Bitcoins - about to hit $5,000 per coin today!

[Jakobslander]

It's Economics 101: All other variables held constant, an increase in demand of a product tends to increase the price of the product.

To me, what is currently going on is there a major dump of of the stolen Mt. Gox coins. It takes time to cycle through the system.

Wouldn't be surprised if BTC does a 360º at 4:01PM on Friday and decides to go to 40k. The market is going to fuck people over just like that.

[SOMEPARTS]

It's Economics 101: All other variables held constant, an increase in demand of a product tends to increase the price of the product.

To me, what is currently going on is there a major dump of of the stolen Mt. Gox coins. It takes time to cycle through the system.

Wouldn't be surprised if BTC does a 360º at 4:01PM on Friday and decides to go to 40k. The market is going to fuck people over just like that.

You should do the weather. If somebody holding Mt Gox coins didn't sell at 60k why would they sell at 29k?

These are fables. 

[Mayday]

It's Economics 101: All other variables held constant, an increase in demand of a product tends to increase the price of the product.

To me, what is currently going on is there a major dump of of the stolen Mt. Gox coins. It takes time to cycle through the system.

Wouldn't be surprised if BTC does a 360º at 4:01PM on Friday and decides to go to 40k. The market is going to fuck people over just like that.

The argument from Bitcoin influencers has always been fixed supply and scarcity.

on chain data analysts monitor this very thing, supply and demand yet they have the absolute worst track history of being correct. They see demand increase and immediately call for higher price but then price falls…….

look at alt coins which have inflating supply yet price still followed bitcoin and went up…… unlimited supply and price went up kind of flies in the face of what Bitcoin promises.

The point of it is ‘belief’ of the buyer is what sets price. When we have retail buyers enter the crypto market for a FOMO run, nothing is running out its simply that they believe it is going up in value so they pay more for it. Supply doesn’t change, you can still buy any amount at the click of a button.

When retail is nuked at 64k there is no change to supply but the buyers who remain in market believe it is worth much less than before and therefore price sells. So when we see demand increase we see price fall like right now.

I’m just saying it’s a different way to see it and treat it for what it is. Unlimited supply, unlimited access, yet growing demand can see a fall in price. It’s belief. So if right now you hold Bitcoin the problem is the major players believe it’s worth 14k and therefore this is where it will inevitably end up.

[TheAnimal]

THORChain (RUNE) is down 83 % from its high.

Nice 
Shitcoins falling is great.

[Jakobslander]

You should do the weather. If somebody holding Mt Gox coins didn't sell at 60k why would they sell at 29k?

These are fables. 

I didn't say they sold at 29k, they probably sold at 60k and that's how we got to 29k.

Right around the time of the Coinbase IPO I remember hearing from Richard Heart that some of the addresses that were tied to the Mt. Gox fiasco were moving coins around. He didn't make anything of it but... what a coincidence huh?! Months later, 29k.

[Jakobslander]

The argument from Bitcoin influencers has always been fixed supply and scarcity.

on chain data analysts monitor this very thing, supply and demand yet they have the absolute worst track history of being correct. They see demand increase and immediately call for higher price but then price falls…….

look at alt coins which have inflating supply yet price still followed bitcoin and went up…… unlimited supply and price went up kind of flies in the face of what Bitcoin promises.

The point of it is ‘belief’ of the buyer is what sets price. When we have retail buyers enter the crypto market for a FOMO run, nothing is running out its simply that they believe it is going up in value so they pay more for it. Supply doesn’t change, you can still buy any amount at the click of a button.

When retail is nuked at 64k there is no change to supply but the buyers who remain in market believe it is worth much less than before and therefore price sells. So when we see demand increase we see price fall like right now.

I’m just saying it’s a different way to see it and treat it for what it is. Unlimited supply, unlimited access, yet growing demand can see a fall in price. It’s belief. So if right now you hold Bitcoin the problem is the major players believe it’s worth 14k and therefore this is where it will inevitably end up.

I'm with you on most of the stuff, but it's not the on chain analysts' fault. All they can do is tell us that there is a shortage or a glut of any coin. What they CAN'T and WON'T do is tell you if there's more buyers than sellers or vice versa. No one knows that. We see it represented in the price. What we ALL know is going to happen though is that these coins being sold by the weak hands are being accumulated by stronger hands, and that this will eventually culminate on a huge run up (200k-300k).

