Flacko
Power Member
- Jun 21, 2014
- 737
- 550
It's down to $10K again this February.
It will never be 10k again.
Oops bitcoin is losing momentum
- Thread starter Mr Positive
- Start date
It will never be 10k again.
DunderMannen
Elite Member
- Sep 11, 2019
- 2,135
- 1,986
Wasn't the lowest this year like $4k-ish? What exactly changed since then that makes you believe it won't hit $10k again?
Flacko
Power Member
- Jun 21, 2014
- 737
- 550
Institutional money.
D
Deleted member 1333509
Guest
It got to $4k during a huge crash from only about double that. To get back down to $4k it would have to shed roughly 7/8ths of its value right now.
Not to mention that the daily supply of BTC from mining was halved in mid 2020 and that's now having a continuously upward pressure on price, where it was in March 2020 (before the halving) that it got down to $4k.
Also now that so much of the market has seen it go 10X in comparison to the previous $4k mark, about 5 million noob investors around the world (literally) are eagerly hoping that it gets back down to $4k so they can "invest at the perfect point" that they missed completely last time while they were claiming that BTC and crypto are just a scam that's going to zero. (big derp btw)
In order to get to $4k it would have to go through so many people that are praying it gets down that low so they can invest - aka demand is way wayyyyyy too high for that to happen and $10k is ludicrous to expect to ever see again imo, as $20k might even be as well with all likelihood.
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DunderMannen
Elite Member
- Sep 11, 2019
- 2,135
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There has been institutional money all along, maybe not as much as now, but there has. You'd be surprised how much of the market cap is just "normal" people.
DunderMannen
Elite Member
- Sep 11, 2019
- 2,135
- 1,986
I didn't say $4k again. That I don't believe.
But I do believe we'll see the light of $10k pretty soon honestly. Most people investing over this bullrun will cut their losses once momentum start declining again, and then we'll see a repetition of last time.
Overall the crypto game for private people now is just hype honestly, the reason crypto was made is no longer a reason why people are investing into it. That's not a good thing...
Dark Sky
Banned - leaving fake reviews.
- Apr 3, 2019
- 1,610
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Correct, they have increased their investments this time around.
D
Deleted member 1333509
Guest
Ok cool, we're certainly in agreement there.
0.75 * $42,000 = $31,500
While that's not a concrete number to bank on, it could be indicative on what might happen if we see this as the step towards a peak in late 2021 (as it's likely to be).
Some people (not directing this at you at all man) are completely incapable of accepting that they miss a huge run, and so they mistake their deep hope that the price drops back down for them to enter at for any chance of that really happening.
I've done that before myself, but after a while you catch yourself and realise that your emotions are clouding your ability to reason about the situation. It might drop back to $10K - after all, anything can happen. But I wouldn't be buying in if that's the case because it would be a strong indicator of a SERIOUS problem in the market during this bull run.
The reason why people are using crypto is precisely the reason that it was created - 4 key advantages compared to the legacy financial system:
- cheaper global transactions
- faster global transactions
- private/semi-private payments
- self-management of finances sans 3rd parties.
If you mean that now most people are speculating and that's not what BTC was created for:
a) Bitcoin was certainly created with speculation in mind. It's the reason that the mechanics of the Bitcoin blockchain has an in-built system of gradually increasing the minimum value of Bitcoin over time. The realisation that speculation is the best way to grow the usage of BTC. Speculation isn't a bad word - it's realistic and goes hand in hand with the 4 points made above.
b) At any point in the history of Bitcoin there have been a % of users that focused mostly on the technical side of it (mining, the low-level functionality of the BTC blockchain, it's ability to be used for anonymity within financial environments), and a % of users that have been completely technically inept and only cared about making money from trading and investing in it.
The second group has always been larger (since about 2010 onwards at least), and in bull runs the ratio of group A to group B is always going to naturally swing towards group B, while in the bear markets afterwards the market sheds a huge number of rookie speculators who lose small fortunes to institutionals and whales, and more of the crypto sector is comprised of group A comparatively as they work to BUIDL instead of HODL.
Hrhprince1
Newbie
- Aug 8, 2019
- 32
- 17
30k is the new lower resistance... HODL
goflippa
Regular Member
- Apr 7, 2015
- 1,147
- 443
I am also sold my bitcoin.
- Oct 24, 2011
- 3,225
- 3,630
XLM is a fork of the best digital asset that we have available at the moment. XLM will be fine for the foreseeable future. Not financial advice, but what I do is buy the dips.
CyberHour
Elite Member
- Apr 3, 2016
- 1,705
- 932
Today there are more than 4000 blockchain coins which are providing cheaper to no/cost transaction/ better privacy and instant transactions.
In regards the price.. don't know how you read the charts my friend but is not the first time that Bitcoin have drop below the production price. Today production price + profit for BTC is in the 12-15k $ range.
There are high possibility to see bitcoin at that levels again.
Personally I don't see how institutions will pump BTC to 100k$ when China owns 70% of the production power.
But who knows.. it is a game of money..
D
Deleted member 1333509
Guest
also....
There are ~4,000 cryptocurrencies listed on CMC but there are more than 7,500 in existence. There are only about 1,000 coins listed on CMC - the rest are tokens. Also I'm not sure what you mean by a "blockchain coin".. assuming you just meant cryptocurrencies.
I didn't say it hadn't.
I disagree.
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CyberHour
Elite Member
- Apr 3, 2016
- 1,705
- 932
We agree to disagree, there is no problem on that
Just don't be to greedy , I hope you make money on the way!
D
Deleted member 1333509
Guest
No such thing as too greedy in a bull run year.We agree to disagree, there is no problem on that
Just don't be to greedy , I hope you make money on the way!
Same for you man.