Any update on your current stance since breaking ATH last night? if you don't mind sharing it with us.
Hoping for some more bearish insight?
Did you buy back in yet?
This market is going to a $1000 and beyond. We are getting resistance as expect. Buying is trepidatious as expected. And what is the result? More consolidation right near ATHs. Very very bullish. All this talk of these schools of whales sweeping in to ruin the party is just urban legend. 10ks of coins are being sold off everyday and here we are still right under 1k.
Lol, funny enough but I find 'bearish insight' to be more sensible and plausible than bullish insight. I haven't bought back in yet no, certainly not at these prices, a crash is only round the corner, it's a fact, a law of the universe even, we both know it. That's when I'll be waiting with QtTraderbot to munch all the cheap coins.
A crash is possible but certainly not a law of the universe. I believe a crash right now would require some
significant bearish news.
A crash is due as a law of the universe when the market cap goes beyond any reasonable expectation compared to the value.
The whole bitcoin system is now running at 12 miserable billions. This is peanuts compared to the value it provides. I would say the current information about the system and its recognition and expectations about the future should fetch a market cap of around 100 billions. An evaluation of the value is something personal based on your perception and understanding of the world. There is no such thing as an objective valuation, all valuations are subjective.
Now this last month many people had mass realisation about that value. Price adjustment based on value perception adjustment is solid and this is the reason why this is not a bubble.
It can make sense to wait for the next correction/crash,
or not. It is very possible that the next crash brings the bitcoin price at a price significantly higher than today's price. For exemple, the price could collapse to 1200 after the next crash. Even then, you will probably not buy at the bottom of the next crash because that requires lots of courage, skills and uninterrupted attention.
Saying there will be crashes is correct, but saying that the next crash will bring the price lower than today's price is a wild speculation, and very far from a "law of the universe". The last two days price action show lots of strength and stability.
Past market data could be meaningful, but there are also high chances that it is not the case. Awareness of bitcoin has changed over the last 3 months and it is being adopted in more countries, through more exchanges and platforms. There has never been so many people watching it, out of curiosity or waiting for an opportunity to get in. There has never been as many incentives to get one's money out of the system or at least part of it.
People have to wake up and realise that a 12 billion market cap for bitcoin is ridiculous. The US FED is creating 85 billion fresh US dollars every MONTH just to buy back the US debt that nobody wants anymore. That's 7 times the total valuation of the whole bitcoin system that is monetized out of thin air, every month. Most of this money is reinvested on the stock market pumping the biggest stock bubble of this century - which will not last much longer. What if only a fraction of this money started to flow towards bitcoin ?
When some serious money flows will start heading towards bitcoin we will quickly reach the valuation of 100 billions I talked about - and exceed it.
I am putting my money where my mouth is since I bought 17 coins this morning at 920. Buying bitcoin now is still cheap and I will buy more at 1000.
