RIP Philo

Bitcoin Price Consolidation Around $8,000

The break-neck speed rally of Bitcoin has left investors wondering where Bitcoin would finally stabilize. Goldman Sachs believes that $8,000 would be the consolidation level for the current rally.

Where does rally stop?
Bitcoin’s price may have smashed through the $5000, $6000 and $7000 levels over the past few weeks, but technical analysts expect it to go higher. The level at which consolidation is expected to occur is $8000, according to Goldman Sachs.

The current target price of $8000 is double the price of $4000 predicted by Sheba Jafari just four months ago. Given multiple factors including government regulation, hard forks, and new links to mainstream finance all tend to influence the price, looking at price charts in isolation is not sufficient to make a reliable forecast. Multiple analysts, including Ronnie Moas, have revised their price predictions upward for Bitcoin.
Permalink Send private email James Rodiguez 
November 7th, 2017 7:17pm
It's a Ponzi scheme.  Where does the rally stop in a Ponzi scheme?

When people lose faith in the pseudo-currency, that's when.
Permalink SaveTheHubble 
November 8th, 2017 8:05am
Who is buying it?

Besides suckers, that is.
Permalink Send private email xampl9 (Moto phone) 
November 8th, 2017 10:38am
Seems insane to me. Reminds me of the gold and precious metals run-up in the 2000's but seems more extreme.

Probably better to compare it to the Nasdaq blow-off in the late 90's.
Permalink NPR 
November 9th, 2017 10:46am
Probably.  Or the CDO Mortgage run-up from 2000 through 2008.
Permalink SaveTheHubble 
November 9th, 2017 11:38am
I actually overheard a cashier at Walgreen's talking about central banking and when I got to the front of the line, I asked him what he was discussing with the previous patron. He mentioned bitcoin and how he couldn't wait to get his Bitcard or whatever...

This isn't much different from the shoeshine boys in 1929 talking stock tips, or the bartender in San Diego I remember talking to a customer about buying real estate in 2005.
Permalink NPR 
November 9th, 2017 1:43pm
In other words, it's a sure sign of a bubble top.
Permalink NPR 
November 9th, 2017 1:43pm
Plus, don't they get stolen regularly?
Permalink Shylock 
November 9th, 2017 2:01pm
They probably believe that the most recent breach/exploit will be the last.
Permalink NPR 
November 9th, 2017 8:19pm

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