Bitcoin Price Thread
- Thread starter Magna
- Start date
None of that matters. Low 50ks were called 3 months ago. News doesn't affect anything. It just confirms what was already projected.
Here's the proof!
What are you talking about? I was the one who told you guys it was going to pull back to possibly sub 50k if it double corrects when it was in the 70k's.
Here is the proof.
View attachment 338493
https://community.swingcharts.com/t/btcusd/21/2?u=darthtrader
To all the bears in the past few pages, yes, price is dropping right now, which does suck, but the thesis for bitcoin hasn't changed. If you tell me how the government plans to fix the corner that they are backed in with debt, deficit, interest rates, government spending, etc, then I might be willing to analyze if the need for bitcoin is still present. But we all know that there is no ability to fix anything. If anything, I'm seeing in the last few days that treasury yields are exploding. Japan hasn't been able to do anything about their weak currency, and that is after throwing 60B at the dropping Yen, and China also is struggling to fix a its currency.
If you ask me, Germany selling Bitcoin, and Mt. Gox coins potentially selling at the same time, is all a co-ordinated effort to cause panic. Look at when this drop started, late on Wednesday night after markets closed for July 4 holiday.
I have said it here before, that I leave it up to the government to provide the best reason to own bitcoin, and they will deliver. What scares me actually is heavy austerity. Everything will dump, and although I'm sure that in the end, people realize that the new system will be built upon something that the government doesn't control, it will indeed be ugly.
The case for owning bitcoin hasn't changed one bit, and the crazier this market gets, the more obvious it is that the great reset is coming.
If you ask me, Germany selling Bitcoin, and Mt. Gox coins potentially selling at the same time, is all a co-ordinated effort to cause panic. Look at when this drop started, late on Wednesday night after markets closed for July 4 holiday.
I have said it here before, that I leave it up to the government to provide the best reason to own bitcoin, and they will deliver. What scares me actually is heavy austerity. Everything will dump, and although I'm sure that in the end, people realize that the new system will be built upon something that the government doesn't control, it will indeed be ugly.
The case for owning bitcoin hasn't changed one bit, and the crazier this market gets, the more obvious it is that the great reset is coming.
I should also add that there are likely true bitcoiners dumping as well, all hoping to buy back in at a lower price. There are people who try and time the market in order to accumulate more bitcoin, and they are perhaps shorting as well. And as lots of people point out, a test of the low 50s has been suggested by some TA people as a likely scenario, so all of this is adding to the selling pressure.
Sorry, but I can only sigh. If you're a HODL, don't sell here! We are trading at 54.5K as I write. I would be thinking about averaging down if I were already an established long. Not necessarily now, but somewhere close to 50K.