Bitcoin Price Thread

Maverick74 said:
OK. LOL. Why not? I'm genuinely curious. I mean even if we eliminate all the bullshit "it's going to a million hype", I'm sure it will re-test the highs which make it a 3 bagger from these levels.
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Lol, the simple answer is I'm all-in :D I've been all-in on bitcoin/cryptos since 2014, and even surpassed all-in by borrowing from credit cards to buy more cryptos. If we had a house, I probably would have gotten an equity loan to buy more.

Bitcoin has been very good to us that we paid off all our debts last year. I don't own a single stock. No real-estate, car is paid off, so if bitcoin goes below $2,000, I may have to get a personal loan and load up, but to be honest, we have enough cryptos right now that if it goes $40K or higher, we'll retire by selling a portion.
 
Illini Trader said:
You bears are very confident even facing a triple bottom with each bottom 60 days apart. I am thinking that we saw the low today never to be seen again, ever. LOL if you want but we shall see.
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I remember you are long... and I wish you come out ahead on this one.

that's not exactly triple bottom though :) besides the context isn't helping... also please give a good consideration on the 4:1 retail long:short ratio... this indicator has been too accurate to ignore... I basically went all in on equities in 2016 and 2017 after I discovered this indicator.
 
Illini Trader said:
even facing a triple bottom with each bottom 60 days apart.
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When people get desperate they accept any explanation for holding their position. That's how people blow up their account and take huge losses...

In corrections like the one we see now you should reduce your position and reposition when prices are much lower. Not just sit and watch what happens and hope everything will be OK at the end.

You are victim of the boiled frog phenomenon.
 
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Pekelo said:
Or descending triangle...
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That's why I don't like chartreading or any kind of the classic TA methods.
If you can not see clearly what the situation is the method is worthless.
One sees a long while someone else sees at the same time a short.

A mathematical approach is always clear, as 1+1 is ALWAYS 2.You cannot interprete a 2 as a1 or a 3. 2 is ALWAYS 2. Even if you have a good or a bad mood or if you are optimistic or pessimistic.
 
Pekelo said:
You can always go the fundamental approach with cryptos. Oh wait...
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You make joke but Bingo! That is why I will continue to hold my coins. I hear all you guys arguments about aircraft carriers and other BS about how invulnerable the dollar is, but one day BTC will hit new highs. So I hold and hold and hold. And, I do not fret about the bear market we are now going through.
 
Illini Trader said:
You make joke but Bingo! That is why I will continue to hold my coins. I hear all you guys arguments about aircraft carriers and other BS about how invulnerable the dollar is, but one day BTC will hit new highs. So I hold and hold and hold. And, I do not fret about the bear market we are now going through.
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That make sense. Doing that gave you this year already a reward of -65% more or less.

All people that went broke in past were sure they would make lots of money. They were not afraid. But that was exactly the problem.
 
Illini Trader said:
but one day BTC will hit new highs.
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1. This is a fallacy of the infinite ATHs. You are assuming the 20K wasn't the last one, and there will always be an even higher high. History tends to disagree. Inventions that can be reproduced and copied freely tend to lose value over time.

2. Let's say you are right and there is a new ATH of 25K that happens to be the last one. Using your same logic you will hold through it and let it fall back to 6K, 3K whatever...
 
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