Is the crypto winter over?

[semperfrosty]

Well, I'm gonna let price speak for itself. No need for us to argue between ourselves because we will just go around in circles arguing in favor of the direction of the trade that we have on, eg. you long and me short.

But one thing to note is that while we are rangebound here at the top, there were 2 "fast drops" (which were not just fast but pretty sizable too), which in my mind should not happen in a strong market. A sign of weakness? We'll find out in short order.

I usually dont chime in on short term moves as its proved it can do what we least expect,and I know schizo is mainly looking at the charts but:

Early ETF investors have just realised about a 25% increase in their investment...in less than 2 months.I have to believe that the Toms Toms are beating.

If my neighbour said he allocated to BTC and achieved that and his broker was predicting more of the same I would be calling my broker.

Then again,JA mentioned the sell wall at 52 so I guess Im just thinking out loud.

 

[long]

So you want me to talk big number price targets again on bitcoin?

Ok, to be very very clear, bitcoin is going to $100k, then $500k, then $1M, then $10M and higher... bitcoin price will go up forever because...... the-dollar-is-getting-debased-forever

Scarce asset vs infinite fiat supply. Simple math. Simple logic

The swings we're discussing here are of course for short term trade positions, we're all aware we are gambling, right???

How I handle the volatility swings is not to worry about it, otherwise, I'd be depressed turning a $30k profits m2m to a $20k complete loss (liquidation)

Gambling with play money for short term trade positions.... NFA

I have bitcoins in wallets that are for long term hold, or forever hold, multi generational wealth... for the kids...

So to review, don't think $1M per bitcoin price is the end as the price of bitcoin will go much higher than that

Can you please provide a precise timeline for this? Much appreciated.

 

[johnarb]

Can you please provide a precise timeline for this? Much appreciated.

The $1M price target for bitcoin has always been estimated to occur before 2030...

but there is a chance given all the things occurring with the bitcoin spot etf, the current halving cycle, that $1M could be reached by eoy 2025 or first half of 2026, whichever is the peak cycle for this bull market cycle

Then as in previous bull-bear market cycles, we could see another 80% crash bear market bottom

Every cycle, we go up by a factor of 10, 2013 was 4 digit bitcoin, 2017 was 5 digit bitcoin price and 2020 was supposed to be a 6 digit bitcoin price top, but we got robbed when all the scam TradFi company involved in crypto collapsed, FTX/Alameda, 3AC, BlockFi, Celsius, Genesis, Voyager

This cycle though has birthed the bitcoin spot etf's. At no time in the history of bitcoin has it ever had a $200M buyer, every single trading day. this is UNPRECEDENTED in bitcoin history

Imagine bitcoin going up to $69k only on pure adoption demand from MSTR, Tesla, and the believers, plus retail fomo... now it's a completely, COMPLETELY different bitcoin ball game

Very very excited for the next 2 years

Look at this chart and tell me what you see

 

[long]

The $1M price target for bitcoin has always been estimated to occur before 2030...

but there is a chance given all the things occurring with the bitcoin spot etf, the current halving cycle, that $1M could be reached by eoy 2025 or first half of 2026, whichever is the peak cycle for this bull market cycle

Then as in previous bull-bear market cycles, we could see another 80% crash bear market bottom

Every cycle, we go up by a factor of 10, 2013 was 4 digit bitcoin, 2017 was 5 digit bitcoin price and 2020 was supposed to be a 6 digit bitcoin price top, but we got robbed when all the scam TradFi company involved in crypto collapsed, FTX/Alameda, 3AC, BlockFi, Celsius, Genesis, Voyager

This cycle though has birthed the bitcoin spot etf's. At no time in the history of bitcoin has it ever had a $200M buyer, every single trading day. this is UNPRECEDENTED in bitcoin history

Imagine bitcoin going up to $69k only on pure adoption demand from MSTR, Tesla, and the believers, plus retail fomo... now it's a completely, COMPLETELY different bitcoin ball game

Very very excited for the next 2 years

Look at this chart and tell me what you see

I think I might see ….. opportunity….

 

[schizo]

But one thing to note is that while we are rangebound here at the top, there were 2 "fast drops" (which were not just fast but pretty sizable too), which in my mind should not happen in a strong market. A sign of weakness? We'll find out in short order.

Today marks another "fast drop". If we don't break down today, maybe tomorrow?

 

[The_Krakenite]

Yup, I noticed the profit taking today... glad I didn't go long at yesterday's prices.

 

[johnarb]

Yup, I noticed the profit taking today...

Genesis has been selling $1-1.5B worth of GBTC to payoff creditors

 

[The_Krakenite]

I've traded options on Bitcoin ETFs for years now, but never Bitcoin-Miner ETFs. So today was a first for me. Let's see what happens by October.

Actually, markets closed today for $99 profit so far. Will try to milk 1K out of it.

 

[NoahA]

Here is an incredible analysis of where price might go based on previous cycles and halvings.

 

[johnarb]

Here is an incredible analysis of where price might go based on previous cycles and halvings.

Excellent charts by CTO Larsson. I'll be very happy with $300k top for this cycle (next 2 years), even $200k is not bad