Hey guys, so if you remember the last video I made about Bitcoins was the day of the flash crash.
I had commented that I was waiting for Bitcoin to hit the $560 mark and that was the point at which I was comfortable buying in at.
Now prior to that thought, Bitcoin had been hovering from say $650 to $600 comming off a high of $750.
The flash crash actually caused Bitcoin to drop to I believe a low of around $487, however none of the price charts actually seem to show this price, I'm guessing because it was such a short period of time during which it was at this low price and for a period of a couple hours many Bitcoin exchanges shutdown and the few which were open were so clogged with traffic nobody could trade anyways.
A few people got lucky and were able to pickup coins cheaply, however most of us were locked out until prices rose to about $550 or $560, thats the point where I was able to buy in.
Now just to recap that video I feel comfortable buying BTC at around the $550 to $600 level because I feel the longterm value of Bitcoin will always be above $600. That's not to say it won't dive to $300, but assuming I don't need the money right away, nothing is lost until you sell and I feel like at some point it will rise back to above $600 so I don't mind buying at these levels.
This video is basically just my thoughts on the current price of Bitcoin, where I think Bitcoin will go in the short term and long term future.
I feel like were going to bounce between $550 and $600 for the next couple weeks to month. I am predicting by 2017 we'll be at around $2,000 per Bitcoin.
My plan is to hold about 20 Bitcoins at all times for the long term. In the short to mid range time period I plan to pickup a few bitcoins on dips and sell them on the highs and make a couple bucks swing trading