$50k was a major psychological boundary. As was $10k before it. And maybe $20k.
The next one (in my head at least) is $100k.
$60k, $70k, ... etc., should be easy to pwn.
For the electronics engineers among us, look at the H/V scale of an oscilloscope: x10, x20, x50 x100, etc.
Things are looking up. Literally!
...and flowers are green.I am thinking that if I agree with you, AlcoHoDL, which I seem to, and that means, I better get my shit together and start setting my BTC sell orders above $100k.
As I said earlier, I had most of my BTC sell orders up to about $35k that had been set since about late 2017, and sure I tweaked some of those BTC sell orders between late 2017 and about October of 2020, but those BTC sell were not really put into question until about early November 2020 when $13,880 was broken.. and we kind of went on a tear since then.. and even if there were some signs of an impending tear in September/October.
So, yeah sometime in November 2020, I had to make sure that I had BTC sell orders up to the $50ks, but then it did not take too long before those up to $50k sell orders did not seem to be sufficient - so in about late December we had broken pretty decisively through deadman's zone (which was the $17,250-ish to $23,500-ish) price range, and there seemed like no real desire of king daddy to either stagnate or to have any meaningful corrections until about early or mid-January, but already by late December, it seemed justifiable to me to make sure that I was covered with my buy orders up to $100k - and now, I am thinking that I should cover at least through $150k, but probably it would be more prudent to get my BTC sell orders set up to $200k.. because none of us can really appreciate how fast things might move, but setting the sell orders up to $200k would likely allow me a wee bit more breathing space in terms of at what point the next setting of BTC sell orders might get triggered because as you seem to suggest, AlcoHoDL, a quick doubling becomes decently easy to achieve in bitcoinlandia once certain thresholds are passed.. and I cannot really argue with that way of framing our current BTC price dynamics.
I hope I'm not steering you towards a sub-optimal strategy, Jay. Psychological thresholds do exist, and breaking them is harder than any other random price value. It doesn't really make any sense from a purely scientific/mathematical point of view. It's the same when you ask someone about the chances of rolling a dice 6 times and getting "3, 1, 4, 3, 6, 2" vs. "6, 6, 6, 6, 6, 6". Most people would give the first sequence a much higher probability than the second sequence, when, in reality, they both have exactly the same probability of occurring.
So, we should pay attention to those psychological thresholds and boundaries, because they do occur, since there are humans involved in the trades. Regarding {..., x10, x20, x50 x100, ...}, that's always been the standard scale for many different things. Will there be any relevance to Bitcoin price action in the coming days/weeks/months? Who knows? In my case, I don't put sell orders in future dates, except for tiny amounts of coins (maybe up to 1 BTC) which I keep on exchanges. The vast majority of my coins are in cold storage, and cannot take part in automatic trades (not you keys...). I'm OK with that. I know that by following some type of plan or strategy for making use of my coins, could end up increasing my stash and/or fiat wealth, possibly substantially, but I have chosen the path of HoDLing, which gives me the peace of mind of keeping my coins outside of exchanges, and not having to worry about setting up buy/sell orders and always being on alert for trading adjustments, etc. I'm not a greedy person (at least, I'd like to think so), and I'm more than satisfied with what I've got. I don't want to mess with something that's already actively freeing me from any financial dependence and allowing me to make most of my (not too grandiose) dreams come true.
hard to be productive when btc is on ATH rodeorocket launch.
But you
are productive! You own Bitcoin, don't you?
That's a bit of a stretch of a way to describe "productive," even though I cannot really disagree with that concept, either.
There is something that seems unique about bitcoin involvement that makes it seem as if mere speculation might need to be reframed into a kind of productivity, even though there are quite a few bitcoin naysayers and even folks who are against traders that like to suggest that "trading" is a kind of pariah activity.. sure, I am convoluting the concept of speculation and trading, but whatever, I don't claim to be any kind of genius with my various spur of the moment spewing of opinions.
My above comment to 600watt was meant as a semi-joke, with a hint of Warren Buffet wisdom. It's a fact that simply owning BTC for 5+ years has "produced" wealth that is substantially larger than the wealth both my parents combined have managed to produce in their entire working lives. Now, I know that waking up in the morning richer than when you went to bed the previous night may not be considered as being productive in the conventional sense, but I'm happy regardless of how one may call it. It beats any other form of income in my book...