Bitcoin Price Analysis: Week of July 17 » Brave New Coin

Market Thoughts

The economics in Greece have been on the edge of disaster for quite some time and most of the world saw it coming. This includes the residents of Greece who leading up to the banking shutdown had withdrawn unprecedented amount of physical Euro’s out of the system. Many in the Bitcoin space used this opportunity to promote the benefits of Bitcoin during a crisis of this magnitude using Cyprus as a real life example that occurred about 2 years ago. This includes myself as I have been talking about the Greek crisis setting off a trend change around June or July in live presentation at Anarchapulco in February, Texas Bitcoin Conference in March, Inside Bitcoin NYC in April and Inside Bitcoin Hong Kong in May.

Most traders are well aware of current events and will always try to gain an edge. Those prepared will pre-emptively enter the market and most likely started buying bitcoins early, anticipating the additional demand coming from Southern Europe. This created a positive cycle where the rise in price drew positive attention and with the help of the mainstream media picking up the “Bitcoin could be the savior of Greece”, created

Read more ... source: Bitcoin Warrior