Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 7077. (Read 26709821 times)

More than the inevitable, inevitably painful correction drives people away?

First impressions count.  Think of all the people who caught the FOMO get-rich-quick virus in December 2017, and got shorn like the sheep that they are—who lost real money that meant something to them.  Are they ever coming back?  I’m not the first to suggest that that precious bull run set back mass adoption for years.


Those who want euphoria should play with high-volatility altcoins such as TSLA—or better, play at a casino.  You can win or lose a ton of money with either!

Bitcoin is king because it’s boring.  That is to say:  It is reliable.  Core uses solid, well-understood technologies, instead of chasing the latest fad.  Its developers say, “it’s done when it’s done”, not “move fast and break things”.  And as volatile as its market is, it is incomparably less so than most altcoins.

You can in good conscience tell your grandma to buy some Bitcoin.  (Would you tell your grandma to buy into a high-volatility, highly speculative instrument, urge her to enjoy the euphoria, then shrug “DYOR” if she gets burned?)  You can also do business with Bitcoin—I mean, you can do non-Bitcoin business with Bitcoin.  (If a “coin” is not useful for any business other than speculation, it is a Ponzi scheme by definition.)  This means real adoption:  Adoption as money, not as euphoric entertainment and get-rich-quick mania.


It’s easy to say “DYOR”.  Hard for the n00b who is stepping into an alien world, taking a risk—and oft as not, getting burned.  Whereas “DYOR” sounds suspiciously like the kinds of excuses tossed out by ICOs, Defi tokens, and other shitcoin scams.  LOL, you lost money believing in us—your fault, sucker!

Bitcoin has real fundamental value, and should be, in addition to a medium of exchange, a reasonably safe store of value.  If that were not so, it would be a Ponzi; and I would dump it pronto.  But to the contrary, I know how many times that I have said with regret, “I wish that I had kept this money in Bitcoin.”  Not because it would have made me rich, but because that would have avoided losses.

Did I make it moon yet?

Observing @ $10,030

https://twitter.com/Beautyon_/status/1303428566592434178?s=20

+thread

https://www.scientificamerican.com/article/the-idea-that-a-scientific-theory-can-be-falsified-is-a-myth/

nope nope nope

Support below $10k strengthening.
Hoping for a bounce.

Newest Update from Pentarhudi aka Masterluc



"As you can see, $10k level is very important for Bitcoin and was under siege multiple times in the past. From downside... Now the battle is going on from upside. It takes more time than I personally expected, but this doesn't surprise me much when I look backwards.

If Bitcoin hold $10k on weekly basis (i.e. weekly candle will not close below) - it will be a strong ground for further growth. And I'm sure it will.

You can also see blue trend escaping from giant consolidation triangle. As long as price didn't break it down - bullish development is fine. And as long as price is at bottom trend line - my suggestion is to buy."

Like @philipma1957 said buy the dip maybe this is the last time under $10K.

buy the dip

You guys better not miss the bounceback. Or you will be picking up the telephone again.

We have gembitz and Proudhon posting. I think we can reasonably assume we're near the bottom. I would need to see r0ach posting to confirm.

Most of us had our asses handed to us in the poll:
 

We need to change the poll, its rather embarrassing.

The run to ATH has started

BLACKcoin mooning    reeeeeee

  I think the huge hype and price bubbles help to drive awareness and adoption.  I greatly enjoy the euphoria that comes with it too!  Not so much the back side of the peaks, but that is a lot easier to bear after a few rounds. There is actual data to research on past cycles now, for those that choose to dyor.

The question is, does it follow the usual pattern, or will this time be more influenced by the greater economy?

OT: Watch the video. More comedy gold.

https://twitter.com/stoolpresidente/status/1303334057615523840

“The key to this market is Portnoy’s next move”   You can't make this shit up.

I can't even believe that ol' Jim C. uttered the words "Tesla" and "fundamentals" in the same sentence. 

I’ll be a contrarian here.  Partly to play devil’s advocate and pick your brain; this is a mere hypothesis:

$10k is a neat Schelling point:  It is comfortable.  I myself have long taken to thinking of a bitcoin as “more or less worth somewhere around $10k”—or more precisely, I tend to think of a U.S. dollar as currently being worth about 0.0001 BTC, more or less.  It is convenient because I am not a speculator, or even really an investor; my HODLings are my “savings account”, and I think of Bitcoin as money more than as an impliedly non-monetary asset.  How many others think somewhat similarly?  It’s a nice round number; it makes for easy mental calculations when carrying on financial transactions with people who still use dollars as a unit of account (!).

