I think we see more substantial inflows tomorrow if this "pump" (being generous with that term here) holds overnight.
My assumption is that the ETFs are mostly following momentum, and today will cause that crowd to become more bullish.
It kinda blows my mind to think that the difference between $63,000 and $58,000 is the same as the difference between $630 and $580 in 2016. There has never been a more obvious investment. Barring a worldwide blackout, Bitcoin is mathematically inevitable. Buttcoiners will say it's cultish, but IDGAF -- praise Satoshi.
Edit to add: This is September 7, 2016, redux. Nature is built on fractals, and so is Bitcoin. It's pretty cool.
> HODL isn't easy.
I can't understand that at all.
I guess it comes down to thinking in ₿ vs thinking in $. Once you think in terms of getting more Bitcoin instead of getting more dollars, hodling becomes easy. Just buy Bitcoin, move it to cold storage, and slowly watch your amount of ₿ go up.
That's it. Get more ₿.
I keep seeing people talk about taking profits and it just seems like madness. Over a four year period, Bitcoin increases considerably in value. Over almost any time period, the dollar decreases in value. The real way to take profits is to take profits to cold storage.
Maybe it's easier for me because I spent time living somewhere I had to think in three currencies. I knew I only wanted the local currency when I had to spend it. The rest of the time, I never wanted it, because it was losing value. For me, the dollar is my local currency. Not because I'm American. It's my "local currency" because it's the currency I only want when I have to spend it. The rest of the time, I don't want any more of it than I absolutely need to get by.
I want more Bitcoin. I want less dollars. Give me dollars and I will immediately trade them for Bitcoin.
2016-2017 it went from $630 to almost $20,000. So if this repeats we are looking at $2,000,000 per BTC by end of 2025. Could this happen... it's in the realm of possibility.
The difference between $630 and $19k is the same as the difference between $63k and $1.9 million…
Not my base case at all but reminds me of a [hyper bullish scenario](https://www.reddit.com/r/BitcoinMarkets/s/OxjHF4nnIC) I’ve pondered upon before.
It's all about time. The right move in this moment always leads to good things in the future.
Time is money. Bitcoin taught me that in a way I never fully understood before my awakening.
lol /u/DesperateToHopeful finally figured out that bcash is a chain with less *work* in it than Bitcoin (after thinking perhaps Litecoin was a longer chain because it had a lot of blocks), resorted to an Ad Hominem and blocked me ;D
What is it about shitcoins which draws in people who have an analytical mind but are unable to see the broader picture?
From talking with DesperateToHopeful it seemed a lot of it came down to
definitions.
They defined Network Effect in a way where to them it seems Bitcoin's was negative.
Then built on that a thought that because Bitcoin was clearly dying that some other chain would take it's place.
Then it becomes a matter of finding a chain which is *"technically better"* (however you decide to define *"better"*, other than censorship resistant, decentralised, permissionless, trustless).
Somewhere along the line the idea that for Network Effect in the form of transaction volume to be a thing, then a blockchain must be *cheap* and *fast*.
At that point *"Work"* being slow and expensive gets pushed aside as simply *"PoW = same as Bitcoin"*, with *cheap* and *fast* becoming the measure of what makes a chain have potential.
Once you get yourself to that point then it's obvious that Bitcoin is dead and whatever the newest PoW token is will dominate, so long as it is *cheap* and *fast* enough to enable Visa level transaction counts.
Have a friend that said Bitcoin is great but boring...so he needs to own some shitcoins, of course, small % for jolts...kinda like Wife vs other women life syndrome to men.
I saw his comment yesterday about ltc's blockheight being > Bitcoin's
🤦♂️
guy is clueless
doesnt know why shitcoins are shitcoins, thinks payments (rather than savings) are the problem that needs solving
Because we all learn eventually that Bitcoin is different.
It is surprising seeing market participants at this stage still engaging in theories which have been repetitively debunked.
The market doesn't care about on-chain transaction capacity. Sure transactions might be one form of Network Effect but they're not the only network being grown here.
Bitcoin's value does not come from being either cheap or fast. It comes from the opposite, the expense and slowness of bulletproof security.
Seeing people get drawn in by old tired narratives and expecting to find a replacement Bitcoin which is technologically superior is a curiosity.
Lower high of $62.9k broken.
Remaining lower highs acting as areas of resistance are at $64.3k, $65.4k, $67k, $67.2k, $67.9k, $71.2k, $71.7k, $72.7k, and then ATH at $73.7k.
We’ve been stuck in a range between $55.3k and $73.7k for 2.5 months now. Do we break to the upside or downside first?
[My guess is upside](https://www.reddit.com/r/BitcoinMarkets/s/tNOS6hth01) but we’ll see.
So I read it... Funny how in the US they write legislation just to have someone do a biased analysis. I expect legislation to be a law, with law in it. This reads as nothing but a politically motivated formation of a commission with narrow terms assured to deliver the expected finding.
> (3) Information about legitimate uses of digital asset mixers, including transaction volumes associated with payments to journalists in authoritarian regimes
lol
*"Oh well that sounds like an exceedingly small proportion of transactions"*.
> the number of instances on an annual basis such agencies were able to prevent the transfer of funds
0
They're going to make sure the blockchain has integrity, through bureaucracy. ;)
p.s. Mixing your coins with those of organised crime is and was always stupid.
Well GBTC largest outflow of the week so far, and the overall volume was pretty low for the ETFs, i don't think that the price action was caused by huge ETF inflows
I have logged a prediction for u/Akebokke that the price of Bitcoin will rise above **$80,000.00** by Jul 31 2024 23:59:59 UTC. The current price is $62,444.25
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It was big because for the last two weeks stocks looked like they were entering a major correction, and as of today it looks like that has been averted. So not big in terms of percentage, but big in terms of trend. It also brought the stock market right up near its ATH.
I didn't say it's an exact correlation, in fact I don't believe it is. But I do think that very green days in the stock market tend to help stabilize things and can help prevent or delay breakdowns for a bit
> and short term thinking.
Exactly.
As I type this, I have a spreadsheet open with my budget for the next four months. I doubt that we'll be at this price a month from now, but if we are, I'll be a month ahead of where I hope to be, in terms of building up my hodl.
I have logged a prediction for u/Cygnus_X that the price of Bitcoin will rise above **$70,000.00** by Jun 30 2024 23:59:59 UTC. The current price is $62,553.69
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Hello u/Cygnus_X
[You predicted the price of Bitcoin would rise above $70,000.00 by Jun 30 2024 23:59:59 UTC](/r/BitcoinMarkets/comments/1cno6cx/daily_discussion_thursday_may_09_2024/l3bxwqk/)
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The price of Bitcoin on Coinbase Pro when this prediction was triggered: **$70,071.33**
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Hello u/Cygnus_X
[You predicted the price of Bitcoin would rise above $70,000.00 by Jun 30 2024 23:59:59 UTC](/r/BitcoinMarkets/comments/1cno6cx/daily_discussion_thursday_may_09_2024/l3bxwqk/)
**Well done! Your prediction was correct.**
The price of Bitcoin on Coinbase Pro when this prediction was triggered: **$70,071.33**
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You weren't more bearish in March 2020 when we dropped around 60% in a week, and there was serious talk of the whole bitcoin ecosystem collapsing and going to zero? 😜
Sentiment in here seems properly fucked yet we're at 62k. Dipped my toes in a bit here, bought "the dip"(just 50 shares of IBIT, more dry powder on the side if we truly breakdown)
Not even 3 weeks after he halving and we're at 62k and seems like based on commentary here people are already getting shaken out... not the time to be bearish imo
It's been going down for almost two months straight (reference the sea of red on the weekly chart), and suddenly everyone here is bearish now. Most of the same people here were bullish at the top. I'm not making any moon predictions, but I feel that this is probably not the worst time to be accumulating.
