Quote from: adzino on January 16, 2021, 08:39:22 AM

Quote from: DashingAgent on January 14, 2021, 08:50:20 PM

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If bitcoin surpasses the $60K level than it will hit higher than $100K.
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How and why? People has been making insane predictions the last few weeks without any solid factual backups. I have seen people making prediction that within few months, if there isn't any resistance, the price will exceed $200k USD. But, based on what? Are they trying to spread fomo among people?
Even the altcoin predictions that you have done over here needs explanation. Lower market cap coins are profitable in what sense? Never heard of Miota and Ark though. Even bitcoin reached $60k, it is going to take more than few months since we are yet to see market corrections. I am hearing about this new regulation coming from FinCEN where we will have to register and declare our private wallets if we want to use exchanges. Not sure how this is going to affect the market.

I think the main logic behind this has been a lacking one but understandable one. Of course they are wrong, but it is at least known why they are wrong. The main reason why they say this is the fact that there are not many sell orders between 60k and 100k, which means there is no resistance neither, in a very wonderful world it will stay like that and when we reach 60k there will still be no sellers and buyers will just take the price from 60k to 100k without any problems at all.

However we all know reality is not Like that, we do not have sellers all that much there because the price is far away, when we get there the sellers will show up. Hence why I think it is quite obvious that they are very wrong, but I also do understand why they are wrong as well, it is not some illogical argument, its just not knowing what happens when the price increases a lot.