Bitcoin Price Thread
- Thread starter Magna
- Start date
That’s a great chart. It gives a lot of perspective.
If ya question NFT sales how 'bout this:
I'd have to get more data, but there seems to be a correlation between crypto and alt investments/speculative stuff.
I'd have to get more data, but there seems to be a correlation between crypto and alt investments/speculative stuff.
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Great example of the determinism of the market. The chart is moving through a large C&H, and the news is just aligning to facilitate the C&H. The news has no consequence on the actual price. You have to flip the way you think on this, but essentially the C&H is inevitable. It is a pattern that will complete. This is because after an ath, there will always be sets of events that will lead to a demise in price...mass fomo, scammers all come out of the woodwork...governments try to curtail etc. This ebb and flow of events that have a downward affect on price will create a C&H. So we may not know exactly how the bottom of the cup will be reached when we are at the ath's, we can only know that some catalyst (in this case it was ftx scandal) will facilitate it.
So it will appear as if the price is bouncing around based on the news coming in, when in fact the news coming in is just the realization of what the C&H has already determined.
This is an over simplified explanation but it is basically what's behind the typical market cycle.
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I was thinking 74K.
When we touched the ATH we dropped then quickly picked back up, liquidating all the shorts. Now I think we will pass the ATH toward 74K before liquidating all the longs. How can we expect anything less?
I don't see how anyone could sit there and think it will be a walk in the park to acquire millions of dollars...
Are we going for another leg up to 80k plus or what?