I sold all my altcoins, and here’s why

[MR.Spuf]

If governments start to really recognize Bitcoin, the 'Travel Rule' is going to be a big deal. You heard of it? They've been working on it for 3 years

Remember in 2020 when most altcoins didn't even come close to their ATH after the halving? Besides, the altcoin index is sitting at 83. That's pretty overbought if you ask me. A big correction is long overdue
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Let's talk real fundamentals. Last week, corporations pumped way more money into Ethereum ETFs than Bitcoin ETFs. And don't forget about the billions of dollars in seized BTC the US government is about to dump on the market.

Dude, you're tripping. Which microcaps hit their ATH in 2021? Most of those projects launched during the 2020-2021 bull run are dead! Over 50% of them failed. And for the coins launched in 2021, it's even worse - over 70% are already gone. You're seriously overestimating those microcap gains. As for the macros, yeah, I guess you could squint and see a 20% bump in 2021 before the 95% crash. But let's not kid ourselves.
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Bitcoin failed to hit $100K even when the Fear & Greed Index was at 94. If it couldn’t break that milestone in such a bullish environment, it’s a red flag for a major market correction.

Just wanted to make sure you are still here. Can you tell us what is the price of BTC? Thank you!

 

[Crytononame]

Just wanted to make sure you are still here. Can you tell us what is the price of BTC? Thank you!

BTC? Oh, you mean that thing that's supposed to go to the moon? Well, it seems to have gotten lost in the clouds for now. The double top is a clear sign that the bears are back in town. But don't worry, I'm sure it will recover. After all, what else are we supposed to do with our spare fiat?

 

[anyitian]

I also want to wait for the price of DOGE to 0.5u before selling all of them (In the fantasy that it can reach $1, but it should be impossible)

 

[Crytononame]

You are just reinforcing what I said.

I couldn't agree more. But with the current market conditions, I've decided to take a step back and re-evaluate my strategy. I'm not selling at a loss, but I'm also not chasing any pumps. I'll be waiting for a clearer picture before I re-enter the market

 

[Salamouna]

Respectfully,

BHW is my indicator for cycle top, once the forum is majority BULLISH.

Time to sell

Im bullish now
SELL SELL SELL

 

[mrbit]

Wtf with some comments here, this is a black hat forum not some boomer echo chamber, how’s it possible some people here are still asking if crypto has real world utility, bitcoin is digital gold and some alts are being used in 3rd world countries sometimes as the only way to move money

 

[mrbit]

Sell some alts, but not all, there’s a lot of juice left m, specially with a 200k Btc

 

[MR.Spuf]

Bitcoin failed to hit $100K even when the Fear & Greed Index was at 94. If it couldn’t break that milestone in such a bullish environment, it’s a red flag for a major market correction.

Man, I love people like you. I think it's pretty hard admitting being wrong huh? Well, enjoy your too early (chicken) exit

 

[deppo]

Just wanted to make sure you are still here. Can you tell us what is the price of BTC? Thank you!

I'll remind him for you.

@Crytononame $0.1 million.

 

[pennyweight]

I'm afraid I must disagree with your statements. Bitcoin mining will surge with unprecedented power from all the mining companies.

 

[Crytononame]

I'll remind him for you.

@Crytononame $0.1 million.

Bitcoin's been trying to crack $100k since November 22nd. It's December 8th now. Winter is coming!

 

[joseph15]

Bitcoin's been trying to crack $100k since November 22nd. It's December 8th now. Winter is coming!

Trying? It literally broke $104,000 a few days ago lol.

 

[Crytononame]

Man, I love people like you. I think it's pretty hard admitting being wrong huh? Well, enjoy your too early (chicken) exit

Hey bro! Glad you've got the hang of plotting charts on TradingView. Now it's time to dive into TA! Oh, and check out Bitcoin's price right now.

 

[KaleidoJack]

1. ASIC chips are hitting their physical limits.
   
   Let me explain this one. Over the past 8 years, ASIC miners shrank from 64nm to 5nm, fueling insane growth in Bitcoin’s hash rate. But in 2024, we’re reaching a point where increasing computational power will be minimal. This directly impacts Bitcoin’s security and growth potential. And with Proof-of-Work blockchains, one golden rule always holds: no network growth, no new all-time highs.

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I think this argument is flawed. The energy usage of bitcoin is already massive, so even if we don't see major growth in the hashrate, what we have now is more than enough to guarantee the security of the network. Also, I have never seen that "golden rule" of yours before. The hasrate has always been increasing, with sporadic crashes (for example, after the 2021 China miners ban), which are progressively and sometimes very quickly eaten up. Moreover, even if the bitcoin mining machines' tech doesn't evolve further from here, there's nothing stopping new bitcoin mining companies like CleanSpark from emerging. All it means is that we will have more machines at the same level of efficiency, that's all. The production of current gen miners can keep growing, in other words.

As for leaving the market now, I understand you. The bull started long ago, in November 2022. We went from 16k USD to 100k USD already. I still think there's a bit more to go, probably up to 110k USD, though. I will remain a bit longer in the market because I have an altcoin bag that I expect to pump in the next couple of months, but I do agree that we are close to the end of the bull.

 

[Crytononame]

new bitcoin mining companies like CleanSpark

CleanSpark is on the brink. A massive $145.8M net loss for FY2024, $201.8M in liabilities, and a hefty $66M in loans? With the crypto winter biting hard, it's looking like a cold, dark future for this miner.

Trying? It literally broke $104,000 a few days ago lol.

Yo, did you see Bitcoin hit $5k on Binance a few days ago? I bet you missed that little dip.

 

[cheetahogreen]

Your reasoning is solid—Bitcoin's dominance, post-halving trends, government involvement, and mining limits are valid concerns for the crypto market's trajectory.

 

[KaleidoJack]

CleanSpark is on the brink. A massive $145.8M net loss for FY2024, $201.8M in liabilities, and a hefty $66M in loans? With the crypto winter biting hard, it's looking like a cold, dark future for this miner.

But on 2023 they did amazing. I made a ton of money with their stock, and sold before the halving. Since the halving reduced production in half, the price of bitcoin would have to double for them to stay profitable. Since the price was practically flat for six months after the halving, it makes sense that their 2024 performance was not as good as the previous year. But now with bitcoin at 100k, I think they are profitable again. Cleanspark in 2023 was one of the best miners, if not the best, but right now I'm not sure because I haven't been paying attention. I do own Bit Digital because they have a solid business that doesn't focus solely on bitcoin mining (they are on the HPC market, providing cloud-based GPU resources that offer high margin growth), plus they earn interest on their ETH.

 

[hellz angle]

you can sell now lol

 

[Crytononame]

But on 2023 they did amazing. I made a ton of money with their stock, and sold before the halving. Since the halving reduced production in half, the price of bitcoin would have to double for them to stay profitable

CleanSpark reported a net loss of $62.3M for the 2023 fiscal year, but that didn’t stop their stock from going up. Why? Because it’s all about Bitcoin’s price, not the miner’s financials.

You’ve got the right strategy if you’re buying crypto-related stocks. By 2025, we’ll see a wave of IPOs from these companies. Just make sure you don’t get caught in the middle of a crypto winter!

 

[OCV]

Nah bro, BTC dominance needs to drop below 51-50% for the real ALT ripping to commence.