i think there are going to be more capital losses reported than gains this year.

i think you may be forcing the issue buying every couple weeks. bitcoin is either dumping or pumping, there really isnt a middle ground and  the sentiment right now is very bearish and it has been dumping. so if you can handle your investment being possibly cut in half its up to you. if we stay in the $3k area and people get comfortable chances are the price is going to dump more as the whales will lock in another slew of bagholders. what I would do is buy at every $500 drop in price. So buy at $3.3k, $2.8k, $2.3K, $1.8k and $1.3k if you planned on buying 5x. I would back load you dollar amounts so your biggest purchase would be at $1.3k.

if it was me I would hold on to my fiat until the uptrend is confirmed in the future.. yes you will be leaving profits on the table but you will be in control and not at the mercy of the bear market. gl

we are at the mercy of the whales guys. they call the shots, always have and always will. all the exchanges are all just as corrupt for letting this behavior continue.

its easy to say right now in hindsight. the price fell from $20k to $6k in a month?? On the first drop to $6k did you think the price was going to stop there?? I didnt.  what do you think was going through the mind of someone who just got into crypto 1 or 2 months earlier? I think that first bounce or even well before, cleared out the majority of the get rich quick people out tbh. if you hung around for 2 more bounces off $6k, multiple head fake rallies to $8k and $10k, bear, bull traps the whole nine yards and you didnt sell then, only to sell below $5k, if that was the price you bought, you are a fool and you deserve to lose half your investment. what I am saying is if you held all year you probably will keep holding and not sell at whatever price now.

$3k is the bottom. any lower and it will not make any sense to ever hodl in the future. if price is going to retrace to where the bull market starts everyone will just keep cashing out there will be zero incentive to hodl if you can eventually buy your position back after a 90% retrace after every bull market.

I am going to go out on a limb and make a call I think the bottom is in. $3k is the bottom. There doesnt have to be a capitulation wick down to x dollars to make it a proper bottom.

 Like I said before I don't think all this selling was due to fiat redemptions.  I still believe the sole purpose was whales buying back their coins cheap to resell to institutions for bakkt. correct me if I am wrong but when bakkt opens the only people that are going to be using it at first are buyers. no institution is waiting fo bakkt to open to dump their coins right?

Here is why I really think we are at the bottom.

 At a $3k price right now all there is left for the most part are hardcore hodlers and those waiting on the sidelines to buy back in. Last year the hysteria really didnt start until the price went through $5k the second time. The first time we crashed back to $3500 which was a huge head fake which probably put off many retail investors. So they probably were waiting to confirm the uptrend before commiting they have sold or are underwater and going down with the ship
I can't see anyone that bought above $5k saying "ok if the price goes to $2500 I am selling" that is silly I am sure those that wanted to sell have long sold and are out for good or are waiting for the bottom.

So what I am getting at is that at $3k all that is left are the real hodlers. Most hodlers are probably underwater because I am sure most long term btc hodlers bought in more as the price was rising and falling over the last 2 years. So why would whales continue to sell and for lack of a better term, turn on their own or eat their own. If it wasn't for hodlers the price probably wouldn't be where it is, went to or where it will go. There really isnt much incentive for whales to keep crashing the price if all you have left are those that believe and are in for the long run. Whales are greedy and they want to ring every single coin out of everyone in this market until all that is left are people underwater bag holding and the die hards who arent going to be selling anytime soon. I think that point is now.

how about this fix.  a wallet that has a built in hedge. it automatically goes short against your balance so you are flat neither long nor short. your dollar equivalent stays the same.

ps. I spend bitcoin everyday at nitogensports.eu betting sports. and have for the last 3 years. for a while last year, bitcoin was the preferred method to fund and disburse payments with many of the larger fiat gambling sites. many still use it. but when btc sh*t the bed it fell out of favor. dnm's still do quite a bit of business in bitcoin still.

I should have  explained my thoughts a little better. we don't know what was going on at $6k. it bounced off that price a few times during the year. that could have been the price where the whales covered their shorts from $20k down, and all the bounces in between, or it could have been a price point where whales started to borrow coins to short. so when I say there are no buyers, retail buyers have zero effect on the price. whales determine the price just like institutions on wall street. so whatever happened at $6k it was between the whales and probably has nothing to do with the retail public buying or selling. just my 2c.

How about this scenario regarding the current sell off: what if the whales are selling off on purpose to let us(current hodlers and believers) buy in cheap before they raise the price for the institutions when bakkt launches in january?? almost like here you guys go, last chance to buy cheap before we stick it to wall street???

The more I look at this the more I think the price is being pushed down on purpose. This crash from $6000 to $3300 is a sh*t ton of money that just went bye bye. I can't see it being a whale selling on the open market. They are already multi millionaires why would they just not get a fixed price on otc? why kill their golden goose so to say? I just cant see it as a liquidation for fiat. For The amount of coins sold, if someone tried to cash that into fiat there wouldn't be enough money at an exchange to cover that size of a redemption would there?
 I cant imagine this crash is due to no buyers.  If there were no buyers it should have crashed long ago.  And what I mean by that is  just so odd that the price hung around $6000 for so long and then Whamo! the price gets cut in half. I can understand over the life of the bear market buyers dry up, but this sell off is like they turned the faucet completely off. So I am throwing that reason out. Futures? I would say no just because it is settled in fiat and even if it was possible you would also need bitcoin, which means going against the whales and they have too many. So what I am getting at is it is hard to believe that who ever is  selling all these coins on the open market isn't doing it for the fiat. I think it is being done to accumulate coins quickly. And everything is pointing towards bakkt.
think about this for a second. when most of you buy bitcoin,including myself, doesnt it always seem like the price goes down right after you buy? I have thought about it and I actually believe that is the bots automatically trading against you and by selling. just say this is actually true. bakkt is filling their bags right now buying millions and millons worth of bitcoin to settle their futures, wouldn't the price crash on them too??

