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figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: SwayStar123 on March 12, 2020, 02:45:31 PM

Slight clickbait title, but after 2008 financial crisis bitcoin was created and went from 0.01 USD to 20,000 USD, which begs the question, will bitcoin act as a safe haven as people have been calling it for years? Or will the price cripple alongside every other asset? The current price very much feels like could make new lows at 2k, what do you all think?

bitcoin was launched in 2009. the economic recovery began in march 09, long before bitcoin had markets yet. i don't think bitcoin had liquid markets for price discovery until 2010. by that time, stock markets were already back in a bull market.

so it's impossible to say based on history how bitcoin would handle a true recession. it's never happened before.

from just looking at the chart, if we go to $3k, we ain't stopping there. $2k is in the middle of nowhere. the q1 2017/2013 ATH zone is the most interesting support zone but tbh much lower is probable with time.

in terms of time and moving average support, crashing below $3128 would be.......really really unprecedented. it could mean the 2010-17 bull market was over years ago and we are now in a long term (5-10 year?) inverse trend.

xxxx123abcxxxx has made some fantastic past calls. he is now already predicting sub $1000 prices! Undecided

scary times.
https://bitcointalksearch.org/topic/m.54018386

hatshepsut93

legendary

Activity: 3024

Merit: 2148

There's no connection between the 2008 recession and Bitcoin going up 2000000% - people weren't buying Bitcoin as a reaction to the crisis, they were buying it because it was a brand new asset, and a lot of people sold quite soon. Much later people started theorizing about Bitcoin's fundamental value - this is when it began being called a store of value, a hedge, etc. But for some reason everyone was so fixated on the idea that a crisis is caused by banks and bad monetary policy that no one though about other scenarios like the one we are seeing now.

sunsilk

hero member

Activity: 3038

Merit: 634

Quote from: proudhon on March 12, 2020, 02:53:33 PM

Likely scenario: experiment over. bitcoin ded.

Yes, it died for 380 times and more in the future.

Source: https://99bitcoins.com/bitcoin-obituaries/

Wait until this global problem will be solved and the bears will start to play the bandwagon. And yes, just like the last recession, think of the same scenario and logic that we will face for the upcoming years to bitcoin.

20kevin20

legendary

Activity: 1134

Merit: 1598

During the last recession, nobody even knew what the hell a Bitcoin is. Take a look over Tesla's stocks back when nobody knew what the hell that company is and take a look at it now. The main difference is the number of investors.

Bitcoin is supposed to have a good price growth post its halving, but only time will tell. The 2008 financial crisis seems to have been better than the upcoming one, so if you're expecting a large Bitcoin price move upwards, it should be larger than the one from a decade ago. The USD inflation will also help make BTC worth much more in time. Hopefully this recession isn't when Bitcoin fails but when it finally becomes a store of value and shows its true worth.

Wilhelm

legendary

Activity: 1652

Merit: 1265

Bitcoin will rise 2000000% again.

Be ready for $112M bitoin Grin

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: proudhon on March 12, 2020, 03:04:24 PM

Quote from: ?? on ??

The best case scenario is probably that due to recession some banks close down/have bankruns, which causes widespread attention into bitcoin and subsequently makes all banks useless and bitcoin moons to 10 million bucks

That's the best case, wishful thinking, scenario, sure.

Every time I see you post is after a big dump and every time you're saying it's all over for BTC.

How many times do you have to be proven wrong to finally get that it's not going to 1000 or any other one of your lows?

Going back to the topic I believe people like Arthur Hayes who yesterday that we're going down to 6000 and then back to 20. All panic dumps that aren't backed by any fundamental flaw end like this. The last panic dump was in 2018 when we fell sub 6000 and we are doing it again.

proudhon

legendary

Activity: 2198

Merit: 1311

Quote from: ?? on ??

The best case scenario is probably that due to recession some banks close down/have bankruns, which causes widespread attention into bitcoin and subsequently makes all banks useless and bitcoin moons to 10 million bucks

That's the best case, wishful thinking, scenario, sure.

proudhon

legendary

Activity: 2198

Merit: 1311

Here's the best case scenario. Bitcoin hasn't proven its usefulness and is now correlated with stonks. When it's time to take riskier positions again, both the stonk market and crypto will go up again, but bitcoin will remain correlated. Bitcoin will never reach its ATH again, and it's unlikely to ever go above $10k again. We're probably going to see sub-$1,000 prices before it works its way up toward $1,000 over the next 10 years.

Likely scenario: experiment over. bitcoin ded.

SwayStar123

member

Activity: 77

Merit: 147

https://watchdominion.org

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