized internet protocol Alexandria. They seem interesting because of that. If Alexandria takes off, then they will likely be valuable.

I wish I would of picked some up when I first heard of Alexandria a coupleish years back. They were mega pumped the past 24 hours. Is there any reason for the huge pump, or are people just looking for stuff that is still undervalued in the generally massively over valued alt coin bull market?

I may invest a little, but I will wait for a correction.

Sounds interesting. May I ask what Telegram group this chat is taking place in?

I really hope it is good news regarding scaling or Segwit. That would be really bullish!

This is looking promising with the rumor coming in from multiple sources. I can't wait for tomorrow, and I hope not to be let down.

I woke up this morning and thought the market looked a little bearish. Being the gambler I am... I sold this morning at 2056 and bought back in this evening at 2030.

Now, the rocket has been refueled with more jet fuel! #winning

I don't get the negativity. This agreement sounds like a compromise of core/miners to me. Sure, it is a different version of Segwit, but it is Segwit nonetheless. We get Segwit and 2MB blocks... if not just rumors, then the scaling debacle is over. Sounds bullish to me.

Why the sudden shock that miners are in control of Bitcoin protocol implementation? They always have been and always will be- that is how Bitcoin was designed.

I still have my old Ripples too! Thanks for reminding me. Although it will be a PITA to go through my old hard drives and find the wallet...

I can't help but thinking that this is going to end very badly. There have been minimal to no corrections since late 2015, with corrections becoming more and more minimal towards the current price. The price has risen 3x this year alone, and risen 11x since late 2015.

I know that generally Bitcoin owners like to hodl, but at some point everyone will start to take profits and shit is going to hit the fan with the ensuing panic. I think a correction is right around the corner, and it will be pretty ugly too. I am thinking it will probably go back under $1000 for a little bit.

Of course it will rebound eventually, and I expect new all time highs some time afterwards (it will probably take a few years to recover like last time), but I just don't see this trend continuing for long.

It will be pretty impressive if the market can rebound quickly from those big dumps. If it can recover quickly, then I'd say that is a good sign that we will be seeing new all time highs pretty soon, as it shows market sentiment is still strong. If that's the case, then we will probably see $3k per BTC this weekend or next week.

If the market doesn't recover quickly, then I'm afraid we're in for a long and rough road for the next year+.

I am half FIAT and half Bitcoin at the moment, so I guess I don't really care which one occurs.

Popcorn.gif

People talk as if this "healthy correction" is over, but that is yet to be seen. It is a possiblity that this thing rebounds and new ATHs are reached, but it is a bigger possibility that we see a larger ongoing downward correction. Only the zaniest of fools would be calling for new ATHs in a matter of a few days at the present time. Come on man, take off your Bitcoin shaded sunglasses for a moment.

Have you people forgotten that Bitcoin has been on a year and a half+ bull run which has seen value appreciation upwards of 1582% (at yesterday's all time high)? So, now that we've dropped down to 1334% value appreciation in 1.5 years, now obviously the correction is over? Puhleeze... give me a break.  

The correction could and should continue downwards quite a bit more, and ATHs will not be reached again in a matter of days... more likely a matter of months... and probably even more likely a year+. (those timeframes are guesstimated from Bitcoin's market history... where it reached previous ATHs then corrected itself)

Yes, I speculate a correction larger than $500. Somewhere in around the range of $500 and $1000 in fact.

May 12th to May 13th was not a "significant correction". Expand the graph out for the past 1.5 years. There have only been a few minor corrections, and May 12-13th is not even close to being one of them.

Not exactly. Weeks is a bit of an exaggeration. More like Months. The slow build ups to the bubbles consisted of at least year+ bull markets.

The bubble of 2011 built up from May 2010 ($0.01) through July 2011 ($31)
That is 310,000% in a little over a year.

The bubble of 2013 built up from December 2011 ($2.00) through November 2013 ($1,242)
That is 62,100% in a little over two years.
The bubble popped approximately 80% lower (in percentage of appreciation) than it did the previous bubble.

Now, I am speculating we have experienced the bubble of 2017 which built up from March 2015 ($200) through May 2017 ($2,760)
That is 1,380% in a little over two years.
The bubble popped approximately 92.8% lower (in percentage of appreciation) than it did the previous bubble.

https://en.wikipedia.org/wiki/History_of_bitcoin#Prices_and_value_history

Now, as to your reasoning that the Bitcoin value has grown at a smaller percentage than previous bubbles, so therefore this cannot possibly be a bubble:

Each future bubble will pop at a lower percentage of appreciation than the bubble before it, until it eventually resembles the appreciation of other investment types. The statistical data thus far supports this rationale (see above). Why does each bubble pop at a lower percentage than the last you ask? There are at least two reasons:

1. As the value of Bitcoin grows over time, more capital is needed to push it into bubble territory. It is unrealistic to think that the amount of capital will flow into Bitcoin to reach the same percentage of the previous bubble, because that would mean exponential capital influx. At some point the amount of capital that would need to be injected into buying Bitcoin will dry up. It seems we reached this threshold for the time being, but as Bitcoin becomes more and more popular this threshold will rise with each bubble, which allows for new all time highs. Yet, this threshold will remain limited.