Agreed. Whales have manipulated from the beginning and will continue forever. No one will ever have as many coins as them if someone tries to corner the market they will let them buy and then dump the price dpwn to nothing. Its all about the wash rinse repeat cycle of whales. Thry can just keep churning over the same coins forever until someone can contest them.

I dont think it will ever be approved. There is just too uneven disribution of coins. A select group of whales control the market and always will. They have too many coins to ever be challenged. Wall street isnt going be at the mercy of a select few individuals.

The price falling to these low levels is called capitulation. I remember this happening to me during my first bear market in 2014. I was buying all the way down from like $800 and the price got to like $400 and the anguish and anxiety I had because of the non stop selling was a learning experience that i will never forget. It was horrible just like what is gping on now with many of the newcomers. I feel your pain i really do. I have been holding all the way down myself and i am pretty disgusted. There is nothing we can do but let the whales sell and deal with it. I wouldnt be surprised if there wasnt a capitulation type bottom just because everyone is waiting for it to buy in/more. I can see whales surprising everyone by a huge pump that makes even the seasoned og fomo. Getting back to my $400 anxiety driven moment, i actually was able to trade out of my paper losses before we hit $200. Get mad and get your $$ back. Buy on a dump and sell on the bounce. No reason to sit idle. Just my 2c.

bump

pomp is a cheerleader. if you want real information on pricing follow willy woo or tone vays.
I will admit I have been very skeptical for years about technical analysis and charting, but these guys especially woo, have been very impressive and have made some incredible calls during this bear market. check them out on twitter.

what i am trying to say it what people are goin through right now that are worried and mad etc is the pain that comes with the territory.

here is pain:

say I bought 100btc at $15 back in 2012.
i would have had to watch the price go to $36 and not sell and watch it crash back to single digits.
i would of had to watch the price then go to $100 and crash back down and still hold.
i would have had too watch the price go to $260 then crash back to $58 without selling.
then i would have to watch the price go to $1200 and not sell, then crash back down to $200 and not sell.
then wait 3 years at $200.
then watch it go up last year to become a millionaire IF you decided to sell and get out at the top.

and this isnt counting all the fud, mt gox, bear whale, silk road closing and the list goes on during this time.


and people are worried right now about bitcoin because it went from $20k to $3k give me a break. embrace the dips and add to your position. no free lunches in crypto.
gl

I bought my first coins for $15 i didnt say i have held them since.
I wish i did but that is hindsight. I have bought sold traded LOST got scammed out of bitcoins in past years. I only really started to hold when they were around $1000. So im not as i would have liked but i have a nest egg that i have held all the way down from $20k. And that is what the early adopters had to do to reap the rewards. Tbh at $15 the boat was missed was what i thought. Im thinking people got in for fractions of penny and here the price is up at $15. Same goes for the bear market of 2014-16. That was dead money for 2 years and many sold out. Those that bought under a dollar were the adopters.  At that price $100 was a wet dream let alone $1000. What i am getting as is you think its over but its going to be fine in time.

 I just want to say a few things about what i see happening.
I have been a trader a holder a price watcher for 5+ years.  Bitcoin is not dying it is not going to zero etc etc. This isnt even a retail shake out. This is a game of chicken between the whales and large traders on the exchanges. My one btc sell or yours doesnt matter. Just like on the nyse. My 10 share sell of walmart is norhing. Bitcoin is a confidence game. Its a game that tests your psychological fortitude. Traders want your money(coins) and will do anything to pry it away from you. Btc is all about rumors and fud because that is the only thing that stimulates buying and selling. There are no earnings reports or sales figures to base price on like stocks. It is a pure psychology and emotional driven machine. You have to take emotions out of it people. Does it suck that we are going down? Hell yes but if you sit back and read between the lines there is an obvious reason for this dump. No one in the media or no one big heavy hitter in btc will come out and say it but whales are taking the price low on purpose. Its not one person selling 1000 coins each day and exiting. Smart money would put in a limit price and let it be filled not market sell and lose thousands of $$$ on every trade.

The bottom line is if there are no sellers of coins and the whales are runn8ng low on supply they drop the price to get sellers. They cant raise it looking for people to cash out because they hodl even more during a pump.

Bitcoin is getting so spread out amoungst hodlers and users in the world that its getting harder and harder to find coins.
So with that said. You have baakt opening in about 2 months and fidelity on the horizon. Think about it if you were a whale and had 2 months to stock up on something that is going to fly off the shelves you would do whatever you had to do to fills your bags and when the doors open make bank big time.

Guys do you realize how deeply ingrained crypto is? The Nyse is going to be selling bitcoin!!! They probably did years of research crossing their t's and dotting their i's on this jump. There is no going back. Same with the futures and etf etc. Mahor major financial institutions are putting their reputations on the line fir crypto. Its not going to fail.

Nothing has changed there is no bad news. Bch fork is a smokescreen. Prepare yourselves for next year and look at this as a buying op. Be greedy. I hope this helps calm some nerves. We are all going to be fine.

Imo the price is being forced down by whales to load up on cheap coins. Its the only way they can increase their supply. Because they know in about 2 m9nths there is going to be sonw serious demand for btc when bakkt opens for trading. Its almost like guaranteed money for the whales. Institutions arent going to be selling in January they are going to be buying.

Think about it if an institution wants to buy 50000 deliverable bitcoins they have to be in baakts possession to deliver. So they will bw scrambling for coins at sone point in time. This is the way to $100k+ bitcoin. Be patient or buy until the end of January we will be fine.