Is BTC Reloading?

[Laissez Faire]

I think of btc as a long term savings account. I did not always view it in that way as I was always thinking of fiat equivalency

Once I switched my view, the only thing that matters is long term, say 5 years, 10 years or longer

In this kind of view, imho, 1 btc will be priced $500K or higher in 5 years but even if I'm wrong, what matters most is that 1 btc will be worth more in 5 years versus holding the equivalent $ in today's purchasing power which will be guaranteed to have eroded in value by at least 15%

In the history of btc, there is no period where holding buying and holding btc for longer than 3 years lost value versus the $

If the price of btc gets too high in too short of a time, say $200K in 6 months, I can convert some to $ and "re-deposit" to my btc savings account once I consider the value is low

No matter what, I will not sell all my btc holdings, which I consider long term savings account

I have other crypto assets for speculative and yield generation purposes

Makes sense.

My 2 satoshis

I chuckled.

 

[Lee-Bax]

Good evening all, back on Bitcoin today as we have seen some impulsive movement of late. Is Bitcoin bearish? Well it certainly looks like it could be, we have broken trend and made a lower low, if price make's a lower high next then it may look to be a short/medium term bearish move possibly. But where will it retrace to? I would like to see it find support at 54K by the trend line . At least this gives us opportunity to buy cheaper before the next bull push. Let me know your thoughts below. GLIYF

 

[Pezza]

yeah i think we are in the short term bear trap. feel like every one is looking up at BTC and a crypto run in the lead up to December this could be a good opportunity to push prices lower. every one will think its fallen and a good investment to build on but feel we will go back below the 50K zone and hold there for a bit before we make the real next push to the ATH no chance of 100K by the end of the year.

 

[Overnight]

yeah i think we are in the short term bear trap. feel like every one is looking up at BTC and a crypto run in the lead up to December this could be a good opportunity to push prices lower. every one will think its fallen and a good investment to build on but feel we will go back below the 50K zone and hold there for a bit before we make the real next push to the ATH no chance of 100K by the end of the year.

Well, X-Mas is coming.

 

[sebking1986]

The issue when it has made ATHs is that all the price targets are below. I want to think it will go higher but we could well see some tasty buy prices before Christmas which suits me as a long term investor in BTC as well.

 

[Laissez Faire]

Seems like I made the right choice so far with waiting to buy.

I have not studied it, but it seems to me that BTC correlates fairly well with the equity markets.

Haven't one of the selling points of crypto been that it should be an uncorrelated asset class?

 

[johnarb]

Seems like I made the right choice so far with waiting to buy.

I have not studied it, but it seems to me that BTC correlates fairly well with the equity markets.

Haven't one of the selling points of crypto been that it should be an uncorrelated asset class?

Bitcoin is correlated to other risk assets at times due to liquidity, i.e March 2020

If you google bitcoin correlation to the stock market, you might be surprised to find out how low the correlation is over the course of 10 years

 

[Laissez Faire]

Bitcoin is correlated to other risk assets at times due to liquidity, i.e March 2020

If you google bitcoin correlation to the stock market, you might be surprised to find out how low the correlation is over the course of 10 years

Historically, sure, but I wouldn't be surprised to see the correlation increasing as it is becoming a more commonly accepted and traded instrument.

S&P 500 (orange) versus BTC:

 

[Laissez Faire]

I have zero knowledge on trading Bitcoin technically, but I think we can forget about $100K this year.

Right now, this market is heavy and in a down trend. If the equities market should accelerate to the downside after this ugly day down I imagine Bitcoin will follow with.

I want to establish a position in BTC at some point, but right now I'm sitting on the fence and waiting. I'm expecting a test of 50K. If that will be the bottom or a temporary bottom remains to be seen. Maybe we'll trade even lower. If we see a 40K print it's about time to start loading up.

 

[johnarb]

I have zero knowledge on trading Bitcoin technically, but I think we can forget about $100K this year.

$100K is still in-play, it's only an 86% move from here. Btc can do hundreds of % in a short time

Check out Nov-Dec 2013 and Nov-Dec 2017

Bullcember next week