Bitcoin is Stirring

I thought I’d write a quick update on Bitcoin as something is stirring.

For those who’ve been paying attention, you will know that all during 2014 the price of Bitcoin was falling after the bubble peak at the end of 2013. And this year, 2015, the price has been bound in a price range of $220 to $300 or so.

Yesterday the price rose to over $300 for the first time since July 13. This price movement appears to be driven by the Chinese market. I have been watching trading volume over the past few days and in my mind the action and momentum is certainly coming from there.

To understand the potential here, you need to understand the Chinese mind when it comes to money and taking chances. Chinese people really are hard-wired for making money and various forms of gambling. When you combine that with their sophisticated social messaging systems and eye for an opportunity, I believe what we’re seeing is a potential push into a bull market – led by China.

The networking effect of information in China has to be seen to be believed, and if Bitcoin continues to rise from now through to the end of November, then I believe this momentum can only grow stronger.

As a result of watching all this, I believe it will be China that kicks off the next bull market, once the price can reach $320 and stay above there. That price would mark a high for the year and a clear break with the previous price trend – something all traders will take notice of.

In my previous update on Bitcoin I confirmed my belief that the price of Bitcoin now represents a good and potentially one-time buying opportunity – so if you’ve been sitting on the sidelines then now would be a good time to act.

As always, never invest more than you can afford to lose. Bitcoin is speculative, but its upside potential could be described as spectacular.

Earlier this year, in February, I recorded a video making a price prediction for the end of this year – for $400 to $500. I now believe this is certainly reachable. But more interestingly, I also believe it’s entirely possible for the price to go a lot higher.

You can watch that February video here: https://youtu.be/PjES_THbbU4

 

5 Comments

  • James Prieto

    November 3, 2015

    Thank you David for introducing me to Bitcoin. I just got in about teo months ago and I am very happy with what I’m seeing and experiencing happening.

  • Richard butler

    November 9, 2015

    Hi David thanks for the valued info that you produce

    re Bitcoin I am prepared to take Bitcoin for real estate deposits but can’t get traction on any level with bitcoin owners are they just all hoarding ? or

    do you think i am on wrong track with offer

    • David MacGregor

      David MacGregor

      November 9, 2015

      Hi Richard. I do think that most of those with Bitcoin are holding it. While some may disagree, I think this is a necessary part of growing the Bitcoin economy as it will be a rising price that brings people in. Of course, down the track a bit more people will start to cash out part of their holdings, to take part of their profit. I anticipate that purchases with Bitcoin will accelerate as we move past $1,000 in the future.

  • FreedomOffshore

    FreedomOffshore

    November 12, 2015

    David is my go to person when it comes to Bitcoin. If you read about Neil Keenan’s contacts with the Chinese Elders and his encounter with three football field sized warehouses full of gold and that is just the tip of the iceberg, you will realize that the price of gold is manipulated by the lie that gold is really scarce just as the price of diamonds are manipulated by control and the same lie, so Bitcoin may become the only real money based on rarity in the future besides silver….. Just some things to think about that are outside of the box…..

    James of Freedom Offshore

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