3 ms·
The low point for 2015 was in January. That was the end of a year long downward slope. In the five months since that time, the price has bounced around in the
by waterlesscloud 11y ago
The low point for 2015 was in January. That was the end of a year long downward slope.
In the five months since that time, the price has bounced around in the 200-300 range, mostly 220 to about 250 or so.
It's no longer accurate to say the Bitcoin price has been sloping downward for the past year. That viewpoint is now five months out of date. Five months, after all, is nearly half the period of the claimed year.
The previous downtrend has clearly ended, we're in a sideways range phase now. There may be another subsequent downtrend, but it will be a different one from the previous trend.
- davidgerard 11y agoI have actually been surprised how steady the price has been in the past few months. I'm wondering what's holding it up.
- waterlesscloud 11y agoDemand. :-) I sometimes watch the various exchanges pretty closely, and there's a point somewhere around $220 where a lot of buying kicks in. For whatever reason, people are comfortable accumulating there. Then it becomes self-reinforcing. People won't sell below because they know they can wait it out and sell above it in a few days. It would be possible to trigger another downtrend, but it would take either some seriously bad news (some US regulation maybe) or a very large amount of bitcoins dumped on the market at once. At this exact moment, I think the market is in a stalemate zone. It's been extraordinarily stable the last few weeks. People don't want to sell here, but they're still afraid to buy at this price (~$235).