Thereupon, if some market factors are pushing the price up, and others are pushing down, and many people are setting walls of limit orders either just above or just below $10k, then why wouldn’t the price sustain this kind of flatness for awhile?  Is it not to be expected to converge around these major milestones before it eventually diverges?

I do think that the long-term trend is up, way up—just because supply is capped, and demand growth has barely even started toward its long-term potential.  It will be some years before Bitcoin even remotely approaches saturation on the demand side!  (Add to this the necessary compensation for depreciation of the dollar, Euro, etc.)  So, at some point, we will need to break out and go far above $10k.

I also think that too-rapid increases driven by pure speculation are not good.  That is the definition of a bubble.  I do not want another November–December 2017 scenario.  I am not watching the ticker and asking, “When moon?”  I want to see a new ATH driven by increased adoption and usage as money—not by FOMO, irrational exuberance, etc.  I want that, because I want for my bitcoins to have rock-solid fundamental value.  Of course, at this juncture, increased adoption driven by loss of confidence in fiat currencies would not be a bad thing...

Too much speculation also increases volatility, which slows adoption—which detracts from Bitcoin’s fundamental value!

Thus, I don’t see the $10k range as “uncomfortable”.  As long as it has stable support there, I am happy for the time being.

---

Why are you accusing me of “fake news” for reminding others of your fake news (and past shitcoin pumpings)?

Sure macro factors could have some kind of an affect on bitcoin, but i doubt that bitcoin needs retail to be ready, willing and able to buy bitcoin in order for our next ATH to be reached and exceeded.

Yeah, it's possible that the end of the year might be a bit too soon, but in bitcoinlandia, there can be a bit of relishing in doing the unexpected too, which causes shorts to continue to get rekkt when they continue to get placed, while the BTC price keeps going up.. Are we ready for such a move?  i don't know... but I surely would not be ruling out such a move, merely based on some kind of concern that macro-factors are not ready... People are not ready.. wait bitcoin, wait.... Bitcoin gives no shits about waiting, and small enough players can end up pushing bitcoin up, even if people (retail or whatever) are not ready... In other words, they become ready as they see the price going up from $40k to $100k, and then they start buying, right before the dump (or maybe more PC to call it a correction?). 

Do we end up correcting in the vicinity of $100k or $300k or some other location? and how long does it take to get to the point that correction ends up happening can frequently end up as somewhat surprises, even though such BTC price moves are still within a variety of relatively convincing and already known BTC price prediction models... the specifics are merely probabilities rather than precisions -even if some folks misinterpret them in such precision ways.

Proudhonk, you consider drastic bitcoin price movements as news to WO?
Interesting...

And so my ignore list is growing again.

Fake news. The true news is bitcoin is crashing.

Sure, anything could happen.. up, down or sideways.


What do you mean by "one more time"?

Maybe we are going to get stuck here for a few more weeks?

I have my doubts about getting stuck in this particular zone for much longer because this price floating around $10k feels a bit uncomfortable (or is the word unsustainable?).. and what is going on in shitcoinlandia?  Isn't that continuing to have some affect on BTC's ability to stay in one place?  and the macro environment, seems to have some nervousness, too...

I know bitcoin likely does not give too many shit about these various macro-factors, but in the short term, seems difficult to sustain any kind of flatness, even if we never know for sure regarding how long are we going to be here in the $10k range.... in bitcoinlandia.



As I type, do we either have a triple or a quadruple bottom, or maybe we have to make up some other kind of visual because these bottoms are starting to blend.

Maybe we have a blended bottom, currently?

It's messy out there boyz... be careful:





Lots of hopium in that one.


Never thought of it like that.

It's not looking good, boyz.    

Stocks are supposed to represent the value of companies, on the basis of future earnings. Tesla bulls explained the current bull run, including predictions like 50000$ a share (before split) by the fact Tesla was innovative, has earned some money (after having burned billions upon billions) etc. So how come the price is crashing ? Doesn't compute.

I think Tesla can do fine, however this speculative bubble might do more harm than good to the company.