Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 24743. (Read 26712945 times)

I did some crystal ball analysis today and came to the conclusion that I should stop buying bitcoin because we probably go to around $100
Earlier today I even thought it would be around 200 but my crystal ball came up with a new number just minutes ago.
Lets hold them coins and only buy new ones at 100  You'll get 3 times more than with current prices!

will add this as i posted it earlier today in another thread

I don't really think even the majority of sales via bitpay involve a bitcoin newbie purchasing bitcoin from a third party or exchange and then using this bitcoin to buy something.


example: http://www.mensocks.nl/ - these people accept bitcoin locally instore, mainly because they are friends with a local bitcoiner. I can almost tell you straight up that no person goes to a local bitcoin ATM machine pays 7% premium above market price, then takes these BTC and spends them on something which they could have just bought with their euro without having to pay 7% to buy BTC.

The only people who buy socks there using bitcoin are people who already owned bitcoin. No buy pressure only sell pressure.

Apart from retailers who ONLY accept bitcoin for their produce i find it hard to believe joe bloggs would go buy bitcoin and then use this to buy something he can normally buy with fiat. Bitpay is a tool for bitcoin holders to spend their bitcoin and push the price down, probably set out by rothschild types.

edit: another local example - https://www.thuisbezorgd.nl/en/. food delivery from almost every takeaway restaurant in the netherlands. via proxy almost all food delivery accept bitcoin. do the stores ever see a bitcoin...... nope.

would joe bloggs go buy some bitcoin to order his pizza when he can do it quicker and easier with cash or credit card. the only people i know spending BTC on https://www.thuisbezorgd.nl/en/ are people who hold BTC.
 

Only if they're traders.

The "Bitcoin cultists" and early adopters, who tend to be hoarders, generally want to see the price rise.

But if it keeps going on (merchants continue accepting BTC and some people pick up the habit of paying with BTC while they are effectively just dumping their old coins via merchants) there will be an inflexion point where one must buy fresh BTC in order to be able to spend it (the old stash will run out otherwise; or actually run out but that at least means a stop of merchant dumping).

If you are a bitcoin fanatic, but you spend your bitcoins through merchants that instantly dump them for fiat [and you don't instantly rebuy them because you are allin] helping to dump a bit more the price downwards to break the $266 support.

Is that bearish or bullish?

This might help you practice staring at charts: https://www.youtube.com/watch?v=TpU5O_Uur_c
You might also place this on one half of the screen while watching the chart on the other. I am not sure if this will help you make the right decision but it will certainly do something, or don't, I don't know.
(BTW, their "Honest Trailer" clips are actually funny.)

Because a majority of those rich people investing in bitcoin are caught up in the emotion of excitement and greed, just like many others.

It's a cash grab for most investors. They don't care about the technology or the ideology regarding bitcoin. They just want to hopefully line their pockets some more on the backs of greater fools.

Interesting how popularity of this forum is so correlated with the price.
Meaning, people are more interested in bitcoin while it is more expensive than while it's cheap. Isn't that ironic?

Does that mean they're not truly interested in bitcoin, but only in dollars?

Yes bitpay selling pressure will continue or a large mining farm like KnC will continue to mine and dump