Is the crypto winter over?

schizo said:
Damn, no need to remind me. I'm kicking myself already. But if there's one thing I've learned in the last few months, it's that you need to be patient with BTC. If you wait, she will come. Anyway, I'll meet you again at 48,000. :)
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There's always time to get back on the btc train, and it trades 24/7. My amateur chart says $34.05 is a good level to go long

themickey said:
I cancel this call.
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Buy the rumor, buy the news on the bitcoin etf. We shall see if this is correct

(real not derivatives) bitcoin market is not like TradFi markets and this is because the buyers and sellers are a mix of global amateurs and professionals that trade on 24/7

Who are the buyers of this bitcoin uptrend recently, most likely anticipating the spot etf approval in the US?

1. crypto bros holding cash/stablecoins
2. no-coiners on the sidelines turned investors
3. Institutional investors allocating to bitcoin
4. ETF applicants seeding their etf's

Are they going to dump after the etf news? I do not think so, they do not fit the profile of short term traders



johnarb said:
With stocks, people with insider info buy the stock and load up on options and dump as the news is released

With bitcoin, 99% of the nocoiners hate bitcoin and wouldn't buy it even knowing that etf might get approved soon, and the options are out of reach of the reddit crowd

And bitcoiners are psycopaths, the ones that are still hodling, they did not sell when bitcoin goes down 75%+ nor sell when bitcoin goes up over 100%, so very very unlikely they will sell a 10, 20, 30, 50% price move after the news
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johnarb said:
(real not derivatives) bitcoin market is not like TradFi markets and this is because the buyers and sellers are a mix of global amateurs and professionals that trade on 24/7

Who are the buyers of this bitcoin uptrend recently, most likely anticipating the spot etf approval in the US?

1. crypto bros holding cash/stablecoins
2. no-coiners on the sidelines turned investors
3. Institutional investors allocating to bitcoin
4. ETF applicants seeding their etf's

Are they342 going to dump after the etf news? I do not think so, they do not fit the profile of short term traders
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Come tomorrow, I think one of two things will like happen.
  1. FOMOs chasing after the bandwagon.
  2. Profit-taking by those who rode up the trend for the last few weeks.
I'm leaning towards #2 because we've just witnessed the classical "blow-off top" (although it still remains to be seen), where the last two days were pretty insane. If price does pull back overnight, I would think people will want to lock in their profit.

Right now, we're trading below the moving average and the previous intraday high at 34,206. It's also about to break below the red line, which shows weakening of demand.

upload_2023-10-23_23-27-59.png
 
schizo said:
Come tomorrow, I think one of two things will like happen.
  1. FOMOs chasing after the bandwagon.
  2. Profit-taking by those who rode up the trend for the last few weeks.
I'm leaning towards #2 because we've just witnessed the classical "blow-off top" (although it still remains to be seen), where the last two days were pretty insane. If price does pull back overnight, I would think people will want to lock in their profit.

Right now, we're trading below the moving average and the previous intraday high at 34,206. It's also about to break below the red line, which shows weakening of demand.

View attachment 325924
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Agree with you if no news of etf tomorrow, could trade below $32k but doubt it will go below $30k

Too much excitement without official etf news and the longer no announcement the lower bitcoin trends down with good support at $30k

But if spot etf news comes out tomorrow.... :D
 
I am interested to see if crypto is front running a bank blowup here. Bank stocks are getting absolutely crushed. Everyone knows that banks are sitting on all this commercial real estate debt that is going to need a haircut.
It just doesn't make any sense that things would move this much for an ETF that makes no sense as a product and if anything will be a good option for shorting crypto.
There is no point in paying an expense ratio to hold crypto lol.
It is also a good example of how full of shit crypto people in their childish economic beliefs and absolutely no one cares about anything other than the price going up.
If crypto retards actually believed what they said they believe then everyone would be totally against an ETF.
 
There is no point in paying an expense ratio to hold crypto lol.
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Babyboomers have been taught to pay high MERs for most of their lives. They would gladly pay even 2% just to have a 3rd party handle their keys for them.
 
metalztrader said:
I am interested to see if crypto is front running a bank blowup here. Bank stocks are getting absolutely crushed. Everyone knows that banks are sitting on all this commercial real estate debt that is going to need a haircut.
It just doesn't make any sense that things would move this much for an ETF that makes no sense as a product and if anything will be a good option for shorting crypto.
There is no point in paying an expense ratio to hold crypto lol.
It is also a good example of how full of shit crypto people in their childish economic beliefs and absolutely no one cares about anything other than the price going up.
If crypto retards actually believed what they said they believe then everyone would be totally against an ETF.
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It's pure speculation, just like the Internet craze that led to the Nasdaq bubble in the late 90s (if you're old enough to remember that). As such, I approach BTC as a speculator and I personally don't see much use for BTC other than as a vehicle for speculation (just like options or futures).

But look at where the Nasdaq is trading today. Even if you entered exactly at the top of the Internet bubble and sat out the 73% crash, you would still have made 156% as of today.

My point is, no matter what your opinion of the market is, in the end the market will always prevail.

upload_2023-10-24_13-41-45.png
 
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