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bitcoin jumping around 40,000US$ and back 37,700 USD, why?

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boomy

Mentor Group Gold
Today bitcoin reached all times highs 40K US$ now it is hammered back to 37,7K US$ does someone know what is going on here?

It looks very volatile the market at the moment, wonder if the crypto market is going back to zero shortly?
 

boomy

Mentor Group Gold
In my opinion bitcoin will drop to like 25-28k $ and stabilize. Still massive growth, in january 1 2020 it was like 8k$
what do you base that on?

the entire crypto market? no, but bitcoin is in a bubble that's for sure
reading about it, I believe it isn't comparable to 2017 when it all collapsed. This time you have Institutions that invest millions, even billions in cryptocurrencies, the last time it was the average Joe.

On top of this, the US regulator allowed banks to use stable coins, so PayPal adopted cryptocurrencies, a lot of new factors that could drive the rates up on the crypto market.
 

nomad999

Entrepreneur
Its crazy how the drop down are being bought instantly !
I am thinking we will skyrocket to 100k much sooner than expected, the volatility is going to be insane, weak hands will lose their candy like a 7y old to a teenager smi(&%

Michael Saylor, who purchased 500M worth of bitcoin for is company in September last year, said there was something like 30M worth of liquidity (at the time) before starting to impact the price, if true and with current mad demand this will be a fun ride.
 

nomad999

Entrepreneur
curious to know what the boomer trolls on here have to say about Bill Miller's take on bitcoin, did he join the cult of bitcoin fanatics as well or is he part of a pump and dump telegram group maybe? smi(&%
 

exprtadvisrdev

Entrepreneur
curious to know what the boomer trolls on here have to say about Bill Miller's take on bitcoin, did he join the cult of bitcoin fanatics as well or is he part of a pump and dump telegram group maybe? smi(&%
I don't think he joined the cult, I think he is just acting like us: Buying and selling to profit from idiots until it doesn't work anymore like with any other asset
 

nomad999

Entrepreneur
I don't think he joined the cult, I think he is just acting like us: Buying and selling to profit from idiots until it doesn't work anymore like with any other asset
well i have been shamed as a cult member fanatics for daring to say bitcoin is a good buy above 30k, here Miller literally is saying to buy above 40k.

Below is Bill Miller market letter dated Jan 5, I could be wrong but I don't see him portraying bitcoin as a ponzi scheme or as a scam there.
Will I don't necessarily disagree by your point about making money, its pretty clear bitcoin is getting total legitimacy with endorsement from people like Bill Miller.

Finally, a few thoughts on bitcoin, the best performing asset category in 2020. At this writing, it is trading at over $31,000, up more than 50% since the middle of December. It has outperformed all major asset classes over the past 1, 3, 5, and 10 years. Its market capitalization is greater than JP Morgan and greater than Berkshire Hathaway and yet it is still very early in its adoption cycle. The Fed is pursuing a policy whose objective is to have investments in cash lose money in real terms for the foreseeable future. Companies such as Square, MassMutual, and MicroStrategy have moved cash into bitcoin rather than have guaranteed losses on cash held on their balance sheet. Paypal and Square alone are estimated to be buying on behalf of their customers all of the 900 new bitcoins mined each day. Bitcoin at this stage is best thought of as digital gold yet has many advantages over the yellow metal. If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into bitcoin instead of cash, then the current relative trickle into bitcoin would become a torrent. Warren Buffett famously called bitcoin “rat poison.” He may well be right. Bitcoin could be rat poison, and the rat could be cash.
I have been saying literally the same things here on this forum and been ridiculed by the boomer troll army all along as if I am the most stupid idiot on this planet. an apology is in order if I may smi(&%
 

Nicholas Van Orton

Active Member
curious to know what the boomer trolls on here have to say about Bill Miller's take on bitcoin, did he join the cult of bitcoin fanatics as well or is he part of a pump and dump telegram group maybe? smi(&%
FWIW, a technical analyst I have real respect for, Peter Brandt, showed in his Jack-the-Twat feed (formerly known as Twitter), a chart of the different parabolic moves in Bitcoin and where we are in the current one. After successfully calling the top in 2017, his chart is now pointing at a target price of $320k, as we're just in the middle point of the current parabolic move. This is one of the very few guys I pay attention to when they draw lines in a chart, he was a bull 2015-2017 and bought again a few months ago, and is not selling until the move stops.

If it pans out as he says, I'll again congratulate those who become the new millionaires (I believe I've said that before, haven't I). Since I take responsibility for my own decisions, I cashed out earlier (as described in another post) when my chart showed that a target had been hit, regardless of what others say or do. And that's the end of the story. Like him, I don't go pestering and polluting threads every now and then just to prove my point and try and ridicule others. Likewise, if I had a buy position on, I wouldn't scream it every other minute, or belittle someone else's view for that matter. just to massage my ego, I would monitor it, cash out when appropriate and if good profits were realized, enjoy the moment (at the end of the day, it's MY position and MY money what counts, not being right in an online faceless forum rumble with God-knows-who in the other side of the screen)... That's perhaps the kind of attitude we're missing here.

NVO
 

sonato

Offshore Agent
Mentor Group Gold
next time it reach 40 - 42K I will cash out in stable coin to avoid any big losses.
 
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