Look at gold: hasn't gone past historic highs in decades, inflation is ramping up and yet it's barely moving, with a decent dump on the way. Now, it takes time for moves to develop, price wise, but when they do, oh boy! Gold is going to dump short term, but the next leg up, get ready because it's going to Peter North it's way to 5k.

[Mayday]

I'm with you on most of the stuff, but it's not the on chain analysts' fault. All they can do is tell us that there is a shortage or a glut of any coin. What they CAN'T and WON'T do is tell you if there's more buyers than sellers or vice versa. No one knows that. We see it represented in the price. What we ALL know is going to happen though is that these coins being sold by the weak hands are being accumulated by stronger hands, and that this will eventually culminate on a huge run up (200k-300k).

Look at gold: hasn't gone past historic highs in decades, inflation is ramping up and yet it's barely moving, with a decent dump on the way. Now, it takes time for moves to develop, price wise, but when they do, oh boy! Gold is going to dump short term, but the next leg up, get ready because it's going to Peter North it's way to 5k.

Ok cool.

Gold I think could be simplified by looking at the bond market who has yields coming down. Those buyers are saying there is no inflation.

Money supply is leveraged 25x and we can make inflation vanish very quickly because of leverage unwinding.

A good example is lumber. 500% inflation a year after the pandemic….. today it’s dropped to roughly 90%.

Oil went from -$30 to $77 and this week it dropped nearly 20%.

We have almost 1T being parked at the Fed. 8 months of QE being kept aside as banks say it’s too risky to put it into the market. It suggests deflation is the serious risk.

Weimar had a lot of volatility as markets would blow up one minute and collapse the next. Gold did that a lot during that phase, it wasn’t stable. Lasted 10yrs and only in the final year did we see total collapse and then hyperinflation as a result.

So probably gold will be all over the place and then finally BAM and outcome of 400% in one year perhaps?

[Griffith]

https://cointelegraph.com/news/rothschild-investment-corp-has-increased-its-bitcoin-exposure-by-300-since-april

Rothschild Investment Corp has increased its Bitcoin exposure by 300% since April

https://dailyhodl.com/2021/07/21/1700000000-investment-firm-bolsters-holdings-in-grayscale-bitcoin-and-ethereum-trusts/

$1,700,000,000 Investment Firm Bolsters Holdings in Grayscale Bitcoin and Ethereum Trusts

[Griffith]

https://www.finextra.com/newsarticle/38490/mastercard-simplifies-card-payments-for-crypto-firms/retail

Mastercard is using the USDC stablecoin to make it easier for people to spend their cryptocurrency with its cards.

Today the card giant revealed that it is working on a pilot with Circle, the principal USDC operator, as well as Evolve Bank & Trust and Paxos Trust, to enable banks and crypto companies to offer a card option to people wanting to spend their digital assets anywhere Mastercard is accepted.

[polychronopolous]

Core Scientific, a major U.S. bitcoin mining company, is going public via SPAC


Cryptocurrency mining operator Core Scientific said Wednesday it is listing on the Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp.

The deal with the special purpose acquisition company values Core Scientific at roughly $4.3 billion.


It's not clear when trading will begin. The ticker name was not announced.

Core, which has operations in North Dakota, North Carolina, Georgia, and Kentucky, is one of the largest providers of blockchain infrastructure and hosting, as well as one of the largest digital asset miners, in North America.

Rival bitcoin miners Riot Blockchain and Marathon Digital have market capitalizations of $2.18 billion and $2.25 billion, respectively.

Core's "blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications," said Darin Feinstein, co-founder and co-chairman.

Bitcoin has had a wild year, peaking at more than $63,000 before crashing to a current value of around $31,500, but it's still up more than 245% from a year ago. SPACs of bitcoin mining companies are another way to bet on the crypto craze with a slightly longer-term time horizon than speculating on the currencies themselves.


Core, which primarily mints bitcoin, says it generated $60 million in revenue in 2020 and anticipates $493 million this year. The company declined to disclose net income or loss.

So far in 2021, Core has minted more than 3,000 bitcoin, including 1,683 for its own account, co-chairman and CEO Mike Levitt said in an interview. During that same time period, Marathon's mining fleet produced approximately 846 bitcoin and Riot produced a total of 1,167.

Core is adding capacity at its existing sites and is looking to build more facilities in potentially one to two more states. It operates about 80,000 rigs, and by the end of 2022, will be operating well in excess of 300,000 miners, according to Levitt.

https://www.cnbc.com/amp/2021/07/21/cryptomining-operator-core-scientific-going-public-via-spac.html?__twitter_impression=true

[Grape Ape]

Is this just the same old cycle of seeing ETH drop in the 1700, and BTC hitting 30, only to see it go up 10-20% in the next two weeks or so, then continue the cycle?