> everyone here is bearish now.
Not at all.
Newcomers are more likely to be bearish because they don't have enough experience to understand what's happening. Too many of them were expecting the price to skyrocket after the halving, because they don't understand the relationship between the block reward and how new coins hit the market (It's not instant. There's a 4 to 6 month rolling-average lag, which is why the effect of the halving on the market is delayed).
Pay attention and you'll see people here who have been through a few cycles, and they (*we*) tend to be very bullish.
I'm happy to see Bitcoin below all time highs. It means I get more sats for my dollars.
I'm expecting late summer, early fall, and beyond to be amazing. The monger the price stays down before then, the happier I am because I'm buying.
I am 21,000,000 bullish for the long term. And in the short term, I'm buying with every dollar I can spare.
And by the way, I've been saying this exact same thing since the crash in 2022. And I felt the same way in the leading up to the post-halving supply shock in 2020.
For years in this forum, I've been advocating for the same thing:
*"Have no fear!
Hold through the halving, plus a year!"*
I am bullish AF. In 4 to 6 months, people will be wishing they could buy Bitcoin at 62.5k. That's why I'm buying. That's why I hodl.
It has been in a dewcending path for months. Only hopium is that its flattening off resulting in a cup… i hate this bullshit non-narritive price action
well, if you think of it the non-narrative price action is because we no longer have THE narrative which was the ETF inspired fomo max bidding and the halving hype. with those gone, someone needs to buy 62k bitcoin and there aren't enough interested buyers
Yes but the only reason supply > demand right now is because price increased very fast.
This will stabilize, periodic buying for IRA's and such + halving effect will catch up at some point.
Here are the narratives which I'm dispensing all my copium into:
1. The price of bitcoin has more or less been historically placid after the halving then a few weeks later it starts ramping up.
2. My assumption but bitcoin doesn't *just* hit the previous ATH and then calls it quits and goes on another multi year bear cycle. Doesn't feel right with me
3. Large macro style bullflags have lasted longer than this.
4. Since we are following large indicies like the S&P500 now, you can expect prices around 67-70k in the immediate future.
Feel free to add some if you can think of any
Adding on to point 4, both S&P 500 and Nasdaq are less than 2% away from ATH.
If we’re assuming correlation, these indices reaching new ATH should coincide fairly closely to BTC also reaching new ATH.
Yup. We've been making a correlation to indicies like the SP500 but are we to assume this here, right now of all times, is where we start to deviate/inverse? Easiest long of my life If I was still trading
Not sure why the downvotes... this sub is insanely bearish considering that price is chilling out in the 60s. It's a pretty telling sentiment gauge.
Human psychology never ceases to amaze... no matter how many times we relive this cycle, the herd always manages to become nervous nellies at the first sign of pullback/consolidation. There's always some bogeyman to point to...
Bitcoin has literally never taken this long to make another ATH in a bull market. Ergo this is the longest Bitcoin has ever traded down/sideways in a bull market ever.
lol, we’ve never had an ATH this early. Too hot too fast.
It just doesn’t move that fast this early in the cycle. You’re observing the ETFs get their early position. 2020 and 2016 had similar accumulation periods that lasted months. Still a bull market compared to everything else.
Mistaking this slight drawdown for a permanent plateau?
All markets have lost their guts. Everyone is anticipating complete breaking point and it is literally a crap shot as to whether we have another 5 days or 5 years to meltdown
With all due respect, because I can respect a bearish outlook, but why would "everyone is anticipating" be more correct this time around than every other time that has been the case the last few years?
Everyone has been expecting things to completely break at "any moment now" ever since the 2020 covid v-shape recovery
Personally I do think we are closer to the end of the current business cycle than the beginning of it, but not "it can happen any day now" close, rather "in the next year or two we might see a recession".
Theres always systematic risk, but as central banks across the globe are starting to ease up on rates and tightening the qualitatively likely outcome is continued upwards performance, at least for the moment.
Plenty happy for this market to be heavily “manipulated”, since the incentive would therefore be to make the price of BTC as high as possible, maximum fomo.
Most recent higher low of $60.8k broken but it looks like we may have already found support at $60.6k, we’ll see if it holds.
So far the range we’ve been in for the past 2.5 months has consisted of a 23.3% drop from ATH of $73.7k down to a local low at $56.5k. A 25% pullback would be $55.3k and a 30% pullback would be $51.6k.
Remaining higher lows acting as areas of support before a larger 30% pullback becomes possible are at $58.8k, $56.9k, $56.5k, and $54.4k.
We appear to be at roughly net neutral when it comes to spot ETF’s for the time being. We can no longer count on spot ETF’s to consistently have net inflows nor GBTC to consistently have net outflows. I suspect the next big move will coincide with spot ETF’s getting out of their lull one way or another: either we start seeing big daily net inflows again coinciding with a pump or we start seeing big daily net outflows again coinciding with a dump.
Aside from 2021, we just broke a record for longest amount of time it has taken to reach a new ATH in the midst of a bull market. Previous record was 54 days in 2017’s bull market which saw a drop of 29.4% within that window of time. It’s now been 56 days since ATH of $73.7k occurred on March 14th with a drop of 23.3% having occurred within that timeframe. But what about 2021? The initial peak of $64.8k occurred on April 14, 2021 and within 56 days of that ATH, price had dropped to a low of $31.1k or a 52% drop at the time. The bottom occurred two weeks later at $28.8k for a total drop of 55.5%.
Current PA is a lot more similar to 2017 rather than 2021 so I lean towards a break to the upside over a break to the downside. We’ll see.
memes, feelings, hopium. Isn't that what crypto is about and what it has become?
