What's amazing me is the way the bid side keeps so steady or builds, even after large volumes of buys at the $130 and $140 mark. pre-$140 we were 40k+13k down to $120/$130, and now we're 40k+15k, and that's after all the $140 buying. We were 67k down to $100 and 31k up to $150 , and now we are 67k + 24k, so the bid side really is doing a great job, considering the buying at $130 and $140
Once we break $150 i wouldn't be surprised to see us go up to $200 quite quickly as the panic buying starts and supply drops
This might be heretical in a wall-observer thread, but
people are wasting too much time reading the chicken entrails of wall movements.
For every buyer there is also a seller, for every dollar in there is a dollar out of Bitcoin. The only reason the price goes up is
sentiment.When sentiment changes then floods of sell orders will appear from nowhere. I bet there was a monster wall at $230 when the price hit $266, but it didn't do any good. If the price suddenly shot to $1000 then there would soon be a tidal wave of sellers taking profits until it hit the last level where sentiment had a consensus ($125, or even $95).
I think the 4-year logarithmic trendline is the best indicator of sentiment, based on fundamentals, and this points to a stable price at $200 and eventually $1000 in the future, but not because of all the wall-dances along the way.