If it is, shame on me for missing again.

[Flexacon]

Could be bullish, could just be a new way to manipulate markets

https://www.coindesk.com/bank-of-america-is-clearing-crypto-etps-for-hedge-funds-in-europe-sources

Bank of America’s prime brokerage unit has started the clearing and settlement of cryptocurrency exchange-traded products (ETPs) for hedge funds in Europe, according to three sources with knowledge of the matter.

This is the second recent move on the part of the traditionally conservative bank in the volatile cryptocurrency arena. As reported last week by CoinDesk, Bank of America has also approved the trading of bitcoin futures for some clients and is clearing cash-settled contracts.

Bank officials may have felt they could not ignore an asset class that has seen numerous companies dive in. The demand for products such as ETPs has been increasing.

In February it emerged that Goldman Sachs, ICAP, JPMorgan and UBS have all been purchasing the 21Shares Polkadot ETP for clients, according to Bloomberg data. In June, ETC Group launched the first bitcoin ETP in the U.K. on the Aquis Exchange in London.

There has also been an increasing number of cryptocurrency ETPs being listed on the SIX exchange in Switzerland and the Deutsche Boerse’s Xetra market in Germany. The offerings range from blue-chips (bitcoin, ether) to the exotic (cardano, polkadot.)

According to CoinDesk’s sources, hedge funds are using Bank of America’s prime brokerage unit to access a raft of crypto ETPs approved by European regulators. The vehicles allow big firms to invest in various corners of the crypto universe without investing in crypto directly, but through a security that tracks the performance of various digital assets.

[Griffith]

Elon Musk says besides Bitcoin he also owns Ethereum and Dogecoin.

[OneMoreRep]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?

"1"

[a_pupil]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?

"1"

It needs to crash again for it to be ok risk wise for normies to pump money in. Like at the moment it's low but it's still too much risk just to double your money. I'd rather keep my spare cash in a safe 10-15% a year compounding investment and wait for the next crypto crash. I work too hard to gamble my business earnings away.

[Mayday]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?
"1"

14k April 2022.

I’d watch September and see how it’s looking.

[Griffith]

https://cryptopotato.com/brazils-sec-approves-first-ethereum-etf-in-latin-america/

Brazil’s SEC Approves First Ethereum ETF in Latin America

The Brazilian Securities Commission (CVM) has approved the first exchange-traded fund tracking the performance of Ethereum (ETH) in Latin America.

Several months after greenlighting a Bitcoin ETF, Brazil’s watchdog has done the same for a product tracking the performance of the second-largest cryptocurrency – ETH. The fund will be managed by QR Asset Management.

As local media reported, the CVM has given a nod of approval for the second cryptocurrency-oriented exchange-traded fund.

The Ethereum ETF will have a ticker QETH11 and will appear on the country’s stock exchange called B3. It will follow the CME CF Ether Reference Rate, used by the CME Group.

QR Asset Management, the company that will manage the fund, said with the announcement:

“Expanding the horizen of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.”

[polychronopolous]

It needs to crash again for it to be ok risk wise for normies to pump money in. Like at the moment it's low but it's still too much risk just to double your money. I'd rather keep my spare cash in a safe 10-15% a year compounding investment and wait for the next crypto crash. I work too hard to gamble my business earnings away.

Bitcoin doesn't HAVE to do anything.

It is still decentralized. It still has a hard cap of 21 million. The daily mined production will still be cut in half every 4 years.

It still is the most perfect form of money ever created.

If normies miss out because they fail to understand the fundamentals then they simply miss out.

People who do understand the fundamentals and do not wish to play silly little games like timing the market will simply eat up the supply and hold for years and years. Many of them will never sell.

[Flexacon]

Bitcoin has a mini rally and look who pops up.

I'd be willing to bet this person doesn't even own a whole coin despite wishing bitcoin had a dick they could suck.

[Mayday]

Bitcoin doesn't HAVE to do anything.

It is still decentralized. It still has a hard cap of 21 million. The daily mined production will still be cut in half every 4 years.

It still is the most perfect form of money ever created.

If normies miss out because they fail to understand the fundamentals then they simply miss out.

People who do understand the fundamentals and do not wish to play silly little games like timing the market will simply eat up the supply and hold for years and years. Many of them will never sell.

The short version.