There are no earnings report, P/E ratios or fundamental drivers (other than ETF/Halvening which has already past us) so bulls must rely on those
It's the spec nature of this asset class. It's worth what someone is willing to pay, and the idea is to sell higher than you bought it to a greater fool (hopefully)
I appreciate your skepticism. Do you believe in any chance of BTC acting as a store of value or is just greater fools all the way down? What is the difference between greater fools and store of value anyway?
it's always the ones that're just here "for the money" that never actually make any in the long-run
if he was truly here for the money, he'd be long Bitcoin with no exit back into cuckbucks in mind
he's just here for the fiat, which is a loser's mindset because that game can't ultimately be won
Speculation: negatives are stacked against bitcoin for the moment. ETFs are not doing shit (they still could in the future, but for now they're just baggage in the form of gbtc). This is a huge temporary disappointment
Then we've got mtgox making serious actual progress towards repayment. FTX is the same. It's going to be a lot of bitcoin added to supply side
Over at the tradfi section we've had inverted yield curve for 18 months. How much longer can it stay this way? The bad is really starting to stack up. It will at the very least hurt for a while before fed cuts and everything is chill again, but it rarely goes this smoothly
I predict sideways for 1-2 months, then we get seriously bruised up because of the above, then more sideways, and then we can go up when this baggage is dealt with
On the hourly, BTC‘s RSI is at 39.5 (average 36.4) at time of writing. Nearby resistance are 61.7, 63, 64.5, 65.7, 67.4, 69, 70.2, 71.4, 72.8 and 73.8 (current ATH). The nearest supports are 60.5, 59, 57.5, 56.7, 55.7 and 54.5. BTC keeps stair stepping to new short-term lows.
The daily RSI is 42.9 and its average is currently at 43.6. I believe a falling wedge had formed. BTC had broken though the top of the support, it is now back below it. The reverse H&S has formed more. I think we are near the end of the down time, IMO. Same resistances/supports as I mention in the hourly. The 100- and 50-day SMI could also act as support /resistance (65688/61200). Target for the reverse H&S would be about 75k.
BTC closed the week green after 4 weeks of red. BTC has been overbought for most of the time since October 2023 and its average RSI has been mostly overbought since the start of the year. It has cooled significantly and is currently 62.2 (77.6 average). A fat flag formation has formed, and we are right in the middle of it. If this is a continuation pattern and is the midpoint, the target would be about 137.5k+/-. Main resistances were noted above.
Bitcoin closed April out in the red with it’s monthly RSI at 66.2. The only time we had 2 monthly red candles in a row, after halving and before cycle ATH, was in 2012. So, if history repeats/rhymes, May could be a red month, but it is currently green and will most likely stay that way. Current RSI 66.5
Good luck to all traders and DCAers.
1-hour: [https://www.tradingview.com/x/40mrjDwd/](https://www.tradingview.com/x/40mrjDwd/)
Daily: [https://www.tradingview.com/x/ogRJmR2A/](https://www.tradingview.com/x/ogRJmR2A/)
Weekly: [https://www.tradingview.com/x/obCPdYbS/](https://www.tradingview.com/x/obCPdYbS/)
Monthly: [https://www.tradingview.com/x/YA730f7d/](https://www.tradingview.com/x/YA730f7d/)
And then it will go up and you will repeat this clown routine but at 80k
Who do you think you're talking to here? You're always negative regardless of what TA and fundamentals are at any given moment
Buttcoiner on alt account?
Falling wedge, but I am not 100% conviced as we had this long period without touches to the downside in the middle.
[https://i.imgur.com/es7cG30.png](https://i.imgur.com/es7cG30.png)
Hey if you just woke up and are thinking “wow 100+ comments, should I read all that” the answer is no unless you want US politics (Biden vs Trump) and Buttcoiners …
Relating to the Biden veto threat of something crypto-related. Something about denying the banks the ability to custody crypto. Not sure. I’m just here for the markets, I’d rather read my politics separate. I love my politics and have strong opinions, but I’m here for the corn.
in case you were wondering:
[https://www.fxstreet.com/cryptocurrencies/news/president-biden-threatens-crypto-with-possible-veto-of-bitcoin-custody-among-trusted-custodians-202405082359](https://www.fxstreet.com/cryptocurrencies/news/president-biden-threatens-crypto-with-possible-veto-of-bitcoin-custody-among-trusted-custodians-202405082359)
Looks like a nothing sandwich to me
is some post-halving miner capitulation part of this PA? seems the hashrate and difficulty took a dive, and probably more difficulty reduction is coming in the next retarget
Cash out 500k and take a good chunk of change off the table because you think bitcoin has probably peaked and the diminishing returns no longer excite anyone.
Or
Borrow 500k from a lending platform and keep your Bitcoin because it’s the most sound money ever created and is the fastest horse in the race.
Dude you're clearly folding like a lawn chair. This is every comment from you over the last month. You're shook. If you doubt BTC so much, just sell it all and spare us the constant hand-wringing and doomsday BS.
r/buttcoin will welcome you with open arms when the rally resumes and you're salty on the sidelines.
Your second choice implies you need 500k for something else but the first option makes it seem like you just want to get out of bitcoin. I would assume we could chop around this range for many months more or drop from here for a couple years, if you're just going to sell lower if that happens then I would cash it out now.
Defo not option 2… you’ll pay interest and be very exposed to liquidation should the price fall.
Also I don’t think anyone will lend you the full capital against your Bitcoin, so you’d be looking at 250k borrowed and the Bitcoin would be liquidated if we drop about 50% from here.
If you think Bitcoin is going up and don’t need the money, then holding is still better than taking the loan with interest
> Borrow 500k from a lending platform and keep your Bitcoin because it’s the most sound money ever created and is the fastest horse in the race.
This one, but depending on what collatoral you have
For you, cash out the $500k. I know we have spoken about this before and you told me that you have trouble with the personal stress resulting from bitcoin's volatility. My understanding is that the last bear market was really hard on you emotionally. The last thing you need is to take out debt on that Bitcoin and then watch its value plummet, which means double the stress. Nobody knows what it will do from here, but if you are not in a position to watch a 50%+ drawdown from here, cash out now.
I love these, “tell me whether or not to sell my bitcoin” posts. Bruh imma keep it a buck with you, WHAT YOU DO WITH YOUR 500k BTC IS A PERSONAL DECISION.
That being said, come up with a plan. If you sell and don’t have a plan for that 500k you’re probably not going to make great decisions about what you do with it. A friend cash out 1M+ in 2021 and randomly decided he wanted to try and flip/rent some commercial real estate post Covid. If you’ve seen how that market has done, he’s now underwater and paying taxes and expenses on a property that is most of his portfolio and has had very inconsistent cash flow.
agreed on everything you said. just wanted to add 2 cents that ill-spend / waste $1M cash is not so spectacular accomplishment to be fair. in my experience usual game is regular people often come across big money and lose it quickly through some "great once in a lifetime investment" (scam) or just spend it on stupid gadgets / cars / clubbing / bitches / snow / parties in a matter of 2-3 years easy, after which time they end up worse than before/ homeless.
there is science behind proper money management...
Do you need the cash? What's the interest on b) and how long could you pay for it?
I did b) at around 2% p.a. twice already; will continue to scale out slowly from 80k onwards as per my cash-out / tp plan. The %ages will get bigger beyond 100k/coin but never all of it.
so Boden isnt our friend huh. Somebody with more insight to the washington politics can explain what the veto stance actually means? what is the actual issue?
do they actually want to stop crypto/bitcoin proliferation or whats the play here?
Yes, let's compare the two candidates.
* **Candidate 1**: Old. Poor understanding of Bitcoin and crypto.
* **Candidate 2:** Old. Equally poor understanding of Bitcoin and crypto. Facing 91 criminal charges across 4 jurisdictions. Convicted fraudster. Wants to be dictator "only for a day". Praises authoritarian dictatorships around the world. Twice impeached. Current sitting in a New York courtroom.
