October Bitcoin Prediction

28 בספט׳ 2014

This is really the most bearish I have been for bitcoin. I expect to break 380 soon, to test support at 340; some time in October, if not before then. Breaking the strong support at 450 is really the pivotal impetus for an accelerating downtrend. You can see complete rejection of the paypal news event as the price has steadily made a 100% retrace since then. Buying pressure is nearly nonexistent. I think we will see the second step of major capitulation for bitcoin in October (the first being the break of 450 support in September); that is, a test of the 340 level with some consolidation and then another breakout down. I don't know what to expect after testing the 260 level, but that will be left for next month's prediction.