I know it's a cliché but the first thing that springs to mind is "calm before the storm". It'll change dramatically after the weekend no doubt.

Edit: And this guy has been uncannily accurate....

Never knew those days. Acquired my first bitcoins a couple of weeks before the Pirate Pump 'n' Dump. Volatility is the norm from all I've seen 

I tend to agree. $32 just happened to be where that over excited speculative bubble topped. I think we can all agree, that $32 at that time was overvalued. Of course, we all saw the correction. This time, now at the same price levels and two years later I'm not so fast to call it overvalued. It may still be, it may not be. We got to this price over a longer period and with higher volume, so I think the price discovery mechanics at work here are far closer to genuine than before. At the very least, if we are significantly overvalued again this time, the correction I would think does not drop as far. Panic and fear can easily change that, but fundamentally I think we are on much more solid footing and there is a stronger rational for these prices.

But this time, its different!

Those words haunt thousands of people who just couldn't see a bubble that was right in front of their faces!

The volume of bitcoin transactions is exceptionally low because EVERYONE is speculating, they are not spending.  This can only end badly! ;(

I am assuming on based on my own experience.

If I buy something using bitcoin, at current exchange rates, between the time I buy it and it being delivered, the item is going to become more expensive compared to buying it in my local currency.
Hence, it makes no sense to buy using Bitcoin if I have the choice!

That is a speculation dilemma in a nutshell

We're going to be battling deflation myths all the way up, may as well get used to it.

People are just storing their gold. They're not buying things with it. Why is gold valued as it is?

People are also just holding stocks that don't produce dividends. Why would you own an asset where the only fundamental value is the theoretical income stream it generates, if there's no income stream?

Rhetorical questions obviously... Especially with bitcoin, the value calculus is not so simple as transaction volume.

If you look at daily candles you can see 3 consecutive bull flags (on after move on feb 14th, one after the move on feb 19th and the current one in progress after the move on feb 28th).



See the volume on feb 16th? Pretty low, right?

Based on this I think it's quite likely we will get a nice jump sometime around wednesday next week, maybe after a pullback on monday. Of course, past performance is no indication.

I doubt we'll go sideways for much longer than 3 more days and volume will also pick up again, likely monday.

I wish I could get a loan so I can buy bitcoins.