Bitcoin price suddenly surges to 3-year high

[Space Lynx]

Sell now unless you're really... really long-term. I see a panic sell dip happened today followed up by some buyers trying to get in early on the panic selling. Tomorrow is going to be worse.

yep, you have different kinds of hodler's, those that said omg its almost 30k i cant cash out now ill lose to much, those will be selling soon now. lol

human nature doesn't change.

 

[phill]

i am not buying or selling phil.. i did splash some cash out on cards to get my current 730 m/sh so basically i am just mining and watching what happens..

trog

I hear ya Trog How long do you think it'll be before you break even with what you have bought?

 

[lexluthermiester]

Tomorrow is going to be worse.

Very likely.

 

[Devon68]

The fact that tesla said it wont accept bitcoins. Is it possible they knew about the dip. With Elon hyping up dodgecoin I would not be surprised if he has a market predicting algorithm. This is speculation so I might as well put on my tin foil hat . Can wait till morning to see if it goes up or down.

 

[Jetster]

Not sure about the market correction mate. I don't think hardware (GPU's especially) are going to be the same price as they were in 2019.
Of course I might be wrong but I'm prretty sure this will be the case looking forward.

Sure it will

 

[Hemmingstamp]

Sure it will

We'll see.

 

[RandallFlagg]

yep, you have different kinds of hodler's, those that said omg its almost 30k i cant cash out now ill lose to much, those will be selling soon now. lol

human nature doesn't change.

They might have a few days or even a week or two to think about it. I see it bouncing up a bit on a daily scale, the divergence in price action (bottom of the image, the purple trend line at the bottom of the money flow indicator) is something that in laymans terms means 'there are more sellers than buyers at this low, but they did not outnumber sellers as much as they did at the last low'. In other words, the decline is weakening.

Also worth noting, this plowed through the 200 day moving average and then went right back to it, the 200DMA is at 39840 right now, BTC at 39,332. My guess is it will fight around that level for a few days.

It did this exact same thing back in April with the 50 day moving average. The 50 is the wavy purple line, I circled in red where it blew through it in April. That took about 2 weeks to work out. The 200 day moving average is the red line coming across. BTC rose right back up to it, just like in April.

 

[trog100]

yep, you have different kinds of hodler's, those that said omg its almost 30k i cant cash out now ill lose to much, those will be selling soon now. lol

human nature doesn't change.

well lynx i am another kind of hodler.. i wont be selling for ether of your reasons.. end of story..

your true colours are showing by the way.. they dont look that pretty to me..

as for me breaking even phil as i have said before i dont look at it that way.. its a more long term thing with me..

only tomorrow will tell what is going to happen tomorrow.. tis a shame this thread has been taken over by gloating no coiners.. that aint very pretty ether..

trog

 

[ZenZimZaliben]

only tomorrow will tell what is going to happen tomorrow.. tis shame this thread has been taken over by gloating no coiners.. that aint very pretty ether..

Every time crypto drops they come out in droves. "Oh thank goodness I didn't buy that, I told you not to buy that...see how smart I am." But then it goes back up and they all disappear. It will go back up even if Billionaire Cult Followers decide to cash out. No worries, cheaper for me. BTC may not recover right away. But I rode this all the way from $300 to $20k when that was the ATH and it dropped to $3k and then went right back up to $63k. I buy every dip, as I am now, and it will recover. Crypto isn't going away. Daily and Weekly charts don't mean SH|T. My point here is that with the level of volatility in crypto you can't predict much with a weekly, daily, hourly chart.

I probably should have cashed out at $63k and repurchased at $30k, but then I have to pay taxes on it, and who is to say $63K was the top... and blah, blah..just easier to hold.

 

[LFaWolf]

If you just hold and hold, regardless if it is high or low (bust), then what is the point of this "holding"? Is it some sort of fetish? Do you have an end goal?

Or do you think many years down the road, say 20 years, a bitcoin will reach $1M each? Just curious, really.

 

[ZenZimZaliben]

My end goal is I want crypto to be part of my retirement. I diversify so I have many other investments, but if cyrpto can maintain or even increase then it is that many years less I will have to work for a comfortable retirement. I will cash out when I am ready to retire or it has gained so much that I can't afford not to cash out...if that makes sense. Again not all my eggs are in 1 basket but it would sure be nice! My goal is 50 so I might cash out regardless at that point in my life.

Also, crypto is by far the most risky of all my investments, but it also has the potential to be the most rewarding. I don't know if BTC will ever get that high or if it will go completely away. I just know crypto as a whole isn't going anywhere for a long time or until some crazy quantum computer turns the entire banking and crypto world upside down.

 

[Vya Domus]

If you just hold and hold, regardless if it is high or low (bust), then what is the point of this "holding"?

Holding crypto irrespective of market conditions is more or less a variation of ”If I never sell, I never really lose” mentality. By the same token the profit is never maximised, or even realised. Humans are loss adverse, ”hodling” is a way to cope with the lack of understanding of the market’s movements.

Holding is not a real strategy, it represents the lack of a strategy.

 

[DeathtoGnomes]

Holding crypto irrespective of market conditions is more or less a variation of ”If I never sell, I never really lose” mentality. By the same token the profit is never maximised, or even realised. Humans are loss adverse, ”hodling” is a way to cope with the lack of understanding of the market’s movements.

Holding is not a real strategy, it represents the lack of a strategy.

unless you are a small miner, then you are holding until you have a bigger pot to piss in.

