Be ahead of the curve

[mentos]

sold entire position at 67k about a week ago. Had a spidy sense the hong kong etfs and fed meeting would be sell the news event like the us ones. I got lucky so i'm not pretending otherwise.

Waiting for some entry no sooner than 50k.

Nice man. I wish I sold my ETH at 4k and SOL at 200 now. Just have to wait again.

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[GassYous]

Nice man. I wish I sold my ETH at 4k and SOL at 200 now. Just have to wait again.

Buy the dip

 

[sevo00]

Nice man. I wish I sold my ETH at 4k and SOL at 200 now. Just have to wait again.

And then you’ll wish you didn’t sell it when eth hits 10k and sol hits 1k.

 

[finalpsychyear]

And then you’ll wish you didn’t sell it when eth hits 10k and sol hits 1k.

im glad this is starting to feel like a normal cycle with large draw downs. The longer the cycle goes hopefully into middle to end of 2025 the more likely we have of getting to a 100k.

I think we chop between high 50-70k for the rest of the year and maybe some run of 70-90k somewhere in the q4 quarter.
I've gone back to feeling this cycle will confirm diminishing gains and will be somewhere in the 100-120 area as the blow off top which would be like a 50% gain from previous ATH a number i would be thrilled with.

 

[sevo00]

There is nothing different this time. That was our first major drawdown you are correct. We are in the “disbelief” stage in the market cycle.

You can try to time local tops and bottoms but then you run the risk of missing out on the parabolic moves

 

[Z-Qualizer]

im glad this is starting to feel like a normal cycle with large draw downs. The longer the cycle goes hopefully into middle to end of 2025 the more likely we have of getting to a 100k.

I think we chop between high 50-70k for the rest of the year and maybe some run of 70-90k somewhere in the q4 quarter.
I've gone back to feeling this cycle will confirm diminishing gains and will be somewhere in the 100-120 area as the blow off top which would be like a 50% gain from previous ATH a number i would be thrilled with.

After seeing how many people sold at 70k, I think there is going to be a BIG sell-off/draw down after we hit 100k.

 

[triggermaster]

After seeing how many people sold at 70k, I think there is going to be a BIG sell-off/draw down after we hit 100k.

The supply of greater fools will run out at 100k?

 

[Z-Qualizer]

The supply of greater fools will run out at 100k?

To clarify: I don’t think 100k is “the end” - far from it actually. I still think price will eventually go much higher… but I also think that A LOT of people will take profits the first time price breaks 100k.

So what’s your prediction? 100k, then straight to zero??

 

[sevo00]

The supply of greater fools will run out at 100k?

Guess you’ve never heard of the concept of a limit order and trend lines EMA

Not everything is about being emotional and or a fool or not

 

[pgg]

Guess you’ve never heard of the concept of a limit order and trend lines EMA

But what do the chicken entrails and your horoscope say?

 

[sevo00]

But what do the chicken entrails and your horoscope say?

Not sure I get your point. Technical analysis uses actual mathematical data. What do horoscopes use not sure.

 

[pgg]

Not sure I get your point. Technical analysis uses actual mathematical data. What do horoscopes use not sure.

The point is that technical analysis is bull**** devoid of fundamental value, except possibly for the narrow niche of HFT, which isn't something ordinary people do. Then again, crypto is bull**** devoid of fundamental value too, so maybe it has some utility in that arena.

 

[sevo00]

The point is that technical analysis is bull**** devoid of fundamental value, except possibly for the narrow niche of HFT, which isn't something ordinary people do. Then again, crypto is bull**** devoid of fundamental value too, so maybe it has some utility in that arena.

Ok. Not sure why you’re so angry and emotional

 

[pgg]

Ok. Not sure why you’re so angry and emotional

Angry? LOL

Amused and bemused.

The most amazing thing about the last 15-ish years of bull markets and everybody making money no matter what they did, is that people have come to believe they've made money because they're smart or because their pet system has intrinsic merit. It's just interesting to see that hubris slide right into the crypto world.

I hope your ziggy lines lead you to profits.

 

[sevo00]

Angry? LOL

Amused and bemused.

The most amazing thing about the last 15-ish years of bull markets and everybody making money no matter what they did, is that people have come to believe they've made money because they're smart or because their pet system has intrinsic merit. It's just interesting to see that hubris slide right into the crypto world.

I hope your ziggy lines lead you to profits.

Got it

 

[mentos]

Recession cancelled. Back up we go!

 

[finalpsychyear]

Angry? LOL

Amused and bemused.

