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

[Mayday]

The second 50% drop last ATH was due to fork wars.  I think it was BSV? Craig Wright largely. Could Elon be this bullruns CW?  Time will tell, i just dont see it. 

Every bearish tweet becomes less and less effective.
Ignore it as noise, focus on the signal, and eventually he'll fade to insignificance.

If it does dump 50% no doubt youll be smashing that  buy order faster than any one on this forum.

Yes i am out awaiting a crash to lower levels where I will go balls in. Even if it stabilises and I buy back in higher I’m ok with that. I just don’t want to play in the mud.

Elon’s tweets didn’t create any crash out of thin air, the market is moving in that direction anyway. His buddies dumping pulls the trigger.

He has the ability to make things fly (see what I did there?). He recent post says it all - don’t kill what you hate, save what you love.

[Theoak*]

El Salvador looks to become the world’s first country to adopt bitcoin as legal tender

MIAMI -- El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar.

In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.

“Next week I will send to congress a bill that will make bitcoin a legal tender,” said Bukele.

Jack Mallers, founder of the Lightning Network payments platform Strike, said this will go down as the “shot heard ’round the world for bitcoin.”

“What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation,” continued Mallers.

Speaking from the mainstage, Mallers said the move will help unleash the power and potential of bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services.

El Salvador is a largely cash economy, where roughly 70% of people do not have bank accounts or credit cards. Remittances, or the money sent home by migrants, account for more than 20% of El Salvador’s gross domestic product. Incumbent services can charge 10% or more in fees for those international transfers, which can sometimes take days to arrive and that sometimes require a physical pick-up.

https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html

So it begins, retailers, institutions, states, small countries and then..........

[Mayday]

Are people still trying to figure out what's going on? Lol

I'm sitting here smug as fuck as things are mostly playing out how I predicted a month or 2 back. Seen plenty of things to confirm my bias since.
We have another mini rally, followed by a 20 to 25% crash and then once we're done edging we climax!

Be ready to go balls deep in the next crash if you haven't already!

You have every right to be smug. Fuckin hell I agree so often with your points and then I deviated from my usual way of analysing and I fucked right up (well I got ETH right which saved my bacon).

Going back to my simple 5 second I don’t GAF analysis because it seems to be the most accurate lolz.

just eyeballs on a blank wick pattern on the daily with literally a 5 second look with what my brain looks at first.

5 second No Fucks Given analysis -
*run up from 20k was 3 weeks on, 3 weeks off all the way to 64k
*crash pattern from 64k is 2 weeks off, 2 weeks on.
*We just had the 2 weeks on so we are due for 2 weeks down.

Invert the BTC daily chart from 20k and does it look bullish?  Now invert it back and there is your direction without bias.

Price to test 35.8k get rejected and down to 34k with the below resistance ranges:
Resistance 31k-33k
Resistance 22k-24k
Resistance 17k-19.7k

[gib]

El Salvador looks to become the world’s first country to adopt bitcoin as legal tender

MIAMI -- El Salvador is looking to introduce legislation that will make it the world’s first sovereign nation to adopt bitcoin as legal tender, alongside the U.S. dollar.

In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology.

“Next week I will send to congress a bill that will make bitcoin a legal tender,” said Bukele.

Jack Mallers, founder of the Lightning Network payments platform Strike, said this will go down as the “shot heard ’round the world for bitcoin.”

“What’s transformative here is that bitcoin is both the greatest reserve asset ever created and a superior monetary network. Holding bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation,” continued Mallers.

Speaking from the mainstage, Mallers said the move will help unleash the power and potential of bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services.

El Salvador is a largely cash economy, where roughly 70% of people do not have bank accounts or credit cards. Remittances, or the money sent home by migrants, account for more than 20% of El Salvador’s gross domestic product. Incumbent services can charge 10% or more in fees for those international transfers, which can sometimes take days to arrive and that sometimes require a physical pick-up.

https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html

Amazing! Its really finally happening! Will probably see this being done in various African countries too (already happening informally but first one to endorse via Government legislation will have a big edge.

[Army of One]

high probability that this is a longterm bear market now.Anyone saying its going to jump back up to 64k etc obviously never lived through the 2018-2019 bear.Imagine your worst scenario of prices, then imagine worse than that, thats how bear markets play out, especially for alts. Most of the 2017 alts dropped 95% and never recovered. Its ok learning TA for a few months but nothing comes close to the experience of living DAILY through a full bull/bear cycle.There were 10x more top signs this time than dec/jan 17/18.

