Im referring to sentiment.
Bull markets climb a wall of worry, bear markets slide down a slippery slope of hope.
As humans we can’t help get fearful or greedy, and usually we do it at exactly the wrong time.
As of yet the bitcoin threads on here are fairly subdued - when we get lots of threads talking about how to scalp bitcoin, the top (temporary) will likely be in.
I’ve posted a few comments on bitcoin the past week and so far only had two respondents, you and @Dennis3450 - bull market still intact me thinks!!
Hi John, been long since mid 13K and it’s been a thumper. I took profits election weekend but then opened at market on Monday open. It’s a rocketship at the moment.
If you had told me back in 2017 that I would now be a confirmed bitcoin bull I would have laughed.
Back then I saw a bubble - no matter where I went I kept hearing bitcoin this bitcoin that.
What put me off back then was the sheer number of complete amateurs in it, who had never even bought a stock or traded anything in their lives.
I was happy when bitcoin crashed, not because I wanted to see people lose money - but because if bitcoin had kept going after hitting 20K it would have made me have to reassess my whole theory of why markets work the way the do.
Fast forward today and it’s all different - there appear to be many fundamental reasons why bitcoin could go much higher.
There is so much institutional money flowing into it, it cannot be ignored.
On this forum so many threads on which markets to trade and trading systems
But the real big money is made trading a market with great fundamentals. Bitcoin not only has superior fundamentals but for price action trading it’s a wet dream.
In trading we need to continously adapt to change and focusing solely on the usual fx pairs when the fire works are going off elsewhere is one helluva large opportunity cost.
As a side note, I’m also a gold trader, but let’s face it gold just cannot keep up with btc. I wouldn’t be surprised if many of the gold flows are starting to flow to bitcoin.
Hi John, your thoughts resonate with me and although I have been monitoring Bitcoin over the years I only added Bitcoin to my watch list recently. And even more recent started trading it but i guess i got a lucky start.
I agree about the price action on Bitcoin. It’s an absolute dream to trade.
What got me about the Bitcoin crash was how everyone kept holding on to their loosing positions without a plan in place. If they would have just traded, similar to this thread, they would be sitting on a fortune.
However, I don’t hold Bitcoin, I only trade it via CFD’s. I am here to make a quick of it while it agrees with me, and when it doesn’t, leave it to the others.
I am looking at this massive cup and handle pattern on Bitcoin and if it plays out the way I think, the races have only begun.
Full disclaimer though, I will be counting my chickens at $19K. Will re-enter at the next impulse, whenever that may be.
I think the Hodl crowd are fanatics on crypto and see this as the only opportunity to ‘get rich’.
Mostly made up of amateurs - which is fine.
For me as yourself it’s about market timing, the down moves are just too much to be a buy and holder IMO
I too trade via CFDs.
I don’t really get the whole wallet thing and while crypto exchanges are getting better with security I don’t want a Mount Gox like incident happening to me.
Plus I generally lose passwords and log ins anyway - I’d go beserk if I lost my private encryption key and therefore my total money.
Im a trader at heart, and while I think bitcoin is the most amazing trading market, I’m not a zealot and know there are other markets - all available with CFDs.
Actually I’ve just added to my position around 18K, yep I know that’s right under ‘resistance’ but my system gave a signal - regardless of the potential for a pullback.
Im a pretty nimble trader anyway and if its wrong I’ll be out in a minute.
What I will say is in strong bull markets the surprises are to the upside - leaving those who have missed the move panicking - and ultimately buying at the top
It will be interesting to see how this all pans out - I read recently that this whole move was because of paypal buying up for their new crypto service.
For strong bull markets we need large catalysts and I think this is good one
Here is something to think about, there will only be a total of 21 million Bitcoin, If just 100 million people ( 1.2% of the world population) own Bitcoin that would just be 0.21 Bitcoins per person. Does anyone believe only 1.2% of the world population will want to own some Bitcoin.
Or how about this
There are something like 48 million millionaires in the world and we all know how millionaires love their status symbols, what if owning at least 1 whole Bitcoin became the new Rolex watch or Lamborghini to these millionaires. If even half of the millionaires all tried to own one bitcoin there would not be enough to go around and the price would be in the 6 figures
I have my one bitcoin do you
Your thesis is not necessarily wrong but I don’t think bitcoin will ever be adopted by the masses.
Most will be priced out.
Maybe 1.2% will take it up as you say.
I also don’t think it will ever be a currency - only by the true believers that is.
It’s adoption will be as a financial asset, bought by corporate treasurer’s, and large funds.
Kind of like US T bonds are now.
But your dead right - the limited supply is a major plus.
To be honest I think it is going to hit the precious metals hard, especially silver
Silver investors are in it for the major upside not so much for portfolio insurance, but if bitcoin has such a limited supply then would be silver traders will move to bitcoin instead IMO
The money I have had sitting in gold and silver for the last 5 years had I just split that money 3 ways and taken an equal position in Bitcoin. The past is the past, but I still have a chance to fund a big portion of my retirement if Bitcoin does as you said and is bought by large fund managers. What ever happens it has been a fun ride
The price predictions on btc are stunning. Almost too stunning - while I hope those prices are achieved I’m taking them with a pinch of salt.
Im not a fan of any price targets because it’s easy for the mind to get anchored to that and you can lose all objectivity.
Infact I want to know of the reasons why bitcoin ain’t going to get there.
A part of me still thinks the regulators will put and end to it - so I’m keeping one eye on that side of things
Only time will tell - and what happens above 20k will answer a lot of questions
looks like today will be the first loss in a week, we are still on course to our 7th up week in a row
This is just the market timers cashing in on short-term gains then the short sells will come in which will lead to a short squeeze leading to the next move higher
all is good in Bitcoin land
with still 6 hours of trading left before today’s candle closes could we see a complete reversal of this down move. Buyers clearly are coming in on any dip
Rise up Bitcoin!
We have seen this before, Bitcoin makes a big move then consolidates as Etherium and Litecoin play catchup, I own all three of these
From a % Etherium is the winner, but if we get a correction Etherium will likely lead down
looking at the 4hr chart, Bitcoin is going through consolidation while Etherium keeps pushing higher
A friend just asked me last week about ETH/BTC because her mom group friend is “selling” them. I think we’re getting there based on that. They’re using Facebook groups to “gain members.” Sounds a bit like the top to me but maybe that’s just a tiny tiny group?