Bitcoin Price Thread

NoahA said:
So yes, for the time being, Bitcoin will very much be at the mercy of the macro environment, and can easily continue to drop as the economy implodes, but its literally reaching a wider adoption every day, and hence primed for the explosive move higher.
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Yen carry trade blowing up and not done, kinetic war escalation in many places, recession indicators flashing bright red, and a "high" interest rate environment...

yet bitcoin is still at $57k... a true global store of value asset, indeed

I'm old enough to remember when posters on ET said bitcoin will go to single digit when a recession hits or interest rate goes above 5%, now we have both

I have not had this much peace of mind holding majority of my family's net worth in bitcoin
 
orbit23 said:
Bitcoin bulls seem to have completely given up. Look at this thread, zero interest.

This market is cooked to the gills.

Just look at higher timeframes, they never lie.

the most obvious topping pattern in the history.


Having that said and as much as i'd like this ponzi scheme to dismantle immediately, there is UNFORTUNATELY a GLIMMER of hope here.

Often the market tops and distribution occurs, but the momentum just ain't there. So what happens sometimes is you get a violent fakeout pump UP, trapping maximum amount of suckers followed by a VIOLENT counter move to the downside.

This is the recipe for maximum momentum and what we need to break the knees of this ponzi and make it face-plant down right into $30Ks.


Conveniently there is some crypto-bros conference coming up.

I am LITERALLY praying for all the crypto bulls out there. The last thing i yearn for is for the crypto comrades to get massacred.

If we are to nuke from there, i will pray even stronger in hope of protecting your corrupted souls.

But if you do get another exit pump, for the love of god sell EVERYTHING because there will be no other chance.

By September 15th you want to own precisely ZERO scam crypto tokens. This is something that several generations from now your descendants will be most proud of.
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Have you considered setting yourself on fire in protest?
 
BTC seems to follow the macro data recently. Short term it will just follow the flow of data which is looking worse every week. If the NFP tomorrow is < 100K jobs it could swoosh down again.

This would seem to indicate the marginal buyer/seller sees BTC as a risk asset. I noticed when the QQQ rises and BTC goes down, QQQ always comes back down intraday. BTC is a better read on the macro sentiment.
 
BTC vs NDX Spread (Ratio) topped March 13th and losing ground ever since:-

! BTC NDX spread.png
 
The chart for the past 6 months doesn't look particularly healthy, with a succession of lower highs and lower lows. But I guess the trend could turn around at some point.
 
Don't worry. They are just trying to make the coins more accessible by lowering their price.

This is just a step closer to mass adoption. Cheaper Bitcoins = more people can afford to buy!
 
NoahA said:
In this process, there have been many more smaller players buying it all up. All those funds who bought the ETFs did so on behalf of the customer, the individual. So Bitcoin is now even more widely distributed. This means more people have incentive to accept this form of money and use it. This means we are closer to the tipping point where everyone realizes that they need to have some.
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The ETFs have been with us less than a year and now everyone who bought after March is underwater. (Ya I know there were a few days in August who are still whole)
Anyway these are investors not Bitcoin Hodlers, how long do you think they'll hold on to falling investments.
The ETF holders are looking for investment returns and are pretty fickle. 5% guaranteed in a term deposit looks better than an investment thats dropping.
 
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