Bitcoins price action is VERY similar to Tesla pretty much. Tesla peaked at like $400 or so. Many people went all in around $300 or so, and then more at $200. Then when it was approaching $100 and looked like it was going to break, everyone went bearish on it and went short or bought puts. And now look at Tesla its like $180 or so. Basically almost doubled.

Bitcoin was very similar. Back in November people were calling for $10K bitcoin due to all the mess that FTX created. We had a double bottom. Did nothing for many weeks and now we are breaking out. Hence this is why trading is so difficult to many. What you think will happen, usually the opposite happens.

Yes this is true many times. Look at Bitcoin for example. Those that invested early look how successful they are these days? Same with the early investors in Tesla and Microsoft and other tech companies.

I don’t think it was skill why they invested then. There was many companies. But due to luck they chose those which made their net worth sky rocket. So I agree with this statement. Sometimes your success can simply be due to luck.

It was in a consolidation phase but right now it started to rally and it’s not called consolidation any more. A big consolidation phase was in 2015 where it traded sideways for 9 months. Same with early 2019 where it traded sideways for 4 months. We had a fairly quick consolidation phase.

Does it mark the bottom? Hard to say but possibly. I think those that wanted to sell already sold. Even if FTX goes bad, they don’t have any BTC to dump anyways. Only ones I would worry about are SOL and SRM coins, which might get dumped by the bankruptcy committee.

I think we will keep rallying like this along with stocks until we get a bad CPI number or bad employment numbers. FOMC are usually priced in. You can tell what the rate will be fairly easy and there are rarely any surprises there.

What can change is the CPI. If we get a large number like 0.5% then we can have a huge sell off. Same with unemployment number. If too many people got employed and the unemployment rate hikes a new low then that is very bearish and might print the top in stocks.

You know what. That debt clock I’ve seen maybe 20 years ago. They were saying it’s a big issue back then and here we are still 20 years later and it keeps on growing. However it won’t default on its debt. People have been saying for years that it will but it hasn’t happened yet and it won’t.

The debt will be increased like it always does and life will go on. If the us defaulted on debt then every country around the world would be in big trouble and nobody wants that.

Money was the root of all evil since the beginning. Doesn’t matter what country you are from. Before paper money it was probably gold which was considered the root of all evil.

Look how many crime is committed due to money. Look how much hardship people have with little money. You guys billionaires blowing money left and right and you got kids starving in many parts of the world.

This seems to be an echo bubble in the making. Pretty much a repeat of 2019. Where we will get a small bubble which will get popped like in 2017. People will see Bitcoin rising and will chase price and it’ll peak maybe at like $35K or so before trending down and then trading sideways for another year.

Currently inflation has obviously peaked and employment is still strong so people think that the fed actually will do a soft landing. Hard to see it any other way. Until something bad happens like with the Lehman brothers bankruptcy and things will turn bad very quickly.

We all know what will happen with the debt ceiling. And same with the FOMC rate. I think both of these events are priced in. Right now it seems we are heading for a soft landing hence why everything is pumping, stocks and both crypto.

I am expecting an echo bubble of some sort for stocks and crypto. Most likely might end in $35-40K and then will start to head back down. We need a black swan event if stocks or crypto are to head lower.

As many think “crypto will make me rich” it’s definitely not going to be Bitcoin. Even if it hits a new ATH and you buy here at $24K, you will maybe make 3x. Unless you buy millions you won’t get rich this way.

Bitcoin and ETH would of made you rich back in 2015 or so. You could of invested $10K in both and would of made great sums of money as long as you held. Gone are those days.

Basically he had this idea where he wanted the Justin Sun token holders to come out whole and would burn all the tokens held on the FTX exchange and create new ones and credit those on Huobi exchange. His tokens are centralized so this is clearly possible and it would benefit his other exchange.

Which would of been good for the current holders of his tokens however many saw it as a way out and the price of the tokens went up by 4-5x. So if you didn’t own the tokens before the announcement you would have to take a haircut.