There are 2 distinct phases. Long fundamental phase (the mean). Short FOMO phase.

Long fundamental phase shows the impact of coins HoDL’d. The short FOMO phase doesn’t show shit about the fundamental price.

The charts I post indicate where we are in this mean reversion. We are months away from the mean reversion.

[Theoak*]

I don't know gentlemen, but this recent $BTC bounce back from the $29K mark into the $31K+ zone isn't too convincing to me. I still think that if you zoom out, we're still very much in a consolidation with a head and shoulders pattern that is still set to go lower towards the $23K zone. I don't want it to drop that aggressively, but part of me also wouldn't mind discount prices on both $BTC & $ETH.

Thoughts?

"1"

This same period of time after the 2016 halving btc was at 3500$, 3months later it rocketed to 19800$. Btc now sits at 32200$.  Will history repeat, rhyme?  If it does hit 23k (unlikely IMO), Im betting many big players will back up the truck and send that wick up.

Mayday basically has called 64k a top in this cycle and 80% drawdown by April. Where i believe a price floor after  blow off from the top will sit at around 60k levels.  Either way Btc is here to stay. Enjoy the ride.

[Flexacon]

This same period of time after the 2016 halving btc was at 3500$, 3months later it rocketed to 19800$. Btc now sits at 32200$.  Will history repeat, rhyme?

LMAO at the irony here because this was what I used to sell in May with the intention of buying back later. You and your maxi boy had your doubts, yet here you are spitting the same lyrics.

If it does hit 23k (unlikely IMO), Im betting many big players will back up the truck and send that wick up.

The big players (hedge funds) have possibly had their hands tied by the new SEC regulations in May. It will need newer players (possibly banks) and/or ETFs for to do the heavy lifting and give us new ATH.

Also is the leverage game still a thing. BTC would never have got close to 64K without that. That needs to be in play otherwise forget about it.

[Theoak*]

LMAO at the irony here because this was what I used to sell in May with the intention of buying back later. You and your maxi boy had your doubts, yet here you are spitting the same lyrics.

The big players (hedge funds) have possibly had their hands tied by the new SEC regulations in May. It will need newer players (possibly banks) and/or ETFs for to do the heavy lifting and give us new ATH.

Also is the leverage game still a thing. BTC would never have got close to 64K without that. That needs to be in play otherwise forget about it.

I've  always maintained  im not a trader or short  term guy.  Ive said its risky with that approach. Buy and hodl and you wont lose, Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time.  If you made some coin, congratulations. Hope in continues...it is a bull market after all.
Who is my Maxi boy? Are you claiming im a Maxi?

[Flexacon]

I've  always maintained  im not a trader or short  term guy.  Ive said its risky with that approach. Buy and hodl and you wont lose, Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time.  If you made some coin, congratulations. Hope in continues...it is a bull market after all.
Who is my Maxi boy? Are you claiming im a Maxi?

There is only one poster on here who sounds like a cult member. We all know who that is.

"Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time."

If you buy at what you believe is close to the bottom and don't intend to sell until the price the bigger, then that should be a nice win. If you get it horribly wrong and some how buy near the top, end up hodling for a few years and then selling at a bigger price, how exactly do you end up losing 80% of time?

That's pretty much following the bitcoin hodling thesis, just taking profit along the way (it works even better when the tax situation is almost a non issue)

[Theoak*]

There is only one poster on here who sounds like a cult member. We all know who that is.

"Buy and try to time the market and you're  almoet guaranteed  to lose 80% of the time."

If you buy at what you believe is close to the bottom and don't intend to sell until the price the bigger, then that should be a nice win. If you get it horribly wrong and some how buy near the top, end up hodling for a few years and then selling at a bigger price, how exactly do you end up losing 80% of time?

That's pretty much following the bitcoin hodling thesis, just taking profit along the way (it works even better when the tax situation is almost a non issue)

That works for you, Gib is also in a tax free jurisdiction however he hodls. My neck of the woods you're looking at 45%.! Yes the thesis is hodl as an investment.  Ive yielded this year at the top and bottoms currently. $1000-1500 weekly across two lending platforms. I dont sell because my situation is vastly different to 99% of those in crypto and after 8 years ive managed to disconnect majority of my emotion from the  market.

If you're in a tax free country or you found a loophole and helps  you retire by 40,  then by all means go for it. Majority of the people aren't  you getting into this market and will get rekt, especially retail.  Hodl strategy is geared towards them and as of late on chain metrics show the smaller addressers are hodling  and accumulating.