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

[Bindare_Dundat]

Daily closed 0.07264 for end of May and now we start a fresh month. This is how the months have begun......

BTC rallies from day 1 of the month:
Jan - 46% in the first 8 days
Feb - 81% in the first 21 days
Mar - 37% in the first 12 days
Apr - 12% in the first 13 days albeit BTC was having a heart attack at this point.

ETH rallies from day 1 of the month:
Jan - 80% in 8 days
Feb - 57% in 18 days
Mar - 38% in 13 days
Apr - 34% in 14 days
May - 55% in 10 days

June is the strongest seasonality in a bull market for ETH.

If we use the previous gains as a guide we get an ETH range of 3,600-4,100-4,900

Using a peak of 0.11 ETHBTC this gives us a BTC range of of 32,700-37,200-45,000

Things are looking pretty good right now as long as Elon stays off twitter. 

[Gregzs]

Police Bust Suspected Cannabis Farm, Turns Out To Be Large Bitcoin Mining Operation


Cannabis farms concealed inside houses are pretty distinctive. High temperatures, constant humidity, sealed rooms to control odors, and vents to maintain the microclimate are all hallmarks of those that house many plants, and this is certainly known to police. As such, using infrared cameras and drones, police can home in on illegal farms with ease – but they might not always be what they seem.

After West Midlands police gained intelligence suggesting a resident was growing cannabis on an industrial estate in Sandwell, UK, police officers gained a warrant and attended the area expecting to find a swathe of cannabis plants. Instead, they found a large cryptocurrency mining rig of around 100 units, all mining for bitcoin. 

“It’s certainly not what we were expecting! It had all the hallmarks of a cannabis cultivation set-up and I believe it’s only the second such crypto mine we’ve encountered in the West Midlands.” said Sandwell Police Sargent Jennifer Griffin, in a statement.

The equipment used in the operation was all seized on grounds of illegal electricity consumption. According to the police, inquiries into the local electricity supplier uncovered thousands of pounds worth of power stolen from the mains supply to power the large rig, and the officers are now pursuing a case to permanently seize all the units discovered.

“My understanding is that mining for cryptocurrency is not itself illegal but clearly abstracting electricity from the mains supply to power it is,” said Griffin.

The police are now on the hunt for the owner of the operation.
 
“We’ve seized the equipment and will be looking into permanently seizing it under the Proceeds of Crime Act. No-one was at the unit at the time of the warrant and no arrests have been made – but we’ll be making enquiries with the unit’s owner.”

Bitcoin has come under heavy fire in recent months, as the crypto market hit a peak in early May and Bitcoin continued to rise. However, following news of a changing attitude in China and a tweet from Elon Musk claiming Tesla will no longer accept Bitcoin (citing environmental concerns), the crypto market took a sharp hit and many coins were significantly impacted. At the time, Bitcoin mining was using more electricity than Argentina, which troubled environmentalists.

As cryptocurrencies such as Ethereum transition to more environmentally-friendly methods, it remains to be seen whether the market can bounce back. 

In the meantime, if you are considering mining for crypto, make sure to source electricity legally.

https://www.iflscience.com/technology/police-bust-suspected-cannabis-farm-turns-out-to-be-large-bitcoin-mining-operation/?fbclid=IwAR3ZcbXAn37cHp00UNpNzqIXKghPZUprjytDGD6uHPCQJUeEtrikFA9Z4uc

[Mayday]

Things are looking pretty good right now as long as Elon stays off twitter. 

I’m out. Took the profit and am sitting in cash.

The sad truth is this, a 50% drop has a higher probability of becoming a 70% drop than it does of rallying quickly to a new ATH. Institutions and big players are trading the volatility.

[Bindare_Dundat]

I’m out. Took the profit and am sitting in cash.

The sad truth is this, a 50% drop has a higher probability of becoming a 70% drop than it does of rallying quickly to a new ATH. Institutions and big players are trading the volatility.

I got nothing but time.

[IroNat]

There will be a few cops in the UK now doing crypto-mining with that seized equipment.

[gib]

I’m out. Took the profit and am sitting in cash.

The sad truth is this, a 50% drop has a higher probability of becoming a 70% drop than it does of rallying quickly to a new ATH. Institutions and big players are trading the volatility.

Lets see how this goes. BTC might well drop to the 24K level. But then again, its quite possible that right now is really the support level for the recent low, before the next sustained upwards climb to 80-100K. Would suck if you sold exactly at the bottom and then miss the whole next leg up.

I'm staying true to my word. Long term HODL for me...

Time will tell!

[Bindare_Dundat]

 Pumping  a bit now. A move to 40k and this thing will explode 

[Flexacon]

Lets see how this goes. BTC might well drop to the 24K level. But then again, its quite possible that right now is really the support level for the recent low, before the next sustained upwards climb to 80-100K. Would suck if you sold exactly at the bottom and then miss the whole next leg up.