 

[64K]

Holding crypto irrespective of market conditions is more or less a variation of ”If I never sell, I never really lose” mentality. By the same token the profit is never maximised, or even realised. Humans are loss adverse, ”hodling” is a way to cope with the lack of understanding of the market’s movements.

Holding is not a real strategy, it represents the lack of a strategy.

Words of wisdom.

 

[LFaWolf]

My end goal is I want crypto to be part of my retirement. I diversify so I have many other investments, but if cyrpto can maintain or even increase then it is that many years less I will have to work for a comfortable retirement. I will cash out when I am ready to retire or it has gained so much that I can't afford not to cash out...if that makes sense. Again not all my eggs are in 1 basket but it would sure be nice! My goal is 50 so I might cash out regardless at that point in my life.

Also, crypto is by far the most risky of all my investments, but it also has the potential to be the most rewarding. I don't know if BTC will ever get that high or if it will go completely away. I just know crypto as a whole isn't going anywhere for a long time or until some crazy quantum computer turns the entire banking and crypto world upside down.

While I respect that you have a plan, I don't think it is a solid and viable plan. What if, when you retire at 50, each BTC is worth $10k? What would you do then? Still sell, or hold some more? Won't it be better to have a price, and say, if it hits that number, I can sell all and retire now? Because it could hit $100k each in the next up cycle in 2025.

It probably won't be $10k, but we don't know either.

Holding crypto irrespective of market conditions is more or less a variation of ”If I never sell, I never really lose” mentality. By the same token the profit is never maximised, or even realised. Humans are loss adverse, ”hodling” is a way to cope with the lack of understanding of the market.

Holding is not a real strategy, it represents the lack of a strategy.

I agree with this.

 

[ZenZimZaliben]

Holding is not a real strategy, it represents the lack of a strategy.

Holding is a very viable strategy, like an actual finance\banking strategy that even has a term...it's called "Passive Buy & Hold" since you apparently aren't aware of basic finance strategies, so not sure where you pulled that from...Oh your BUTT. Right.

 

[lexluthermiester]

Holding is a very viable strategy, like an actual finance\banking strategy that even has a term...it's called "Passive Buy & Hold" since you apparently aren't aware of basic finance strategies

While your not wrong here....

so not sure where you pulled that from...Oh your ass. Right.

...what was THAT?

 

[ZenZimZaliben]

To far? Ok, let me change it.

 

[64K]

Holding is a very viable strategy, like an actual finance\banking strategy that even has a term...it's called "Passive Buy & Hold" since you apparently aren't aware of basic finance strategies, so not sure where you pulled that from...Oh your ass. Right.

But this is an aberration of investing imo. The rules don't apply here.

Investing in a crypto because fiat currency is worthless long term so invest in crypto which is a fiat currency so it won't be worthless long term because.....?

 

[lexluthermiester]

To far? Ok, let me change it.

It was a bit harsh. Mods would frown on that...

 

[ZenZimZaliben]

Investing in a crypto because fiat currency is worthless long term so invest in crypto which is a fiat currency so it won't be worthless long term because.....?

FIAT = Fiat money is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies.

So in what way is Crypto, a decentralized, non-government, non-bank owned, market valued currency Fiat? And lets be honest here no crypto is a currency yet. Currency can not be this volatile and be considered a viable currency. It is a value store right now until it levels off.

 

[RandallFlagg]

People don't seem to know how pump n dump works so I'm going to tell you.

Say I've got a billion dollars, and I want to make some more money. I have one of my lackys go in search of a crypto with a market cap of maybe tens of millions that has some buzz and a bunch of cult like faithful loyalists.

I go in and see the sell depth, it's not too deep. So I buy it all up for a few million. This drives the price up a few percent. Then I take two sides of the trade and drive it up some more since I knocked out all sellers. Any new sellers come in, I take them out too.

Then the news gets out from the cult like loyalists. This one is going to the moon. They do my advertising for me. More buyers enter. I call my contact at AP / Yahoo or whatever and ask them to mention my crypto in an article or two that is positive about crypto, and I'll make sure brother John gets that job he was applying for at this other company my hedge fund has a stake in. I also have my lackys posting on Reddit and Twitter as much as possible. Maybe have that Chinese social media promo company company help out I mean they have like 50 people full time tweeting posting to Reddit and FB and so on.

Trend followers and bandwagon jumpers join in. I no longer need to buy to make the price go up, they're doing that for me. I just wait and watch.

When I see enough new buyers, I sell a little at a time, maybe taking out one rung of the buyers but not anything deep. It keeps going up. I'm making bank.

Eventually I've sold out, and leave the ponzi market I created to fend for itself.

The ponzi begins to collapse slowly. In our quarterly the next month, we reveal that we sold out of all our crypto.

Then it really collapses.

This is pump n dump.

 

[64K]

FIAT = Fiat money is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies.

So in what way is Crypto, a decentralized, non-government, non-bank owned, market valued currency Fiat?

Crypto is backed by less than today's currency. There aren't major governments backing it.

So to decentralize the usual fiat and call it the new fiat. Doesn't change the fact that it is still fiat. You just need to run your PC and GPUs to make the new fiat but it's still fiat. It's smoke and mirrors as usual with fiat.

 

[R-T-B]

Well, if you gave them that info you deserve to be jacked over. Why would ANYONE do that?

KYC. Any legit exchange, like a bank, needs these details to be legal.

 

[64K]

KYC. Any legit exchange, like a bank, needs these details to be legal.

But you jumped on the bandwagon a while back and said that banks would no longer be necessary in the future.

Are they legit or not? Has crypto changed anything at all or is it just another smoke and mirror show?