2. Profit taking will be less and less (as far as percentage) with each and every bubble. It is a numbers game. As more and more people invest in Bitcoin, it is more likely that a larger amount of individuals will be happy with making X% less than the previous bubble. 1,380% in a little over two years is still an insane amount of profit for an investment, and newcomers are not used to that kind of value appreciation from other investment avenues. This percentage could still drop much lower, and a bubble could still occur. I predict that due to game theory, this appreciation percentage will drop lower and lower, until it resembles that appreciation of other investments- like an investment in the stock market or in real estate. At that point an investment in Bitcoin will be rather bland and boring, like investing in the stock market.

If you think all bubbles pop similarly to previous bubbles, then that means the next bubble will pop when Bitcoin is worth:
$124,000 per Bitcoin (based off the 2013 bubble appreciation percentage)
or $620,000 per Bitcoin (based off the 2011 bubble appreciation percentage)

Don't those valuations seem a little unrealistic to you in the near term?

On the contrary, nothing is proven yet. Not my speculation- nor yours. You are making objective proclamations based off of subjective speculation. At least I can admit that my opinion is speculation...

Of course I am... isn't everyone?!

Good morning all!

Even an old decrepit blind squirrel finds a nut every once and awhile.

The market is showing signs of recovery, so I jumped back on the train this morning. I only increased the BTC stash by 25%... I am not greedy I guess.

I liked the look of the green candles... very pretty. Hopefully the dumpening is over, and this was just one helluva bear trap!

Now that I'm back on board... to $3k we go? (I am Bitcoin's good luck charm obviously)

I think it either is one helluva a bear trap and we're headed to $3k+, or it will continue to fall to around $1000. Either/or.

This has been an impressive rebound indeed. The market sentiment proved to be more resiliently bullish than I had expected. I was expecting the correction from $2650 to drop down around the $1500 level. I am back on board the train for now since the market was showing impressive signs of resistance around the $2000 level. The rebound from $1810 to current levels ($2325) will further instill a bullish sentiment with most sane investors/traders, which will springboard us to new all time highs.

I expect new all time highs in a matter of a few weeks (or more likely less). But how high will we go in the near term?

At this point... I see reaching $3,000 as effectively being guaranteed to happen soon.

I see $3,500 being a likely possibility too.

Things starts to get murky for me at $3,500+ though. IMO, we are sure to see another correction in the $3,500 to $4,750 range... and it will be an even bigger correction than we have seen the past few days (over $1,000). At that point investors that got in as little as 2 weeks ago will be seeing a 75%+ increase on their investments, and investors that got in a year ago... an impressive 700%+ in about a year.

I think numbers like $5,000+ are unrealistic in the near term. Too many people will be taking profits before we see $5k. We need more buyers at $2,000+ before enough hodlers can be conceived to take us above $5k. The longer the price can stay above $2k without bubbling, the more likely it is that we reach the upper end of my speculation range, which is $5,000 in the bulliest of bull markets.

So far things are going about how I expected. We already reached the new all time highs, and it only took about a week. There was a bit more resistance at $2900 than I had expected, but it looks like we have already recovered from the bearishness. Barring some horrible news, then I think we are upwards and onwards to $3k+ in the next week. The market will recover faster and faster with each bear trap that passes.

I think the only thing holding us back now is that it is towards the end of the week and the infamous "weekend dip" is at play. I don't think we will see much blood this weekend though as the overall sentiment is still bullish, and I expect that we will be mostly sideways until Monday.

I think that some time next week we will see the Bitcoin value go over $3k. I expect the value will get somewhere in between $3k and $3.5k over the next few weeks, then I am expecting a decent sized correction. The reason I don't think we will go much higher than $3.5k in the near term is in my last post in this thread, quoted above.

Cause speculation:

https://bitcointalk.org/index.php?topic=2259054.0
https://theflippening.github.io/open-letter-to-bitcoin-miners-from-another-miner/

+ people shilling this speculation on social media

It is indeed a well written piece of FUD. Let's face it, the Segwit opposition is growing and will not be stopped any time soon. There are more and more Bitcoin Cash shills every day. I think Bitcoin Cash will continue to gain steam up until the fork, but what happens after the fork is anyone's guess. My guess is the Segwit1x fork will be crowned Bitcoin. Just hedge your bets and you will be OK.