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Topic
Board Bitcoin Discussion
Topic OP
Firm Support? APR20-$7k, APR19-$3k - Where do you see firm Bitcoin price
by
btc-room101
on 23/04/2021, 08:54:27 UTC
People talk a lot about "Seen this before", but no they haven't

What we saw in 2017 was 5x $4k to $17k,

2019 $3k to $12k 4x

In 2020 $6k to $60k 10x

So for all the talk about 'seen this before' we have not seen a parabolic 10x rise in six months

Lots of reasons for the blast-off Sep-20 was COVID, and of course stimmy-gov checks

Also the robin-hood fad brought in a lot of new traders who were told they could get rich 'playing crypto'

Easy for 0.01 to go 10x, or $1 to go to $10, difficult for $10k to go to $50k, without billionaires like Musk buying in

Who is going to buy? To bring this back up to $60k or higher? It has to be people with big cash, MUSK used his company to borrow cheap COVID cash; Is this the future? Cheap easy money to BTC?

...

The question is what is the support? All has been parabolic since sep20, about $10k, and the low in the time-frame was $6k

I'm going to guess the initial support level is $10k, which will be a test. There is no reason for a higher support level because even $20k is lofty in the heavens.

What you all say? What is the reasoning??