Analysis: 14 Jun 2015
The price of BTC has been advancing, slowly, under relatively light trading volume which has touched the standing 235 Up Target. Most technical indicators have aligned for further advance as sellers cannot stomach sub-220 prices. In light of the latest failure to drive the price lower, we could shortly see more enthusiastic participation from a wider audience and rematch at 250.
This comes on the heels of some very interesting comments from some of the most influential financial voices of the old system....copied below.
Mr. Hock said: “We live in the 21st century but are still using command and control organizational structures from the 16th century. Bitcoin is one of the best examples of how a decentralized, peer-to-peer organization can solve problems that the dated organizations cannot.”
John Reed, under whose leadership Citibank created the modern ATM, said: “Bitcoin is truly the best iteration of a universal ledger we’ve ever seen. The mere fact that there will never be more than 21 million Bitcoins and that each Bitcoin can be divided into 100 million units makes it a significant improvement of any historical form of currency.”
Lawrence H. Summers commented that, “Bitcoin offers, for the first time, a method for transferring value and making payments from anywhere to anywhere, in real-time, without any intermediary. This could mean we soon see many billions of people sending Bitcoin everyday as easily as they currently send a text message.”
Up Target: 250
Down Target: 220