Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Yes, this warning is good for bitcoin and for the chinese. It's maybe short term bearish. I didn't witness the mania in China and the public concerned by this mania so I cannot judge.
It crossed Y1,000 in Oct 19, and (almost) hit Y7,000 in Nov 19.
+600% in one month, followed by a -50% initial reaction and now struggling to consolidate high in 5,000s.
So many here wishes and feels that the crash is coming. Well sry to inform you guys, but what you wish or feel has very little or nothing to do with the price today or tomorrow. Price is going up, because people have not stopped buying. In fact people are buying shitloads of coins every day and if you sell to them, there's a big possibility that you have to buy back at loss if you want be in the train when we hit 1000, 2000 and maybe even 3000.
Now this reeks of desperation. I feel (
)that in the end the bears are right after all. They can sit on both the fiat gains and the bitcoin gains, whereas the bulls will rush to the exits when we go south because their portfolio is all-in and it is consuming them.It takes roughly the same amount of new money entering in, to raise the price from $200 to $800 than it takes from $800 to $1400. In the October runup, we had undervalued starting point, stellar news and China mania. For December, we have "to the moon" from people who have no fiat in their bank account that could possibly lift it to(wards) the moon, short-term overvaluation, and an overhang of pending sales from rational investors who diversify as price rises.
You dream of exponential new money flowing in. Yeah, long term you are right. Just hold onto your coins while we dig deeper
He has a point - the diehard bulls are all in, waiting for $1000. Anyone speculating has both fiat and coins, and will play both sides. New money needs to be very big to climb up the price wall in front. The support is not under the BTC price it looks heavier at price points above.
I think long term it's up - but it will be a bumpy ride and big speculators will do better than diehard bulls if they are clever (which, one has to assume, they are).