And I am wondering if this actually took place or did people buy those tokens for no reasons and later it shut down.

It depends on your location. There are places where you got no choice but the rent because a house is like $2Million. Then there are other places where a house is $300K and your mortgage would be cheaper than rent. So as long as you live there long enough you would be better off buying.

However this is very dependent on area because in some places like in Canada you got doctors who got no choice but to rent because it’s just so expensive buying a home. We got the worst real estate here in Canada. Hopefully something changes soon with these rate hikes.

Yes I know that but I am wondering how this bankruptcy is going to affect those that bought those coins and whether he was true to his word and credited an equal amount on Huobi exchange and burn them.

They had like a 80% haircut and if FTX comes back online and every account is opened with a 50% haircut what happened to those which converted their entire balance to his coins losing 80% and then losing another 50% and being stuck at 90% loss?

I will save you hours of wasted time.

Don’t do this. You won’t find a strategy that works in all market conditions. You might find something that works in a trending market but won’t work in a ranging market and vice versa.

Then you got the issue of slippage. When you backtest there is no slippage and your entries and exits are always perfect. This never happens in the real world. And a working backtest might seem profitable but in real life impossible because slippage hasn’t been considered.

Years ago I used to use armoury to sign my Omni transactions for tether and it was in complete cold storage. However many exchanges these days no longer accept tether from the Omni protocol. Because it seems inefficient. Hence I had to switch to erc20.

This is your only choice now if you want cold storage. Use MEW offline or get a hardware wallet and you can keep your tether safe this way. As long as your verify your downloads you shouldn’t have a problem. And don’t store your seeds somewhere unsafe such as on cloud storage. Keep it inside your house somewhere.

Honestly for many months I have been telling people to stay away from this coin. Because it’s obviously a pump and dump meme coin scam and you will lose all your money. However…

The fact that it still exists after all and still has a market cap this high only means that it’ll most likely pump instead of dumping. Pretty crazy considering we had these big corrections and SHIB is still not 0.

I met some guy a few years back and whenever he was talking about Bitcoin he was actually talking about Bitcoin Cash. And when he was talking about Bitcoin he would say Bitcoin Core. He said that Bitcoin Cash is the real Bitcoin. So I am pretty sure the OP copied this text from somewhere he found on the web.

No idea what gold has to do with it. Trading gold will never make you rich unless you degen trade it at 100x leverage. It’s currently like $1900 and it’ll be a decade before it doubles in value. Unlike Bitcoin and Ethereum.

Right now and pretty much right after Covid broke out it was it’s correlation with macro and especially with nasdaq index. It follows nasdaq closely because those are mostly tech stocks and Bitcoin is obviously tech related.

During Covid crash it was risk off mode and the panic of the stock market turned onto the crypto markets. Then when the stimulus hit the risk on from the stock market followed the crypto markets. Until the fed rate hikes and both stocks and crypto went down. So macro is very important right now for crypto.

It doesn’t look like it broke either. The trend line is not broken yet and the moving averages just started to cross. So it’s a little pre mature to say this. However given how small the dips have been I am starting to think this will rally into the $25K at least before it pulls back.

One indicator of a Bitcoin bull market is when you want to buy the dip but can’t. That usually means it’s a very strong bull market. And the best way to play it is get in early and keep holding without selling too early. Hence if you got a long going keep holding and don’t sell yet.

These days it’s tough. Many are careful with their money but if there is something unexpected then they will most likely use a credit card to buy it. The issue is that the credit card interest is usually 20% if not paid off.

So the debt will keep growing over time. And hence in a high inflation period like now it’s difficult to save money or even stay out of debt. Hence why the inflation needs to be tamed with higher interest rates.

So they want crypto to go up so they can sell their altcoins like ETC? I don’t think it’ll work because many of those alts aren’t very liquid. If they start to sell 8 figures worth it’ll cause the alt to crash pretty much.

It they pump Bitcoin then they will benefit with the higher 2% fees for GBTC but if they need to buy back those BTC they will need to pay a higher price.