So BTC could potentially x2 or x3.

You can just wait to see if it hits 50K or a new ATH and then buy ETH and you'll get a x2 or x3 anyway. Far less risk involved in that move.

Or you can just buy a bunch of alts in these dips and get a potential x5.

Only reason to hold BTC right now is if you're a maxi (I'm not criticizing them, might even join them myself soon). But I sold my BTC not too long ago and it's already paying off. Some of the alts I bought are already  close to x2 and BTC hasn't even started pumping yet.

[Bindare_Dundat]

So BTC could potentially x2 or x3.

You can just wait to see if it hits 50K or a new ATH and then buy ETH and you'll get a x2 or x3 anyway. Far less risk involved in that move.

Or you can just buy a bunch of alts in these dips and get a potential x5.

Only reason to hold BTC right now is if you're a maxi (I'm not criticizing them, might even join them myself soon). But I sold my BTC not too long ago and it's already paying off. Some of the alts I bought are already  close to x2 and BTC hasn't even started pumping yet.

The price of alts relative  to btc is crazy right now compared to when btc was at ath.

Like you said, if btc takes off, the alts are gonna go ballistic.

[Mayday]

Pumping  a bit now. A move to 40k and this thing will explode

Looking for 38k and 2.8k breakout.

Just remember the Miami Bitcoin conference is on the 4th and 5th. When they had the conference on in 2019 price went up 25% in 2 days and then dumped 30% straight after.

If I see the ranges break I’ll jump into ETH, Doge and small caps for a quick trade and then out.

[Bindare_Dundat]

Looking for 38k and 2.8k breakout.

Just remember the Miami Bitcoin conference is on the 4th and 5th. When they had the conference on in 2019 price went up 25% in 2 days and then dumped 30% straight after.

If I see the ranges break I’ll jump into ETH, Doge and small caps for a quick trade and then out.

If you touch doge I will take back the earlier  beer offer lol.

Yes I took the conference into consideration. We formed a nice cup and handle on the 4 hour. If we break past 40k there was hardly and friction on the way down, a move up could be close to parabolic from that price.

[Mayday]

Lets see how this goes. BTC might well drop to the 24K level. But then again, its quite possible that right now is really the support level for the recent low, before the next sustained upwards climb to 80-100K. Would suck if you sold exactly at the bottom and then miss the whole next leg up.

I'm staying true to my word. Long term HODL for me...

Time will tell!

The problem is the monthly charts are horrific. We already blew through the bounce territory on the RSI meaning historically every single time we go down 

We see dead cat bounces in the past and I expect the 4th-5th June to rally hard because of Miami. It might be 20%+! However People are already carried away calling breakouts far to early only to get slaughtered. I am seeing stacks of alerts of longs being liquidated, they are being slaughtered going in too early.

BtC 38k and ETH 2.8k are the breakout ranges. If they break up I’ll go in and out.

I’ll wait for the monthly charts to look healthy again before I stay in for good. Look at how much shit I recently got wrong because I stopped looking at the macro trend lol.

[Mayday]

If you touch doge I will take back the earlier  beer offer lol.

Yes I took the conference into consideration. We formed a nice cup and handle on the 4 hour. If we break past 40k there was hardly and friction on the way down, a move up could be close to parabolic from that price.

Yep. Will be a 🚀 if we break above (I’m fully expecting to see ETH go 30%).

[Bindare_Dundat]

yea? 4 hr.  pretty close. rim of cup near 37.5k. tapping that price now.

[LurkerNoMore]

If BTC climbs back up to where it was ($60K or higher) doesn't that mean that the little meme coins like Doge, Shib, Kishu, will take off too?

If that is the case, why are the BTC fans not putting a few thousand on the little coins?  If seems if some of these like Shib or Kishu were to hit $0.01, there would be tidy gain made.

Again, I don't know shit about this venture... just asking a question based on something I have read.

[Bindare_Dundat]

If BTC climbs back up to where it was ($60K or higher) doesn't that mean that the little meme coins like Doge, Shib, Kishu, will take off too?

If that is the case, why are the BTC fans not putting a few thousand on the little coins?  If seems if some of these like Shib or Kishu were to hit $0.01, there would be tidy gain made.

Again, I don't know shit about this venture... just asking a question based on something I have read.

Because when they drop they drop big time relative to btc. Plus they are zero use shit.

[LurkerNoMore]

Because when they drop they drop big time relative to btc. Plus they are zero use shit.

True, but I didn't mean to attempt to hold onto them.  Seeing how it may be just a fad, why not take advantage of it for some $$$ and then bail out at the peak?

[Flexacon]

If BTC climbs back up to where it was ($60K or higher) doesn't that mean that the little meme coins like Doge, Shib, Kishu, will take off too?

If that is the case, why are the BTC fans not putting a few thousand on the little coins? 

Some BTC fans do do that. Maybe not meme coins, but definitely some of the better alt coins. They just don't always talk about it or plain act like it's a ridiculous thing to do. They need to stick to the BTC maxi narrative.

