From my blog at:
JoeBitcoin.org
I direct your attention to some observations I’m making about the one year price chart. YTD gains of 150.749% . A stellar high of 20,000 USD. An underlying upward price trend up 3,869 USD. And an observable price squeeze shown by the yellow high and low prices over the last 7-8 months. Traders tell us that when this formation appears that there is usually a breakout. The price will either go up or down at the convergence and it is quite capable of going either way in a strong way. The total market value of Bitcoin is valued at about 113 Billion USD presently.
I’m saying that I like what I’m seeing. It’s all perspective of course. I’m looking for a one million dollar bitcoin price. I’m still waiting on the state/bank run financial systems to implode because of their own intrinsic design flaws and because they depend upon an ignorant population in an age where information is flowing like a raging river.
So yes, I’m liking what I’m seeing. At the same time the alt coins seem to follow Bitcoin’s price fluctuations so I look to see them benefit as well if my guess that an upward price breakout is about to happen.
Of course, there’s the Mount Gox trustee with over 100,000 bitcoins that he’s eager to liquidate. So if you know of someone who’s interested in buying that many bitcoins, I suggest you contact the Japanese bankruptcy court and arrange for an off-market purchase. I heard that the problem with the 20,000 USD price was that this trustee started unloading some of those coins when the price escalated so quickly. Maybe that was a good thing before the price ran up even higher with a market participant who didn’t have hodling in mind.
