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

[SOMEPARTS]

Mark Cuban is a total retard.  Said BTC could never achieve it's full potential as a true central bank because about 2500 people own about 50% of the BTC.  How's that different than American wealth?  Don't .001% of the people in the US own 80% of the wealth?

Meltdown.

[Flexacon]

Mark Cuban is a total retard.  Said BTC could never achieve it's full potential as a true central bank because about 2500 people own about 50% of the BTC.  How's that different than American wealth?  Don't .001% of the people in the US own 80% of the wealth?

BTC wouldn't have very many advocates if the current systems worked for everybody.

If Cuban feels BTC is still too similar to the current system then he has a valid point.

[Griffith]

Thoughts on the current rally?

[Flexacon]

Thoughts on the current rally?

Pumping before a dumping. Not quite ATH, but the pump could yet have legs

[Mayday]

49k weekend pump yo! 

Bears getting shown the door, big boys keeping sending it upwards.

Oh Lordy Lordy this could be a very nice week ahead!

[FitnessFrenzy]

BTC $ 50,303.59

[El Diablo Blanco]

It seems the same people that buy BTC buy ETH and DOGE. They all seem to go up and down together.

[Flexacon]

It seems the same people that buy BTC buy ETH and DOGE. They all seem to go up and down together.

This has been puzzling people for years now and the issue has only been getting more and more confusing.

It goes back to BTC being the first crypto and the prices on the exchanges. If you wanted to buy ETH or DOGE (or most other alts) on an exchange you needed to buy bitcoin first with fiat then using BTC you'd buy ETH or Doge. If you wanted to sell ETH or DOGE, you'd sell into bitcoin then into fiat. So when BTC price went up or down the ALTs moved with it.

This is still in play today despite trading platforms like coinbase and robinhood entering the market. The prices on the trading platforms generally follow those that are on the exchanges.

[Mayday]

It seems the same people that buy BTC buy ETH and DOGE. They all seem to go up and down together.

It's algos not people only run on the larger volume stuff.

The algos detect liquidity range and they draw in longs and shorts before moving price up or down. That is the wedge you see on charts herding in the buyers to a point where liquidity is dried up. From there, depending on who jumped in, the algos perform a 'mystery' price move and you just hope you made the right trade.

This current price action when it 'should' pullback it turns around and ramps on a single candle. That's algos looking for liquidity up rather than down. We look at the margin longs in coin qty and they are now sitting at 38k down from 55k.

For simplicity's sake, This next 11k coin longs were opened up between 42k-49k price range which highlights how much shit leveraged big players have gotten themselves into.

Hence all the pump talk fired up trying to ignite another bull market rally and then algos sending price upwards. If we don't nuke, we could have a real banger end to the year.

[Mayday]

Of the 55k total coins longed only 38k remain open. The largest exit this year and very controlled to ensure price can still rally.

Big players will be targeting 27k open longs which was where they opened up at 49k-53k+ price range. So they are just hitting break even with the hope to dollar cost OUT as price should go higher.

Second chart is interest and you can see the decline in this rally. This is now the longest green period for future interest in 2021 at 34 days. The longest prior to this was the savage bullrun in October to November lasting 46 days before a pullback and then 25 days of insanity up straight after.

BUT when we look at prior similar margin long behaviour, we see price eventual price dump.When it’s a rally off a recent prior price peak.

We have 2 targets to watch IMO.
*46 days green open interest (12days to go)
*27k margin longs (11k to go)

September gunna be a come to Jesus meeting.

[Bindare_Dundat]

We went a bit higher then my anticipated target but reassured this baby is heading down. Anticipate a rally around the 44k range where ill be longing. After that we will head down lower. Imo.

[Jakobslander]

Folks, another indicator of how things are going to go is the GBTC discount. It's been hovering around -15% for a while and it doesn't look like it's going to let up any time soon.

Grayscale, the parent company, was a constant buyer of BTC and is now a constant seller of BTC.

IMHO, once the discount becomes a premium or an American ETF comes out, watch out.

GBTC, if BTC does go to 15k, will go into the low single digits (possibly pennies if accompanied by a Black Swan event) and present the opportunity of a lifetime because the premium is going to go through the roof.

[Jakobslander]

We went a bit higher then my anticipated target but reassured this baby is heading down. Anticipate a rally around the 44k range where ill be longing. After that we will head down lower. Imo.

There's going to be a rally into the 50k range again to trap the "return to normal" crowd (the worst FOMOs) and then they will drop it like a stone.

[Jakobslander]

The DXY is the driver of this whole thing now.

If it spikes again like in March of 2020, better be in cash, because the deflationary shock will crash everything.

[Mayday]

GBTC doesn't indicate a timeframe because it can be positive for long periods and negative for long periods.

The same as margin funding rates are not necessarily indicative because price can rally while rates remain negative so you believe it's bearish yet price goes up 40%.

Last pullback every man and his dog said 36k and we barely pulled back 5% then rallied to a new high. Just yesterday, again people said it's going to go to 40k then mid 30s and what happens? Tapped 46.6k turned around and is going back up.

