Why Bitcoin is Surging and How This Rally Is Different from 2017

Trader Curt said:
True, but IMO we are going to have some kind of resistance at 20k or sooner. We are extremely over extended on most indicators, and unless we have a pullback of some kind, then history will just repeat itself and we will head straight back from where we came from.
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  1. Bitcoin holders are now in full control and the vast majority of them aren't interested in selling until at least a $1trillion cap ($64k). Even then there might not be many - Where is the supply going to come from to overcome the demand? EVERY day the supply is getting SMALLER and SMALLER like no other market the world has ever seen. The Bitcoin holders know this full well and they want some payback because holding Bitcoin is not easy

  2. I think one can make a case that the blow-off top to $20k can be deleted from the charts, if so we are in full price discovery mode right now. If not, we soon will be

  3. It's a brave man that uses and relies on traditional indicators in a non-traditional market, ie one that's slowly being cornered with a 100% guaranteed limited supply with a big chunk of that locked up and taken off the market

  4. Unlikely we get any sort of pullback at these levels or higher because there are now so many buyers lurking (the smart one's aren't messing around and paying market) around these levels they're going to view xmas has come early if they can pick up anything less than $15k. I admit, anything is possible so the next month is going to be very interesting. If anything, I'd love to see a pullback to see what happens.

  5. If we do get any major pullbacks, and hypothetically if there are no new buyers coming into BTC, many of the holders will just scoop up more Bitcoin and the whole upcoming move will just get delayed. Again, the Bitcoin holders know they're in charge, know they've started to corner the market so any further adding to their holdings only supports their corner and makes the upcoming move even more violent
 
Having said the above, Willy Woo (@woonomic) an excellent Bitcoin chain analyst says "old hands have been selling into this rally since the start of Nov, BTC @ $13k+".

So maybe some new supply is coming on to the market at these sorts of levels. If so, it's been gobbled up.

Further Woo -

"there's so much FOMO and strong fundamentals being blasted out, there's also signs of the market being overheated locally. I'd be very surprised if we break all-time-high on the first try without a rejection, or consolidation, before a second run at it."

Ultimately nobody knows, but it sure is going to be interesting to watch the action over the next month and into 2021.
 
Trader Curt said:
I think you're right. The market is so bullish right now that you can't rely on indicators, and just about all of them are over extended. There must be a lot of fomo happening right now, the bears can't even make a dip. I was expecting a dip around 17200, and we just blasted straight through it!
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The sentiment is shared. I was anticipating three sell offs on the weekly that didn’t materialize since $10k and had to re-enter long quite quickly.

This move to a new ATH is coming faster than anticipated.
 
Bitcoin_Market_Cap_Comparison.jpg
 
AbbotAle said:
  1. Bitcoin holders are now in full control and the vast majority of them aren't interested in selling until at least a $1trillion cap ($64k). Even then there might not be many - Where is the supply going to come from to overcome the demand? EVERY day the supply is getting SMALLER and SMALLER like no other market the world has ever seen. The Bitcoin holders know this full well and they want some payback because holding Bitcoin is not easy

  2. I think one can make a case that the blow-off top to $20k can be deleted from the charts, if so we are in full price discovery mode right now. If not, we soon will be

  3. It's a brave man that uses and relies on traditional indicators in a non-traditional market, ie one that's slowly being cornered with a 100% guaranteed limited supply with a big chunk of that locked up and taken off the market

  4. Unlikely we get any sort of pullback at these levels or higher because there are now so many buyers lurking (the smart one's aren't messing around and paying market) around these levels they're going to view xmas has come early if they can pick up anything less than $15k. I admit, anything is possible so the next month is going to be very interesting. If anything, I'd love to see a pullback to see what happens.

  5. If we do get any major pullbacks, and hypothetically if there are no new buyers coming into BTC, many of the holders will just scoop up more Bitcoin and the whole upcoming move will just get delayed. Again, the Bitcoin holders know they're in charge, know they've started to corner the market so any further adding to their holdings only supports their corner and makes the upcoming move even more violent
More...
it's interesting to see BTC at these levels w/o even being in mania/parabolic mode yet. It does point to quite a bit higher price
 
What about ripple? anyone have any thoughts on this ? Looks like its easier to get a 10 bagger out of this than btc at the moment, but who knows
 
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