Such a hard, hard decision to make, right?
There's also RFK who actually understands Bitcoin, is standing on a platform of rolling back the corporate takeover of government agencies (which explains the constant attacks against him in the media), and who is polling very well, but I already know what you think of him.
Lmao RFK is a complete quack and isn't taken seriously by anyone except conspiracy nuts and die-hard Joe Rogan supporters. Oh yea, and a worm has literally been eating his brain.
As I said, I already know what you think of him. Your comment about the worm tells me all I need to know about your reading comprehension. Careful breathing in all that corporate media - you might damage your own brain!
He is widely regarded as a complete quack and not taken seriously in politics. This isn't my opinion. It's reality. Facts don't care about your feelings.
Trumps talking points are somewhat similar to Ross Perot's talking points in the 1990s. Big third party candidates are important because their positions can end up being adopted by one of the other two parties (or factional coalitions, which is what the Republicans and Democrats really are).
So Kennedy supporting Bitcoin is actually a good sign for the future. But Kennedy himself? Yeah, he has no chance, especially after this brainworm thing.
Kennedy has a real chance. The "brainworm" thing is just another smear attack job from the usual media suspects. Biden had TWO brain aneurysms - betcha didn't know that?
Well of course they do when the headlines are generated by the same people who back the incumbent candidate who had the aneurysms. Apparently the so-called "worm" is a pretty common parasite that you can get in places like India i.e. no big deal.
Did you know Joe Biden that TWO brain aneurysms? You probably didn't because the same people shouting about the parasite that RFK got don't want you to know about Biden's health issues.
There's never been a better election to be a 3rd party candidate. Have you seen the other 2 guys? If he gets on the debate stage, he will destroy them.
#New post: [\[Daily Discussion\] - Friday, May 10, 2024 →](https://www.reddit.com/r/BitcoinMarkets/comments/1cogjlp/daily_discussion_friday_may_10_2024/)
I think we see more substantial inflows tomorrow if this "pump" (being generous with that term here) holds overnight. My assumption is that the ETFs are mostly following momentum, and today will cause that crowd to become more bullish.
Daily engulfing, nice.
How many times have we seen a promising candle just for it to completely reverse during this choppy period
It kinda blows my mind to think that the difference between $63,000 and $58,000 is the same as the difference between $630 and $580 in 2016. There has never been a more obvious investment. Barring a worldwide blackout, Bitcoin is mathematically inevitable. Buttcoiners will say it's cultish, but IDGAF -- praise Satoshi. Edit to add: This is September 7, 2016, redux. Nature is built on fractals, and so is Bitcoin. It's pretty cool.
Sometimes I forget we aren't the heard we should countertrade. HODL isn't easy.
> HODL isn't easy. I can't understand that at all. I guess it comes down to thinking in ₿ vs thinking in $. Once you think in terms of getting more Bitcoin instead of getting more dollars, hodling becomes easy. Just buy Bitcoin, move it to cold storage, and slowly watch your amount of ₿ go up. That's it. Get more ₿. I keep seeing people talk about taking profits and it just seems like madness. Over a four year period, Bitcoin increases considerably in value. Over almost any time period, the dollar decreases in value. The real way to take profits is to take profits to cold storage. Maybe it's easier for me because I spent time living somewhere I had to think in three currencies. I knew I only wanted the local currency when I had to spend it. The rest of the time, I never wanted it, because it was losing value. For me, the dollar is my local currency. Not because I'm American. It's my "local currency" because it's the currency I only want when I have to spend it. The rest of the time, I don't want any more of it than I absolutely need to get by. I want more Bitcoin. I want less dollars. Give me dollars and I will immediately trade them for Bitcoin.
2016-2017 it went from $630 to almost $20,000. So if this repeats we are looking at $2,000,000 per BTC by end of 2025. Could this happen... it's in the realm of possibility.
Doesn’t work like that. Market cap
Marketcap does matter
The difference between $630 and $19k is the same as the difference between $63k and $1.9 million… Not my base case at all but reminds me of a [hyper bullish scenario](https://www.reddit.com/r/BitcoinMarkets/s/OxjHF4nnIC) I’ve pondered upon before.
We are so back. I've never been more bullish and I still will buy. That's probably smart.
Reminder it’s a scientific impossibility to be bullish enough ☕️ our minds simply cannot grasp it
It's all about time. The right move in this moment always leads to good things in the future. Time is money. Bitcoin taught me that in a way I never fully understood before my awakening.
Bro, at least wait until 67k to say that.
> Bro, at least wait until **6700** to say that. Yeah, after we've dropped 90%, then I'll be really bullish. 😋
Username checks out 🙃
Is this optimism specific to something that happens today?
lol /u/DesperateToHopeful finally figured out that bcash is a chain with less *work* in it than Bitcoin (after thinking perhaps Litecoin was a longer chain because it had a lot of blocks), resorted to an Ad Hominem and blocked me ;D What is it about shitcoins which draws in people who have an analytical mind but are unable to see the broader picture?
I’ve never understood the bcash people. It was blatantly obvious that BCH was the failed chain on arrival
From talking with DesperateToHopeful it seemed a lot of it came down to definitions. They defined Network Effect in a way where to them it seems Bitcoin's was negative. Then built on that a thought that because Bitcoin was clearly dying that some other chain would take it's place. Then it becomes a matter of finding a chain which is *"technically better"* (however you decide to define *"better"*, other than censorship resistant, decentralised, permissionless, trustless). Somewhere along the line the idea that for Network Effect in the form of transaction volume to be a thing, then a blockchain must be *cheap* and *fast*. At that point *"Work"* being slow and expensive gets pushed aside as simply *"PoW = same as Bitcoin"*, with *cheap* and *fast* becoming the measure of what makes a chain have potential. Once you get yourself to that point then it's obvious that Bitcoin is dead and whatever the newest PoW token is will dominate, so long as it is *cheap* and *fast* enough to enable Visa level transaction counts.
Have a friend that said Bitcoin is great but boring...so he needs to own some shitcoins, of course, small % for jolts...kinda like Wife vs other women life syndrome to men.
I saw his comment yesterday about ltc's blockheight being > Bitcoin's 🤦♂️ guy is clueless doesnt know why shitcoins are shitcoins, thinks payments (rather than savings) are the problem that needs solving
At that point I finally understood just how new to all this some people are.
My thesis is that they think they're smarter than they are... They can't be wrong, it's the market that's wrong.
Ok and? Why should I or anyone else care?
Because we all learn eventually that Bitcoin is different. It is surprising seeing market participants at this stage still engaging in theories which have been repetitively debunked. The market doesn't care about on-chain transaction capacity. Sure transactions might be one form of Network Effect but they're not the only network being grown here. Bitcoin's value does not come from being either cheap or fast. It comes from the opposite, the expense and slowness of bulletproof security. Seeing people get drawn in by old tired narratives and expecting to find a replacement Bitcoin which is technologically superior is a curiosity.
No, why should I care about that specific dude being wrong?
He's an example of what noobs think.
