Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Quote
According to Grayscale, many investors are not aware of the bitcoin block reward halving.
As such, it still remains a key factor for the price and it is not completely priced in.
"We were surprised to learn that many of them were not even aware of this event." (Grayscale)
As such, it still remains a key factor for the price and it is not completely priced in.
"We were surprised to learn that many of them were not even aware of this event." (Grayscale)
https://twitter.com/iamjosephyoung/status/1136949078879744000
Intresting because there was a lot of debate if the recent price action was due to markets being efficient with people pricing in halving effect before halving actually happening. Public information being incorporated in current market prices is what characterise efficient markets. Something should be granted in a mature market like the one bitcoin begins to be.
This is also scaring because grayscale targets institutional investors. I would have tough this kind of investors had done the basic due diligence of the technology. How can be prepared to invest millions in BTC without even knowing what an halving is?
This is scary. They are ready to invest in something they basically dont know about.
These "studious" investors that did their homework, do appear to have been suckered in for an 80% or more loss.
However one glimour of hope I see, is the potential of approx 75% increse one year on from the 3rd halving, call it the halving period average price.
So thats the potenial of an average price of about $11900 from 2021 onwards!?
But that only applies if all is as perfect as possible! I can't see it happening, that will be well over a decade and if still no signs of bitcoin adoption (i've still not been able to buy a single product at high street retail with bitcoin in the EU since 2012 when i got involved)
Whatever bitcoin was supposed to be, a currency or store of value, it's still not widley addpoted and heavily flawed.
Based on that and other TA and oppinions I've seen, looks like 2 more years of the bear market. $2600 best case scenario or lower probable bottom.