Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by JayJuanGee (1)
It's annoying to look at substantial buys that trigger a ton of sells as soon as barely touching $112k right now.
A bit more momentum and shorts would be eaten up in a short while.
Eh it's just the weak hands shaking out at 111k. A bit more momentum and shorts would be eaten up in a short while.
HODL.
Question is..why there are those "weak hands" at a seemingly irrelevant value of 111K? A rhetorical question.
My "proposed" local top of, hopefully 216K, might occur if and when MSTR joins SP500, which could be in September.
Interestingly, there was a local top (the first in the double hump in 2021) when Coinbase IPOed.
Some people started talking about $444-475K (or 0.444-475M
), but for now this seem a bit excessively optimistic.Well we wrestle under 109 k from jan 20 until a ay or two ago.
111k is clear better than 109k
and they got in at 74k on the correction a month or so ago they are now up exactly 50%
1.5 x 74 =111 so my guess is they are simply taking profits from the dip buy.
if they grabbed 10 coins at 74k they paid 740k if they cash 8 of them they get 888k and not have 2 free BTC plus a few worthless dollars after taxes.
Say 30k cash after tax and 2 coins.
They can now wait for a dip to get more.
Or hodl the 2 "free" coins and wait for price to go way up say 250 a coin.
It is hard to turn down sure winning moves if they arise.
Not a winning move, imho, as it is very short-sighted.