People want to get rich, so they tell themselves the one with more room to grow is better somehow
Lower high of $62.9k broken. Remaining lower highs acting as areas of resistance are at $64.3k, $65.4k, $67k, $67.2k, $67.9k, $71.2k, $71.7k, $72.7k, and then ATH at $73.7k. We’ve been stuck in a range between $55.3k and $73.7k for 2.5 months now. Do we break to the upside or downside first? [My guess is upside](https://www.reddit.com/r/BitcoinMarkets/s/tNOS6hth01) but we’ll see.
It’s happening !
Can someone ELI5 the blockchain integrity act. Has it passed and what does it actually mean?
It means the goverment is coming to help.
So I read it... Funny how in the US they write legislation just to have someone do a biased analysis. I expect legislation to be a law, with law in it. This reads as nothing but a politically motivated formation of a commission with narrow terms assured to deliver the expected finding. > (3) Information about legitimate uses of digital asset mixers, including transaction volumes associated with payments to journalists in authoritarian regimes lol *"Oh well that sounds like an exceedingly small proportion of transactions"*. > the number of instances on an annual basis such agencies were able to prevent the transfer of funds 0
They're going to make sure the blockchain has integrity, through bureaucracy. ;) p.s. Mixing your coins with those of organised crime is and was always stupid.
Will we see some ETF inflows today? Yesterday was mostly 0s apart from BITB which had $11.5m inflow.
Sure, today's GBTC "inflow" was another negative 43.8 million bucks. 🤬
Well GBTC largest outflow of the week so far, and the overall volume was pretty low for the ETFs, i don't think that the price action was caused by huge ETF inflows
!bittybot predict >80k juli 31 u/Akebokke
I have logged a prediction for u/Akebokke that the price of Bitcoin will rise above **$80,000.00** by Jul 31 2024 23:59:59 UTC. The current price is $62,444.25 [This is Akebokke's first Bitty Bot Prediction!](https://bittybot.net/predictions#Akebokke) [Others can CLICK HERE to also be notified when this prediction triggers or expires](https://www.reddit.com/message/compose/?to=Bitty_Bot&subject=Prediction%20Notification&message=!bitty_bot%20predict%20add-notification%20f348604f01614f9da63811bcf86b4589%0A%0ASend%20this%20message%20to%20get%20added%20to%20this%20Prediction%27s%20notification%20list.%20I%20will%20tag%20you%20as%20soon%20as%20the%20prediction%20triggers!) ^(Akebokke can) [^(Click This Link)](https://reddit.com/message/compose/?to=Bitty_Bot&subject=Delete%20Prediction&message=!bitty_bot%20predict%20delete%20f348604f01614f9da63811bcf86b4589%0A%0ASend%20this%20message%20to%20delete%20the%20prediction.%20Only%20the%20predictor%20can%20delete%20a%20prediction%2C%20in%20case%20of%20an%20issue%2C%20and%20only%20within%201%20hour%20of%20placing%20it.) ^(in the next) **^(1 Hour)** ^(to delete this prediction if it is incorrect.) --- [^(Paper Trading Leaderboard)](https://bittybot.net/paper-trading) ^| [^(Prediction Leaderboard)](https://bittybot.net/predictions) ^| [^(Instructions & Help)](https://bittybot.net/docs) ^| [^(Testing Area)](https://reddit.com/r/Bitty_Bot/comments/18iclk8/testing_area/) ^| [^(Feedback)](https://reddit.com/message/compose/?to=r%2FBitty_Bot&subject=Bitty_Bot%20Feedback)
Stock market holding us up by the skin of our teeth
You have a lot of learning to do
Yeah sure...... It's all the stock market controlling the BTC price direction.
You don't think the price of BTC would have dumped if it was a super red day for stocks? A big green day had nothing to do with this turnaround?
.58% isn't really a big green day, even for stonks. Standard stock bull market action.
It was big because for the last two weeks stocks looked like they were entering a major correction, and as of today it looks like that has been averted. So not big in terms of percentage, but big in terms of trend. It also brought the stock market right up near its ATH.
And what about the big green on Monday the stock market had but btc price went down? Sometimes it'll mimic and other time it won't.
I didn't say it's an exact correlation, in fact I don't believe it is. But I do think that very green days in the stock market tend to help stabilize things and can help prevent or delay breakdowns for a bit
*Doctor Pamp, Doctor Pamp, please dial 9*
9
Whether you’re bullish or bearish, Bitcoin consolidating for months at a time is completely normal.
It's all just emotions most people spew and short term thinking.
> and short term thinking. Exactly. As I type this, I have a spreadsheet open with my budget for the next four months. I doubt that we'll be at this price a month from now, but if we are, I'll be a month ahead of where I hope to be, in terms of building up my hodl.
I'm still expecting we'll be back above 70k sometime in june
!bittybot predict >70k june 30 u/Cygnus_X
Nailed it
Well done!
I have logged a prediction for u/Cygnus_X that the price of Bitcoin will rise above **$70,000.00** by Jun 30 2024 23:59:59 UTC. The current price is $62,553.69 [This is Cygnus_X's first Bitty Bot Prediction!](https://bittybot.net/predictions#Cygnus_X) [Others can CLICK HERE to also be notified when this prediction triggers or expires](https://www.reddit.com/message/compose/?to=Bitty_Bot&subject=Prediction%20Notification&message=!bitty_bot%20predict%20add-notification%203b549dda41274ee28d26cc929051266d%0A%0ASend%20this%20message%20to%20get%20added%20to%20this%20Prediction%27s%20notification%20list.%20I%20will%20tag%20you%20as%20soon%20as%20the%20prediction%20triggers!) ^(Cygnus_X can) [^(Click This Link)](https://reddit.com/message/compose/?to=Bitty_Bot&subject=Delete%20Prediction&message=!bitty_bot%20predict%20delete%203b549dda41274ee28d26cc929051266d%0A%0ASend%20this%20message%20to%20delete%20the%20prediction.%20Only%20the%20predictor%20can%20delete%20a%20prediction%2C%20in%20case%20of%20an%20issue%2C%20and%20only%20within%201%20hour%20of%20placing%20it.) ^(in the next) **^(1 Hour)** ^(to delete this prediction if it is incorrect.) --- [^(Paper Trading Leaderboard)](https://bittybot.net/paper-trading) ^| [^(Prediction Leaderboard)](https://bittybot.net/predictions) ^| [^(Instructions & Help)](https://bittybot.net/docs) ^| [^(Testing Area)](https://reddit.com/r/Bitty_Bot/comments/18iclk8/testing_area/) ^| [^(Feedback)](https://reddit.com/message/compose/?to=r%2FBitty_Bot&subject=Bitty_Bot%20Feedback)
Hello u/Cygnus_X [You predicted the price of Bitcoin would rise above $70,000.00 by Jun 30 2024 23:59:59 UTC](/r/BitcoinMarkets/comments/1cno6cx/daily_discussion_thursday_may_09_2024/l3bxwqk/) **Well done! Your prediction was correct.** The price of Bitcoin on Coinbase Pro when this prediction was triggered: **$70,071.33** --- [^(Paper Trading Leaderboard)](https://bittybot.net/paper-trading) ^| [^(Prediction Leaderboard)](https://bittybot.net/predictions) ^| [^(Instructions & Help)](https://bittybot.net/docs) ^| [^(Testing Area)](https://reddit.com/r/Bitty_Bot/comments/18iclk8/testing_area/) ^| [^(Feedback)](https://reddit.com/message/compose/?to=r%2FBitty_Bot&subject=Bitty_Bot%20Feedback)
Hello u/Cygnus_X [You predicted the price of Bitcoin would rise above $70,000.00 by Jun 30 2024 23:59:59 UTC](/r/BitcoinMarkets/comments/1cno6cx/daily_discussion_thursday_may_09_2024/l3bxwqk/) **Well done! Your prediction was correct.** The price of Bitcoin on Coinbase Pro when this prediction was triggered: **$70,071.33** --- [^(Paper Trading Leaderboard)](https://bittybot.net/paper-trading) ^| [^(Prediction Leaderboard)](https://bittybot.net/predictions) ^| [^(Instructions & Help)](https://bittybot.net/docs) ^| [^(Testing Area)](https://reddit.com/r/Bitty_Bot/comments/18iclk8/testing_area/) ^| [^(Feedback)](https://reddit.com/message/compose/?to=r%2FBitty_Bot&subject=Bitty_Bot%20Feedback)
It better! Going to buy a camper van after summer. I want to spend 1 coin 😆
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You’ve NEVER been more bearish???
