Bitcoin Price Thread

NoahA said:
I can understand how this would make sense when trading index futures, but for Bitcoin, if the buying pressure via these ETFs is still there, then there is no way it can retrace. I honestly do think that our models about trading price action will break down at some point when it comes to bitcoin. Bitcoin is not a company so it doesn't need to produce income. There is therefore no metric about what "high" is in relation to revenue or other metrics we might use. If I get nervous at 70k and sell my position in the 2X leverage long, then I will immediately Buy a spot ETF. So I will in fact be even adding more buying pressure.
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And when John takes his profits on his microstrategy position, he also will buy more Bitcoin.
 
NoahA said:
I can understand how this would make sense when trading index futures, but for Bitcoin, if the buying pressure via these ETFs is still there, then there is no way it can retrace. I honestly do think that our models about trading price action will break down at some point when it comes to bitcoin. Bitcoin is not a company so it doesn't need to produce income. There is therefore no metric about what "high" is in relation to revenue or other metrics we might use. If I get nervous at 70k and sell my position in the 2X leverage long, then I will immediately Buy a spot ETF. So I will in fact be even adding more buying pressure.
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Well, I just bailed out of my long at 68.3K. So I wish you and everyone else good luck.
 
NoahA said:
I can understand how this would make sense when trading index futures, but for Bitcoin, if the buying pressure via these ETFs is still there, then there is no way it can retrace. I honestly do think that our models about trading price action will break down at some point when it comes to bitcoin. Bitcoin is not a company so it doesn't need to produce income. There is therefore no metric about what "high" is in relation to revenue or other metrics we might use. If I get nervous at 70k and sell my position in the 2X leverage long, then I will immediately Buy a spot ETF. So I will in fact be even adding more buying pressure.
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Everything in the world is subject to supply and demand. It’s 100% certain that at some point - once the incremental demand unleashed by the ETFs abates, and the buying frenzy dies out - BTC will put a top lasting at least a couple of years, maybe even a couple of decades. What we don’t know is whether it will be closer to 85k or 205k.
 
Thank fucking god a nice little correction FINALLY! We were about to brake Tether's counterfeit machine the way it was going... I love seeing all this deep dark colored red again on the crypto heatmaps.
 
schizo said:
If my analysis is correct, we should see a pull back from 70k to around 58k-60k and then another leg up to 87k-90k.
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So we did go down to 59k today. I ain't sure this qualifies as a genuine pullback. I was hoping it would take a few days to get there. But now that it pulled back, this could possibly give an impetus to another leg up. Not sure it will go straight up to 87k-90k as I wrote above, but I'm pretty sure 69k-70k will likely get retested.
 
long said:
I’ll never understand this
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I don't believe any of these NFT sales. I think it was already shown that at OpenSea, the number one exchange, there was lots of fake trading. One person can easily do 5 transactions to different addresses that they control to make it seem like there is a market for these things. You buy it at 5 ETH, then another account you own buys at 20, and then a 3rd buy at 100 ETH, and then you list it hoping some other loser buys it from you because they see a "market" for it. When the loser buys it, the job is done, and he can no longer flip it. In other words, I doubt there is any real liquidity for these things.

Its the exact same thing with meme coins sometimes. You might catch a good ride and think you have $100k or $500k in profits, but there is no way you can exit this position since there won't be enough buyers.
 
dogwifhat woo hoo

!dogwifhat.jpg


rrrruff
 
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