The most amazing thing about the last 15-ish years of bull markets and everybody making money no matter what they did, is that people have come to believe they've made money because they're smart or because their pet system has intrinsic merit. It's just interesting to see that hubris slide right into the crypto world.

I hope your ziggy lines lead you to profits.

 

[Direct Laryngoscopy]

number go up

 

[finalpsychyear]

number go up

 

[Dr. Rude]

Is there any data on how fast and how widely Bitcoin is being adopted as a medium of exchange in non-shady transactions?

 

[Direct Laryngoscopy]

Is there any data on how fast and how widely Bitcoin is being adopted as a medium of exchange in non-shady transactions?

In the western world very slow. It’s moreso a monetary debasement store of value. There are 2nd layer technology to do infinite number transactions per second but there’s no incentive to change over. But as the Fed continue the relentless monetary debasement it’s been quite the hedge.

In emerging markets it’s stablecoins (tether) that are coveted. There are some niche areas (El Salvador, parts of Switzerland) but overall low.

Overall adoption for use has been underwhelming at this point. But Store of Value is undeniable at this point. Retail, pensions, and sovereign wealth funds are adopting it.

IMO it’ll take a financial or political calamity that would spur further adoption for use in the western world. We could see the incumbents adopt the technology by accumulating coins and and use the underlying network without the normies even know they’re using the technology for transactions, or proof ownership or whatever technology keeps evolving.

I’m still mega bullish for a number of reasons, but that’s my take presently as we’re in the middle of bull run.

 

[pgg]

But Store of Value is undeniable at this point.

Hardly undeniable - it's so volatile, even during these times of general economic stability, that you've got to admit it's more of a speculative asset than a "store of value" ....


And we'll see, when the next economic crash comes along, if/how it stores its value.


It's possible that there will be an abrupt sell-off of bitcoin as holders abruptly sell in order to cover margin calls, free up cash, pay bills after job loss / business downturns, or even to buy other assets at firesale prices.


I mean, rather than speculate, we could look at how well it actually functioned as a "store of value" during a recent economic and financial crisis. Spoiler: it didn't.

January to February of 2020 the price of Bitcoin was bouncing around $8500-9500. Then mid March 2020, as the catastrophic economic impact of COVID was becoming apparent, and the stock market briefly tanked, what happened to Bitcoin? It tanked right along with those fiat-dollar-denominated stocks.

Bitcoin lost about 40% of its value, plummeting to a nadir around $5000, and it wasn't until June or so that it recovered.

Now, maybe that's an acceptable outcome if you don't need or want the funds during the crisis. But contrast that behavior with what happened with gold - it dropped about 10% for a week, before recovering.


I'd call just one of those things a store of value that's useful during a crisis.

 

[Direct Laryngoscopy]

Hardly undeniable - it's so volatile, even during these times of general economic stability, that you've got to admit it's more of a speculative asset than a "store of value" ....


And we'll see, when the next economic crash comes along, if/how it stores its value.


It's possible that there will be an abrupt sell-off of bitcoin as holders abruptly sell in order to cover margin calls, free up cash, pay bills after job loss / business downturns, or even to buy other assets at firesale prices.


I mean, rather than speculate, we could look at how well it actually functioned as a "store of value" during a recent economic and financial crisis. Spoiler: it didn't.

January to February of 2020 the price of Bitcoin was bouncing around $8500-9500. Then mid March 2020, as the catastrophic economic impact of COVID was becoming apparent, and the stock market briefly tanked, what happened to Bitcoin? It tanked right along with those fiat-dollar-denominated stocks.

Bitcoin lost about 40% of its value, plummeting to a nadir around $5000, and it wasn't until June or so that it recovered.

Now, maybe that's an acceptable outcome if you don't need or want the funds during the crisis. But contrast that behavior with what happened with gold - it dropped about 10% for a week, before recovering.


I'd call just one of those things a store of value that's useful during a crisis.

Number go up

 

[mentos]

I'd call just one of those things a store of value that's useful during a crisis.

Fortunately for BTC holders, there is always a crisis happening.

 

[mentos]

ADA sucks.

 

[Direct Laryngoscopy]

https://www.sec.gov/edgar/search/#...Wisconsin&startdt=2024-05-14&enddt=2024-05-14


The State of Wisconsin Pension board is the second largest holder of the BlackRock Bitcoin ETF. Although a small allocation ($100 million out of $35 Billion), it’s significant because due diligence was done and we will see more public funds allocating in the future. I guess all Wisconsin public employees are Bitcoiners now.