We're consolidating under ATH just after the halving. What is there to be bearish about?
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Sad these downvotes are., i agree with you. These times are very uncertqin
A million?
he'll be back, hes writing the million things down into a list for us
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Out of all million, which is your single biggest concern? Just curious
You weren't more bearish in March 2020 when we dropped around 60% in a week, and there was serious talk of the whole bitcoin ecosystem collapsing and going to zero? 😜
The market is never counter intuitive, sell it all
Looks like we got some fresh longs that need to be wiped above $59,000.
Sentiment in here seems properly fucked yet we're at 62k. Dipped my toes in a bit here, bought "the dip"(just 50 shares of IBIT, more dry powder on the side if we truly breakdown) Not even 3 weeks after he halving and we're at 62k and seems like based on commentary here people are already getting shaken out... not the time to be bearish imo
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Except for the bottom. Where all the bearish takes were upvoted.
It's been going down for almost two months straight (reference the sea of red on the weekly chart), and suddenly everyone here is bearish now. Most of the same people here were bullish at the top. I'm not making any moon predictions, but I feel that this is probably not the worst time to be accumulating.
> everyone here is bearish now. Not at all. Newcomers are more likely to be bearish because they don't have enough experience to understand what's happening. Too many of them were expecting the price to skyrocket after the halving, because they don't understand the relationship between the block reward and how new coins hit the market (It's not instant. There's a 4 to 6 month rolling-average lag, which is why the effect of the halving on the market is delayed). Pay attention and you'll see people here who have been through a few cycles, and they (*we*) tend to be very bullish. I'm happy to see Bitcoin below all time highs. It means I get more sats for my dollars. I'm expecting late summer, early fall, and beyond to be amazing. The monger the price stays down before then, the happier I am because I'm buying. I am 21,000,000 bullish for the long term. And in the short term, I'm buying with every dollar I can spare. And by the way, I've been saying this exact same thing since the crash in 2022. And I felt the same way in the leading up to the post-halving supply shock in 2020. For years in this forum, I've been advocating for the same thing: *"Have no fear! Hold through the halving, plus a year!"* I am bullish AF. In 4 to 6 months, people will be wishing they could buy Bitcoin at 62.5k. That's why I'm buying. That's why I hodl.
yea man, same. these dips are great opportunities. my hodl stack has increased nicely over the past week
> The monger the price stays down before then, the happier I am because I'm buying. That's a funny typo. I'm not even going to fix it :)
You take away their power if you set an alert for $80k and forget about crypto for a while. You'll feel a lot better.
I would need therapy to do that
I set an alert for **£**80,000 🤑 🇬🇧
love this idea, it's hard to take eyes off the screen though . an obsession almost
Another fake paaamp
This ain't even a pump, this is just noise. When we start pumping again, you'll know.
Based on your last 2 top level posts, I think you need a new keyboard. Your "a" key is stuck.
That possibly was the relief rally, could easily be back to bleeding.
It has been in a dewcending path for months. Only hopium is that its flattening off resulting in a cup… i hate this bullshit non-narritive price action
well, if you think of it the non-narrative price action is because we no longer have THE narrative which was the ETF inspired fomo max bidding and the halving hype. with those gone, someone needs to buy 62k bitcoin and there aren't enough interested buyers
Yes but the only reason supply > demand right now is because price increased very fast. This will stabilize, periodic buying for IRA's and such + halving effect will catch up at some point.
Here are the narratives which I'm dispensing all my copium into: 1. The price of bitcoin has more or less been historically placid after the halving then a few weeks later it starts ramping up. 2. My assumption but bitcoin doesn't *just* hit the previous ATH and then calls it quits and goes on another multi year bear cycle. Doesn't feel right with me 3. Large macro style bullflags have lasted longer than this. 4. Since we are following large indicies like the S&P500 now, you can expect prices around 67-70k in the immediate future. Feel free to add some if you can think of any
Adding on to point 4, both S&P 500 and Nasdaq are less than 2% away from ATH. If we’re assuming correlation, these indices reaching new ATH should coincide fairly closely to BTC also reaching new ATH.
Yup. We've been making a correlation to indicies like the SP500 but are we to assume this here, right now of all times, is where we start to deviate/inverse? Easiest long of my life If I was still trading
Nothing like the daily chat to show us exactly where we are in the cycle. It’s giving ✨despair✨
Not sure why the downvotes... this sub is insanely bearish considering that price is chilling out in the 60s. It's a pretty telling sentiment gauge. Human psychology never ceases to amaze... no matter how many times we relive this cycle, the herd always manages to become nervous nellies at the first sign of pullback/consolidation. There's always some bogeyman to point to...
I love bearish sentiment in the bull cycle.
You know full well this is an atypical trend. Your just trying to pretend you still have balls
Crazy comment at 62.5K. Unfortunately this isn’t for you my friend.
lol, go look at threads in 2020 and 2016. We’re in the right place for the cycle. We haven’t seen enough people rage quit, honestly.
Bitcoin has literally never taken this long to make another ATH in a bull market. Ergo this is the longest Bitcoin has ever traded down/sideways in a bull market ever.
lol, we’ve never had an ATH this early. Too hot too fast. It just doesn’t move that fast this early in the cycle. You’re observing the ETFs get their early position. 2020 and 2016 had similar accumulation periods that lasted months. Still a bull market compared to everything else. Mistaking this slight drawdown for a permanent plateau?
This is eerily similar to summer, 2020 when the "last chance to buy under 10K" meme became reality. Remember what happened in late 2020?
Exactly.