[gib]

high probability that this is a longterm bear market now.Anyone saying its going to jump back up to 64k etc obviously never lived through the 2018-2019 bear.Imagine your worst scenario of prices, then imagine worse than that, thats how bear markets play out, especially for alts. Most of the 2017 alts dropped 95% and never recovered. Its ok learning TA for a few months but nothing comes close to the experience of living DAILY through a full bull/bear cycle.There were 10x more top signs this time than dec/jan 17/18.

One can make arguments, based both on charts, economics, sentiment, etc for a move up past 80K end of the year, or down past 10K end of year. From my perspective, the best we can do it look at the current price, and then try to figure if demand will be higher (or lower) then supply is at the current price. That will determine where the price goes. My bet is that demand to buy at this price will over time continue to outpace the willingness to sell at this price. So, my view is HODL and dollar cost average in if you are continuing to accumulate.

[Mayday]

We have a guest arriving shortly.

[Flexacon]

high probability that this is a longterm bear market now.Anyone saying its going to jump back up to 64k etc obviously never lived through the 2018-2019 bear.Imagine your worst scenario of prices, then imagine worse than that, thats how bear markets play out, especially for alts. Most of the 2017 alts dropped 95% and never recovered. Its ok learning TA for a few months but nothing comes close to the experience of living DAILY through a full bull/bear cycle.There were 10x more top signs this time than dec/jan 17/18.

A lot of TA done during the recent bull run made the point that things were far ahead of schedule for this cycle. The price crashed and corrected itself. You see a bear market, I see it that we are where we should be for the cycle, an accumulation phase before we hit the cycle peak.

If you only play in bitcoin, it's makes more sense to be risk averse and sit this out, as at best you see a x3 gain. But with alts like ETH, ADA, DOT etc the odds are more in your favour. You have the potential for highs because of a cycle peak and you also have the potential upgrades and increased adoption and use increasing their value. You could see anything from a x5 to x10 gains.

[Flexacon]

You have every right to be smug. Fuckin hell I agree so often with your points and then I deviated from my usual way of analysing and I fucked right up (well I got ETH right which saved my bacon).

Going back to my simple 5 second I don’t GAF analysis because it seems to be the most accurate lolz.

just eyeballs on a blank wick pattern on the daily with literally a 5 second look with what my brain looks at first.

5 second No Fucks Given analysis -
*run up from 20k was 3 weeks on, 3 weeks off all the way to 64k
*crash pattern from 64k is 2 weeks off, 2 weeks on.
*We just had the 2 weeks on so we are due for 2 weeks down.

Invert the BTC daily chart from 20k and does it look bullish?  Now invert it back and there is your direction without bias.

Price to test 35.8k get rejected and down to 34k with the below resistance ranges:
Resistance 31k-33k
Resistance 22k-24k
Resistance 17k-19.7k

Shut the noise out, stick to the fundamentals, avoid over analysis and be a little more retarded. That's how I'm playing it.

Always remember anyone who bought at the cycle peak in 2017 would be in profit right now if they held.

[polychronopolous]

Texas Governor Signs Law Creating Legal Framework for Crypto Investments


Greg Abbott, Governor of Texas, has announced plans to expand the state’s blockchain industry.

In a tweet issued on June 5 on his personal account, Gov. Abbott opined that, “Blockchain is a booming industry that Texas needs to be involved in.

“I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.”

The governor, who took office in 2015, has long been a crypto supporter. He even welcomed “the bitcoin community” to his election campaign way back in 2014. And more recently, he voiced support for a cryptocurrency law in Texas, saying to “count him in” back in March.

Of cryptocurrencies, he said “It is increasingly being used for transactions and is beginning to go mainstream as an investment. Texas should lead on this like we did with a gold depository.”

Since then, lawmakers in Texas passed the bill to establish a legal framework for cryptocurrency investments in the state. On May 28, reports revealed the bill had since passed to Gov. Abbott’s desk for his final signature.

At the time, reports also indicated that Texas was one of 25 states in the U.S. considering cryptocurrency legislation. According to reports made in April, Francis Suarez, Mayor of Miami, pushed a bill that would lead to meaningful cryptocurrency regulation in Florida. He passed the bill after a unanimous vote in the Florida House of Representatives.

Wyoming previously passed a bill relating to to cryptocurrency all the way back in 2019.

In light of the country’s recent crackdown on bitcoin mining operations, cryptocurrency miners from China started moving their operations overseas. Reports indicate that they started to eye North America – the U.S. especially – as a potential site. Beforehand, the States accounted for 11% of the bitcoin hash rate. Since China announced its crackdown, that figure has now increased.