The long derivatives charts i have been posting for many weeks tells you what the big money is doing. They are in a controlled exit which requires price to continue rallying while they dollar cost out. The problem is not even that is an actual outcome indicator because in 2020 we saw the exact same thing and we rallied straight into the new year.....

Financial markets are gunna take a bath in September and crypto leverage is going to be the trigger of the deflationary event. The rally out will be biblical.

[OneMoreRep]

Anyone know what the fuck is going on with Solana?

I've always held a few coins (about 10 or so just out of curiosity) and its behavior as of recent doesn't make much sense to me. Anyone following it or know what's going on? MANY traders have always feared that the people behind Solana have made it into a pump and dump scheme, but I am not too well versed on that.

Thoughts?

"1"

[Mayday]

Anyone know what the fuck is going on with Solana?

I've always held a few coins (about 10 or so just out of curiosity) and its behavior as of recent doesn't make much sense to me. Anyone following it or know what's going on? MANY traders have always feared that the people behind Solana have made it into a pump and dump scheme, but I am not too well versed on that.

Thoughts?

"1"

It’s related to NFTs because they launched on The SOL network. Sure it’s mostly ETH based but stuff has started being released on SOL aswell.

I think it’s more lower cap coins having a big rally because BTC chilled out for a couple of weeks. SOL was dirt cheap so it’s rallying and now we have FOMO.

I was in DOT more than SOL because I thought DOT was way overdue for a rally and it hasn’t done jack. Today SOL is equal with DOT which is very interesting and it could be argued DOT doing sweet fuck all and even backwards is because of people jumping ship and into SOL.

We saw ADA do similar things and it has surged to a 92B market cap (SOL is 28B) and ETH is 400B. People learning quickly now which is why the speeds are getting quicker.

[Jakobslander]

HEX is literally going through the roof. Turns out “bitch tits” (Richard Heart) wasn’t that crazy.

At this pace, $1 by EOY and $10 by June of 2022.

Cryptos are insane.

[Mayday]

HEX is literally going through the roof. Turns out “bitch tits” (Richard Heart) wasn’t that crazy.

At this pace, $1 by EOY and $10 by June of 2022.

Cryptos are insane.

I like the HEX framework. It's a copy of BTC but with actual strong monetary incentives to HoDL unlike BTC.

38B Market Cap and 0.067B 24hr volume backs that up. It isn't on exchanges so it's not going to be leveraged and traded.

$0.21 @ 38B
$1 @ 180B 4.7x  --> plausible in next 2yrs?
$10 @ 1.8T 47x  --> plausible in next 4yrs?

[FitnessFrenzy]

The DXY is the driver of this whole thing now.

If it spikes again like in March of 2020, better be in cash, because the deflationary shock will crash everything.

Please elaborate. What is DXY and what are you trying to say?

[obsidian]

HEX is literally going through the roof. Turns out “bitch tits” (Richard Heart) wasn’t that crazy.

At this pace, $1 by EOY and $10 by June of 2022.

Cryptos are insane.

That would give it a market cap of 2.6 trillion dollars. I don't see that happening. It runs on Ethereum. Where would Ethereum be in that fairytale world? There's a big Hex circulating supply. 6 times more than Doge. Doge is actually 6 times scarcer than Hex.

[FitnessFrenzy]

HEX is literally going through the roof. Turns out “bitch tits” (Richard Heart) wasn’t that crazy.

At this pace, $1 by EOY and $10 by June of 2022.

Cryptos are insane.

When you stake HEX, how is the hex created that is paid out as interest? I guess it is created out of thin air?
The HEX website (official site) is beyond shitty in terms of how hex works and operates.

[Jakobslander]

When you stake HEX, how is the hex created that is paid out as interest? I guess it is created out of thin air?
The HEX website (official site) is beyond shitty in terms of how hex works and operates.

Funny thing is that, when you open a CD with a bank, you never ask the bank “hey, where do you get the money that you pay me in interest?”

This is the horse shit logic that is applied to cryptos all the time.

In HEX, the inflation gets allocated to the stakers, as well as the penalties. In BTC, the inflation gets allocated to the miners, who then turn around and drop the coins in the market, pushing the price down (vicious circle, ain’t it?)

[Jakobslander]

That would give it a market cap of 2.6 trillion dollars. I don't see that happening. It runs on Ethereum. Where would Ethereum be in that fairytale world? There's a big Hex circulating supply. 6 times more than Doge. Doge is actually 6 times scarcer than Hex.

Do you trade on market cap?

[FitnessFrenzy]

Funny thing is that, when you open a CD with a bank, you never ask the bank “hey, where do you get the money that you pay me in interest?”

This is the horse shit logic that is applied to cryptos all the time.

In HEX, the inflation gets allocated to the stakers, as well as the penalties. In BTC, the inflation gets allocated to the miners, who then turn around and drop the coins in the market, pushing the price down (vicious circle, ain’t it?)

Alright. I was just curious how it worked.