Enjoy the ride

Very hard to make any predictions in this kind of market. Bitcoins are defying gravity by the look of it, silk road was supposed to crash the market, but instead it may have taken away the weak hands leaving the way clear for this strong rally. Now the talk is all about China and how the chinese are starting to buy into bitcoins in a big way.

Great time to be long on bitcoins, not so easy if you’re waiting for a good buying opportunity. Logic would say you might consider selling, but how long will this push from china continue?

I’m just going to sit back and enjoy the ride.

Meanwhile heres a bullish chart pattern that might materialise. Large Cup looks to be forming. If theres a pullback after reaching the level of the all time high, then we’d have a cup and handle. Next target then would be above $350. (Maybe thats where Max Kaiser got his $350 target from?)

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4 thoughts on “Enjoy the ride

  1. If you look at BTC on a weekly chart, LOG scale, it appears it is in a similar position today as in Jan ’13. I’m looking for $675 – $1k USD/BTC in 12 weeks. There is A LOT of energy in this pattern, and it is still quite minuscule on a macro level. So many catalysts — imagine amazon or e-bay announcing accepting payment in BTC. A retest of the $160s would be entirely possible to ‘set in’ the break-out. Keeping some cash handy to take advantage of that if it presents the opportunity. Otherwise, hang on!

  2. If amazon or ebay announces accepting payment in BTC, of course it would make a great bounce to bitcoin price but I think those companies belong to the old world ; to much linked with government, establishment etc.
    There is one thing that makes me think BTC is bloody bullish.
    Pinterest cap is USD 3.8 billion. Bitcoin is 2.9 billion !!! Who cares about Pinterest except my fifty years old mum ??? lol
    if BTC capitalization equals to pinterest cap, bitcoin price would be at USD 319 !
    I don’t try to make this kind of comparison with google or apple cap otherwise I will have a huge vertigo.

    1. “Pinterest cap is USD 3.8 billion. Bitcoin is 2.9 billion !!!” — Yes, like I said, minuscule on a macro level. But, you have to be careful when doing a valuation assessment because these public companies you mentioned are all primarily valued on a Discounted Cash Flows (DCF) analysis (as well as mass psychological subjective appreciation). BTC has zero cash-flows, so the comparison becomes problematic very quickly.

      “those companies belong to the old world ; to much linked with government, establishment etc.” — Very true. But BTC’s ability to reach the stratosphere will hinge upon whether it can fuse comfortably with the existing economy & institutions, as well as pioneer new ones.

      For now, it is scaling up on a fractal dimension, indicating great power and potential. It will take a very devious and coordinated effort by the dark monetary forces (e.g. Rothschild central banks, & minions) to stifle its growth. This is truly the makings of an epic battle between the forces of control vs spontaneous creativity and freedom of innovation to unlock value and drive prosperity.

  3. Thanks for the discussion, hadn’t heard of Pinterest until now but its a nice comparison.

    I don’t see ‘old world’ companies joining forces with bitcoin any time soon myself. Maybe eventually they will have no alternative. Can only dream

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