- Aug 7, 2012
IMO, I think it's all a matter of time horizons. In the short term (weeks/months) I wouldn't be surprised to see it go to ~$6k and then back to ~$3k or slightly lower at some point, briefly. If your time horizon is more on the order of several months to years, then anywhere in that range would be a pretty decent entry I think.BTC has jumped 20% in 24 hours.
Have been contemplating buying again the past few days.
Finally pulled the trigger on a small amount again.
Is this a start of a small run?
@Roli I'm curious to hear more about your theory. I too have a theory, though it's nothing really unique. Basically, I think much of this latest spike can be attributed to a short squeeze resulting in the liquidation and covering of said shorts, which of course then pushes the price even higher. Yet even so, the price has managed to push past the 200 daily average, but stopped just shy of the 200 monthly average... If the price closes/holds above the 200 monthly average, then perhaps we're in for another move higher and/or will begin to establish a longer term upward trend.
DISCLAIMER: I do not trade BTC/crypto with short time horizons (e.g. day trading) so I probably don't know what I'm talking about. That said, I am still very much bullish with longer time frames and have started accumulating over the last few months again.