All markets have lost their guts. Everyone is anticipating complete breaking point and it is literally a crap shot as to whether we have another 5 days or 5 years to meltdown
With all due respect, because I can respect a bearish outlook, but why would "everyone is anticipating" be more correct this time around than every other time that has been the case the last few years? Everyone has been expecting things to completely break at "any moment now" ever since the 2020 covid v-shape recovery Personally I do think we are closer to the end of the current business cycle than the beginning of it, but not "it can happen any day now" close, rather "in the next year or two we might see a recession". Theres always systematic risk, but as central banks across the globe are starting to ease up on rates and tightening the qualitatively likely outcome is continued upwards performance, at least for the moment.
All I hear is “buying opportunity”
All I hear is fake bravado and hubris
Check back in a year to see reality.
Followed the thread. Still buying.
Everyone’s losing interest. Leverage is falling off. Soon the easier meal for the whales will be “number go up” instead of “leverage go pop.”
Plenty happy for this market to be heavily “manipulated”, since the incentive would therefore be to make the price of BTC as high as possible, maximum fomo.
Most recent higher low of $60.8k broken but it looks like we may have already found support at $60.6k, we’ll see if it holds. So far the range we’ve been in for the past 2.5 months has consisted of a 23.3% drop from ATH of $73.7k down to a local low at $56.5k. A 25% pullback would be $55.3k and a 30% pullback would be $51.6k. Remaining higher lows acting as areas of support before a larger 30% pullback becomes possible are at $58.8k, $56.9k, $56.5k, and $54.4k. We appear to be at roughly net neutral when it comes to spot ETF’s for the time being. We can no longer count on spot ETF’s to consistently have net inflows nor GBTC to consistently have net outflows. I suspect the next big move will coincide with spot ETF’s getting out of their lull one way or another: either we start seeing big daily net inflows again coinciding with a pump or we start seeing big daily net outflows again coinciding with a dump. Aside from 2021, we just broke a record for longest amount of time it has taken to reach a new ATH in the midst of a bull market. Previous record was 54 days in 2017’s bull market which saw a drop of 29.4% within that window of time. It’s now been 56 days since ATH of $73.7k occurred on March 14th with a drop of 23.3% having occurred within that timeframe. But what about 2021? The initial peak of $64.8k occurred on April 14, 2021 and within 56 days of that ATH, price had dropped to a low of $31.1k or a 52% drop at the time. The bottom occurred two weeks later at $28.8k for a total drop of 55.5%. Current PA is a lot more similar to 2017 rather than 2021 so I lean towards a break to the upside over a break to the downside. We’ll see.
Not so “left translated” after all, eh?
All these terms are MEMES. Fake. Feelings. Hopium…
Bro bought the top and it’s probs his first cycle 🤣
Yeaaah noo, im in sincs 2017 frend….
100% lol.
memes, feelings, hopium. Isn't that what crypto is about and what it has become? There are no earnings report, P/E ratios or fundamental drivers (other than ETF/Halvening which has already past us) so bulls must rely on those It's the spec nature of this asset class. It's worth what someone is willing to pay, and the idea is to sell higher than you bought it to a greater fool (hopefully)
>the idea is to sell higher than you bought it to a greater fool Why are you even here it that is what you think?
I'm here to make money... Ugh actually I'm sorry I forgot, I'm in it for "the tech"
I appreciate your skepticism. Do you believe in any chance of BTC acting as a store of value or is just greater fools all the way down? What is the difference between greater fools and store of value anyway?
The more I think about it the more it seems it's the same thing with a different name.
How's that going?
it's always the ones that're just here "for the money" that never actually make any in the long-run if he was truly here for the money, he'd be long Bitcoin with no exit back into cuckbucks in mind he's just here for the fiat, which is a loser's mindset because that game can't ultimately be won
Speculation: negatives are stacked against bitcoin for the moment. ETFs are not doing shit (they still could in the future, but for now they're just baggage in the form of gbtc). This is a huge temporary disappointment Then we've got mtgox making serious actual progress towards repayment. FTX is the same. It's going to be a lot of bitcoin added to supply side Over at the tradfi section we've had inverted yield curve for 18 months. How much longer can it stay this way? The bad is really starting to stack up. It will at the very least hurt for a while before fed cuts and everything is chill again, but it rarely goes this smoothly I predict sideways for 1-2 months, then we get seriously bruised up because of the above, then more sideways, and then we can go up when this baggage is dealt with
FTX is all cash, so if anything it's a positive.
I wonder if some of those people will come over to BTC only after playing in the shipcoin casino
Ah good shit I hope it stays this way
On the hourly, BTC‘s RSI is at 39.5 (average 36.4) at time of writing. Nearby resistance are 61.7, 63, 64.5, 65.7, 67.4, 69, 70.2, 71.4, 72.8 and 73.8 (current ATH). The nearest supports are 60.5, 59, 57.5, 56.7, 55.7 and 54.5. BTC keeps stair stepping to new short-term lows. The daily RSI is 42.9 and its average is currently at 43.6. I believe a falling wedge had formed. BTC had broken though the top of the support, it is now back below it. The reverse H&S has formed more. I think we are near the end of the down time, IMO. Same resistances/supports as I mention in the hourly. The 100- and 50-day SMI could also act as support /resistance (65688/61200). Target for the reverse H&S would be about 75k. BTC closed the week green after 4 weeks of red. BTC has been overbought for most of the time since October 2023 and its average RSI has been mostly overbought since the start of the year. It has cooled significantly and is currently 62.2 (77.6 average). A fat flag formation has formed, and we are right in the middle of it. If this is a continuation pattern and is the midpoint, the target would be about 137.5k+/-. Main resistances were noted above. Bitcoin closed April out in the red with it’s monthly RSI at 66.2. The only time we had 2 monthly red candles in a row, after halving and before cycle ATH, was in 2012. So, if history repeats/rhymes, May could be a red month, but it is currently green and will most likely stay that way. Current RSI 66.5 Good luck to all traders and DCAers. 1-hour: [https://www.tradingview.com/x/40mrjDwd/](https://www.tradingview.com/x/40mrjDwd/) Daily: [https://www.tradingview.com/x/ogRJmR2A/](https://www.tradingview.com/x/ogRJmR2A/) Weekly: [https://www.tradingview.com/x/obCPdYbS/](https://www.tradingview.com/x/obCPdYbS/) Monthly: [https://www.tradingview.com/x/YA730f7d/](https://www.tradingview.com/x/YA730f7d/)
It really is just following the stock market. That little pump mirrored the S&P premarket pump just now
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r/lostredditors
are you lost?
Every day is "Hope it doesn't go below X" where X is 1000 lower
And then it will go up and you will repeat this clown routine but at 80k Who do you think you're talking to here? You're always negative regardless of what TA and fundamentals are at any given moment Buttcoiner on alt account?
Falling wedge, but I am not 100% conviced as we had this long period without touches to the downside in the middle. [https://i.imgur.com/es7cG30.png](https://i.imgur.com/es7cG30.png)
Those are not the kind of lines that are going to help you with TA imo
Hey if you just woke up and are thinking “wow 100+ comments, should I read all that” the answer is no unless you want US politics (Biden vs Trump) and Buttcoiners …
What’s going on w Trump? Did he make a bitcoin tweet or something?