  It seems if some of these like Shib or Kishu were to hit $0.01, there would be tidy gain made.

Coins like shib are intentionally created to be small decimals like 0.000094 so people think oh it only needs to increase a small amount to get to 0.01 and they'll see massive profit. The reality is that's a huge increase. For it to get to that kinda value it would end up having a huge market value, on par with ETH. Extremely unlikely that'll happen. It's just a con to lure people in.

[LurkerNoMore]

Some BTC fans do do that. Maybe not meme coins, but definitely some of the better alt coins. They just don't always talk about it or plain act like it's a ridiculous thing to do. They need to stick to the BTC maxi narrative.

Coins like shib are intentionally created to be small decimals like 0.000094 so people think oh it only needs to increase a small amount to get to 0.01 and they'll see massive profit. The reality is that's a huge increase. For it to get to that kinda value it would end up having a huge market value, on par with ETH. Extremely unlikely that'll happen. It's just a con to lure people in.

Which ones are they?

[Flexacon]

Which ones are they?

That's where you need to do your own research 

Everyone has different ones the like. Read through maybe the last 15 pages on here and you'll see several mentioned. (You might have missed the boat when it comes to value though. Wait for another dip)

[obsidian]

Because when they drop they drop big time relative to btc. Plus they are zero use shit.

Bitcoin also has zero usage as a store of value. You either buy and hodl or buy low sell high. It is pointless to use BTC for anything if the purpose is a store of value. Well I guess you can earn APR on it at Blockfi.

Doge actually did not drop much more than Bitcoin. Bitcoin went from 64k to 30k and Doge from 0.7 to 0.3. Right now Doge is back at 0.43. So it has recovered more than Bitcoin.

Is still think Doge is going to $1, perhaps even this year. The dollar will lose value. It has higher inflation than Doge.

[Bindare_Dundat]

Bitcoin also has zero usage as a store of value. You either buy and hodl or buy low sell high. It is pointless to use BTC for anything if the purpose is a store of value. Well I guess you can earn APR on it at Blockfi.

Doge actually did not drop much more than Bitcoin. Bitcoin went from 64k to 30k and Doge from 0.7 to 0.3. Right now Doge is back at 0.43. So it has recovered more than Bitcoin.

Is still think Doge is going to $1, perhaps even this year. The dollar will lose value. It has higher inflation than Doge.

Ok you win. Doge and bitcoin are exactly the same thing. Selling everything and going into doge tonight. 

[Theoak*]

If BTC climbs back up to where it was ($60K or higher) doesn't that mean that the little meme coins like Doge, Shib, Kishu, will take off too?

If that is the case, why are the BTC fans not putting a few thousand on the little coins?  If seems if some of these like Shib or Kishu were to hit $0.01, there would be tidy gain made.

Again, I don't know shit about this venture... just asking a question based on something I have read.

Shitcoins cannot go up without Bitcoin going up. Shitcoin beliebers don't realize  that all shitcoin indexes are tied to Bitcoin. It's the way the algo bots trade, and there are a bizillion of them....

So shitcoins are going nowhere without Bitcoin pumping first, yeah they might have an intial gain of 3x. When btc dips, shitcoins dip even harder.  Notice every man and his dog is an elite trader during a bull market,  wait until a bear market hits and see how well these guys are doing.
DCA into btc and hodl until 2029.

Or alternatively follow this graph below and become an altcoin maxi

[obsidian]

Ok you win. Doge and bitcoin are exactly the same thing. Selling everything and going into doge tonight. 

LOL! Just kidding bro. Bitcoin is the granddaddy of crypto. If it shits everything else follows - for now. Ethereum was doing just great and reached 4.4K when Bitcoin was going sideways. Then after Alon's tweets BTC started to crash. Ethereum at first was resilient and held on pretty good.

But after a few days it started to crash as well. Cardano initially pumped because of the green narrative and people were speculating Tesla was going to use ADA. But then it too crashed all the way down to a little over $1.

So in this case BTC started the correction and the alts circled down the drain along with BTC. Now it is the slow road back to previous ATH. Because of weak fucking hands that sold back into the flawed dollar. Well I guess corrections are healthy and some people can make money if they time the dips right - by luck. But like gambling you can't always beat the market.

[obsidian]

Shitcoins cannot go up without Bitcoin going up. Shitcoin beliebers don't realize  that all shitcoin indexes are tied to Bitcoin. It's the way the algo bots trade, and there are a bizillion of them....

So shitcoins are going nowhere without Bitcoin pumping first, yeah they might have an intial gain of 3x. When btc dips, shitcoins dip even harder.  Notice every man and his dog is an elite trader during a bull market,  wait until a bear market hits and see how well these guys are doing.
DCA into btc and hodl until 2029.

Or alternatively follow this graph below and become an altcoin maxi

LOL! That's hilarious!