You are correct. And this has been a long term bull market since 2009.

I agree only in part with Brightanarchist. I also said "we are entering a multi-month (mid term) bear market" since April, 11th. Bitcoin will down. Thats what you get after a so obvious speculative bubble. I also agree on the general approach, "buy when everybody is crying and sell when everybody is cheering". Pretty basic stuff. Best time to buy BTC in 2011 was indeed after "The Rise and Fall of Bitcoin" Wired article. But this time much more things are happening, both bad (the feds seizing accounts is much worse than some hacks) and good (positive media exposure, VC's money, etc.).  Plus, I disagree on the following:

1) Brightanarchist, you are looking at this like it's a stock. And BTC is not a stock. His implications are much deeper than those of the commodities you are used to trade on markets. Its growth potential is orders of magnitude bigger than the assets we trade on other markets.

2) you expect a bear market worse than we had in 2011 (bottom was 1/16 compared to the top, November), as you say we will see the bottom in 2-3 years. No way. This is no 2011. IMO the bottom is around $50, and we already explored it. We may very well explore it again, but we won't go much deeper.

Again, BTC has deep implications. More people is understanding it. They fall in love with it. It will go viral sooner than you expect. Each cycle will ignite faster and will go much higher than you expect.

When they lose money on their investment, they have a tendency to strongly believe that it was a bad investment. I have great hope for Bitcoin, I think it's really a revolutionary concept....but I'm still laughing at the guy who bought my coins at 180$ each. This dude is screwed though, he bought something that was overvalued and is stuck with it.

It's not hard to understand. There is some economic laws that exist, one of them is the phenomenon of an economic bubble. You guys pumped up a bubble, it crashed, the market got destroyed, confidence was affected and money was lost. The market has to recover from that, it's simple.

Fiat leaving Bitcoin. The situation in other exchanges is worse. Its a falling knife.

This seems an appropriate followup to my prediction.

Go back about 6 months in this thread and then come back.

Short buy 50% @$90

hehe

I have a feeling that we're entering a time where bears are going to be greatly rewarded. Not just in Bitcoin but across the entire breadth of financial markets. I expect nothing less than an epic crash in stocks, bonds, and commodities once the dangerously overinflated QE bubble really pops. I think this process may have already begun, albiet these things take time

In the meantime, I especially love how many users are so "confused" by bear markets - they think there must be a fundamental change, like "omg the price fell what's going on what changed?" nothing changed, bitcoin is the same, it's just the psychology around bitcoin that is changing... When the price exploded, people noticed that and rationalized it (cypris, etc.), and now that the price is falling they will find a way to rationalize that too.

Anyhoo, very interesting times indeed!

And yet those are the most interesting moves; you can make money much more quickly. 

Not again please......