Texas is one of the states reportedly favored, on account of its advantageous energy prices. In addition, a considerable percentage of Texas’ energy generation comes from renewable sources. More specifically, wind and solar power account for more than 25%.

Reports show that several major mining companies, including Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, Compute North, Riot Blockchain, and Whinstone, have since set up operations in Texas.

https://finance.yahoo.com/news/texas-governor-signs-law-creating-125552045.html

[LurkerNoMore]

What wallet is everyone using?  If I have some meme coins sitting on a shit exchange because the other sites didn't sell them, what wallet is best for sticking them into?

[Mayday]

Shut the noise out, stick to the fundamentals, avoid over analysis and be a little more retarded. That's how I'm playing it.

Always remember anyone who bought at the cycle peak in 2017 would be in profit right now if they held.

Edit as I use too many words.

I am retarded already so that’s covered.

You are right dude, good advice.

I’ll keep it simple.

Short squeeze inbound? The shorts are piling up, liquidate at 5% up then pullback.

[El Diablo Blanco]

If countries decide to change to Bitcoin and eventually abandon the US dollar, the fed will go to war with Bitcoin and erase it all

[Mayday]

If countries decide to change to Bitcoin and eventually abandon the US dollar, the fed will go to war with Bitcoin and erase it all

Nah, those countries are only doing it now for the mad gainzzzzz.

They will be fucked when they see their purchasing power decrease 50% in a week……and then they’ll quickly go back to their local currency.

[IRON CROSS]

If countries decide to change to Bitcoin and eventually abandon the US dollar, the fed will go to war with Bitcoin and erase it all

In July, Russia will start dumping all dollar reserves, replacing them with the Euros, Chinese yuan & gold !.

[Marty Champions]

You can invest in much safer things with more yeild instead of looking at crypto every hour

[Bindare_Dundat]

We have a guest arriving shortly.

And people said I was bad. Lol.

I'm selling again at 42-52k. Wait for the bigger drop down and rebuy again. So far, so good.
We won't see annother ath this year.

[affeman]

You can invest in much safer things with more yeild instead of looking at crypto every hour

Psssst, we have to keep the ponzi scheme running for at least a couple more months

[Bindare_Dundat]

You can invest in much safer things with more yeild instead of looking at crypto every hour

Doing just fine thanks

[Flexacon]

Edit as I use too many words.

I am retarded already so that’s covered.

You are right dude, good advice.

I’ll keep it simple.

Short squeeze inbound? The shorts are piling up, liquidate at 5% up then pullback.

The one thing I haven't been great on is predicting the exact date of market moves, but I noticed during the 2 previous cycle peaks early/mid July saw mini dips. Bitboy in a recent video also pointed out that the end of Q2 causes some sell off and rebuying. That's basically what caused the recent market crash, so that's why I landed on us still having another small crash before moving forwards.

Focusing and trying to predict dates is tough though. That's why I've been steadily accumulating during these mini dips, (my version of dollar cost averaging)

Also when the Wyckoff stuff was being discussed I thought people were looking at the wrong schematics. I felt this was a better fit and it's been playing out pretty accurately. We are currently in the red circle, waiting for that crash and then shooting upwards.

[Flexacon]

Psssst, we have to keep the ponzi scheme running for at least a couple more months

Which ponzi scheme? The dollar or bitcoin?

[Mayday]

And people said I was bad. Lol.

I'm selling again at 42-52k. Wait for the bigger drop down and rebuy again. So far, so good.

Didn’t you see the beautiful chart I posted? Gunna moon yeah lol

You did good before dude at the peak and tried to warn us all.

I am back on track now so don’t worry because I’m pretty sure from here we chuck a 180 and we triple this in 3 months time lol.

[gib]

Which ponzi scheme? The dollar or bitcoin?

Lol - well said. But very true!

BTC is FINITE IN SUPPLY.

USD is INFINITE IN SUPPLY.

A concept I tried to explained to Mr Anabolic many many times before he was finally defeated...

[affeman]

Lol - well said. But very true!

BTC is FINITE IN SUPPLY.

USD is INFINITE IN SUPPLY.

A concept I tried to explained to Mr Anabolic many many times before he was finally defeated...

Well, with USD you can actually buy stuff to support your daily life.

With BTC you can....ehm....oh wait, you can change it theoretically to USD, that's it's only value!!

[Humble Narcissist]

Lol - well said. But very true!

BTC is FINITE IN SUPPLY.

USD is INFINITE IN SUPPLY.

A concept I tried to explained to Mr Anabolic many many times before he was finally defeated...

You can't really be this stupid.