Will Bitcoin keep climbing?
The latest price of Bitcoin as of now is $564 according to BTC-E. We were able to hit the mid 600’s untill Bitcoin suddenly dropped to below $600. What might have caused it? As a disclaimer the following is pure speculation and we are not responsible for any loss of Bitcoins, but it seems pretty obvious that the fact that the Marshalls are selling 30k Bitcoins is the news that halted the climb of Bitcoin. I am not trying to be a conspiracy theorist but isn’t it a good time to dump 30k Bitcoin now right when Bitcoin goes up.
Once the auction ends Bitcoin should recover and continue to climb, here is a sketch that shows the logarithmic graph that Bitcoin has been following, so even the drop for the mid $600s is not going to affect it much and we should still be on the rise.
The above was the log from 2013 when Bitcoin hit record highs in the $1000’s range. Now here is a picture of the current uptrend:
Here we pretty much see that Bitcoin did break out of the logarithmic function on the small scale, but it did not quite break out of the large scale logarithmic pattern that is displayed on the bottom of the first picture. If Bitcoin does indeed drop below 500 in the coming days then we might have something to worry about but until then it looks like the current market reaction is simply a response to the news. By the way the previous prediction stating that the Bitcoin market will stay in the $600s and then decide if it is ready for another jump or will need time to refuel. It looks like the market needs some time to refuel and for this auction to pass until Bitcoin will be ready for another jump. Stay tuned!