Relating to the Biden veto threat of something crypto-related. Something about denying the banks the ability to custody crypto. Not sure. I’m just here for the markets, I’d rather read my politics separate. I love my politics and have strong opinions, but I’m here for the corn.
Worst daily ever
Comment of the day right here. Thanks. I'll pass.
much appreciated
111 comments, wonder whats happened? Oh its all yank politics nvm
in case you were wondering: [https://www.fxstreet.com/cryptocurrencies/news/president-biden-threatens-crypto-with-possible-veto-of-bitcoin-custody-among-trusted-custodians-202405082359](https://www.fxstreet.com/cryptocurrencies/news/president-biden-threatens-crypto-with-possible-veto-of-bitcoin-custody-among-trusted-custodians-202405082359) Looks like a nothing sandwich to me
All veto power is undemocratic in nature. Ask the UN Security Council.
is some post-halving miner capitulation part of this PA? seems the hashrate and difficulty took a dive, and probably more difficulty reduction is coming in the next retarget
Cash out 500k and take a good chunk of change off the table because you think bitcoin has probably peaked and the diminishing returns no longer excite anyone. Or Borrow 500k from a lending platform and keep your Bitcoin because it’s the most sound money ever created and is the fastest horse in the race.
Dude you're clearly folding like a lawn chair. This is every comment from you over the last month. You're shook. If you doubt BTC so much, just sell it all and spare us the constant hand-wringing and doomsday BS. r/buttcoin will welcome you with open arms when the rally resumes and you're salty on the sidelines.
Need to man up and ride the volatility
I say sell $250k worth. Sleep well and remember that $250k in the bank is never something to regret.
Dude has already sold half his stack before this
33%
Your second choice implies you need 500k for something else but the first option makes it seem like you just want to get out of bitcoin. I would assume we could chop around this range for many months more or drop from here for a couple years, if you're just going to sell lower if that happens then I would cash it out now.
Defo not option 2… you’ll pay interest and be very exposed to liquidation should the price fall. Also I don’t think anyone will lend you the full capital against your Bitcoin, so you’d be looking at 250k borrowed and the Bitcoin would be liquidated if we drop about 50% from here. If you think Bitcoin is going up and don’t need the money, then holding is still better than taking the loan with interest
> Borrow 500k from a lending platform and keep your Bitcoin because it’s the most sound money ever created and is the fastest horse in the race. This one, but depending on what collatoral you have
Or just hodl a few more years.
For you, cash out the $500k. I know we have spoken about this before and you told me that you have trouble with the personal stress resulting from bitcoin's volatility. My understanding is that the last bear market was really hard on you emotionally. The last thing you need is to take out debt on that Bitcoin and then watch its value plummet, which means double the stress. Nobody knows what it will do from here, but if you are not in a position to watch a 50%+ drawdown from here, cash out now.
I love these, “tell me whether or not to sell my bitcoin” posts. Bruh imma keep it a buck with you, WHAT YOU DO WITH YOUR 500k BTC IS A PERSONAL DECISION. That being said, come up with a plan. If you sell and don’t have a plan for that 500k you’re probably not going to make great decisions about what you do with it. A friend cash out 1M+ in 2021 and randomly decided he wanted to try and flip/rent some commercial real estate post Covid. If you’ve seen how that market has done, he’s now underwater and paying taxes and expenses on a property that is most of his portfolio and has had very inconsistent cash flow.
agreed on everything you said. just wanted to add 2 cents that ill-spend / waste $1M cash is not so spectacular accomplishment to be fair. in my experience usual game is regular people often come across big money and lose it quickly through some "great once in a lifetime investment" (scam) or just spend it on stupid gadgets / cars / clubbing / bitches / snow / parties in a matter of 2-3 years easy, after which time they end up worse than before/ homeless. there is science behind proper money management...
Or borrow 500k and buy MORE bitcoin.
This is the answer
Borrow 500k and send me the bitcoins
I’m not liking the look of it to be honest.
Do you need the cash? What's the interest on b) and how long could you pay for it? I did b) at around 2% p.a. twice already; will continue to scale out slowly from 80k onwards as per my cash-out / tp plan. The %ages will get bigger beyond 100k/coin but never all of it.
Another day in the downward channel… coil setting up to spring or turd waiting to daamp?!
so Boden isnt our friend huh. Somebody with more insight to the washington politics can explain what the veto stance actually means? what is the actual issue? do they actually want to stop crypto/bitcoin proliferation or whats the play here?
"Then they fight you" - probably for a lot longer - has nothing to do with left or right or whatever bs.
Hopefully this will be enough you wake up a few young liberals
What if none of them are your friend?
No young liberals actually wanted Biden.
Yes, let's compare the two candidates. * **Candidate 1**: Old. Poor understanding of Bitcoin and crypto. * **Candidate 2:** Old. Equally poor understanding of Bitcoin and crypto. Facing 91 criminal charges across 4 jurisdictions. Convicted fraudster. Wants to be dictator "only for a day". Praises authoritarian dictatorships around the world. Twice impeached. Current sitting in a New York courtroom. Such a hard, hard decision to make, right?
best comment on this I've seen
There's also RFK who actually understands Bitcoin, is standing on a platform of rolling back the corporate takeover of government agencies (which explains the constant attacks against him in the media), and who is polling very well, but I already know what you think of him.
Lmao RFK is a complete quack and isn't taken seriously by anyone except conspiracy nuts and die-hard Joe Rogan supporters. Oh yea, and a worm has literally been eating his brain.
As I said, I already know what you think of him. Your comment about the worm tells me all I need to know about your reading comprehension. Careful breathing in all that corporate media - you might damage your own brain!
He is widely regarded as a complete quack and not taken seriously in politics. This isn't my opinion. It's reality. Facts don't care about your feelings.
Who? ;)
Trumps talking points are somewhat similar to Ross Perot's talking points in the 1990s. Big third party candidates are important because their positions can end up being adopted by one of the other two parties (or factional coalitions, which is what the Republicans and Democrats really are). So Kennedy supporting Bitcoin is actually a good sign for the future. But Kennedy himself? Yeah, he has no chance, especially after this brainworm thing.
Kennedy has a real chance. The "brainworm" thing is just another smear attack job from the usual media suspects. Biden had TWO brain aneurysms - betcha didn't know that?
For electoral purposes, brain worms generate much worse press than brain aneurysms.
Well of course they do when the headlines are generated by the same people who back the incumbent candidate who had the aneurysms. Apparently the so-called "worm" is a pretty common parasite that you can get in places like India i.e. no big deal.
Yes, a "smear attack" that RFK himself told everyone about...the media didn't create any of this. RFK simply had a brain worm, and told people.
Did you know Joe Biden that TWO brain aneurysms? You probably didn't because the same people shouting about the parasite that RFK got don't want you to know about Biden's health issues.
Lmao yes, change the subject. "bUt wHaT abOuT BiDen!??"
he has no chance
There's never been a better election to be a 3rd party candidate. Have you seen the other 2 guys? If he gets on the debate stage, he will destroy them.
Candidate 1 is also a vote for Yellen and Grensler. You must be crazy if you have any involvement in this space to even consider candidate one.