BitcoinLong
Why Bitcoin was and still is a good investment.
From 7/4/13 - 9/4/13 the price of Bitcoin increased ~ 110%. During this time price has been mostly within this channel. If this trend continues we will be back at 200/1BTC by December 2013 I think ff this channel breaks it is likely to be upward because the fundamentals remain sound. Bitcoin continues to have an active and innovative community. Additionally, Bitcoin continues to gain media attention and traction in the mainstream financial world. Get in now, before the next big push.
Edit: So obviously right after I posted this, major news about the shut down of Silk Road came out. Many believed Silk Road was one of the only driving forces behind the Bitcoin market, thus causing a quick panic sell. While we may have broken out of the channel during the panic the quick recovery from the panic sell-off may be a strong indicator of overall market confidence in bitcoin regardless of Silk Road. Overall the market seems confident in the value and utility of bitcoin, and future potential.
Edit: So obviously right after I posted this, major news about the shut down of Silk Road came out. Many believed Silk Road was one of the only driving forces behind the Bitcoin market, thus causing a quick panic sell. While we may have broken out of the channel during the panic the quick recovery from the panic sell-off may be a strong indicator of overall market confidence in bitcoin regardless of Silk Road. Overall the market seems confident in the value and utility of bitcoin, and future potential.
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