According to the bottom development cycle not, but retail panic ignores everything that makes sense, so it's not entirely impossible.

Good thing is that between $5000/$6000 there are several layers where massive buy support is likely going to kick in, and for that reason it would be smart to have some fiat that you can use by that time.

Currently the price is still hovering above the price that could be seen as somewhat important, which is $6500. If it falls below that, a test of $6000 is pretty much guaranteed. If it falls below $6000, a test of November 2017's bottom of $5555 will happen, and if that doesn't hold either, we have $5000 to act as an obstacle.

As long as there aren't actual bullish developments, the market will remain unmotivad, which is why I have pointed out several times before that we aren't done with sub $10,000 levels for the rest of this year.

The green side represents the amount of buy orders, and directly how much one needs to sell in order to reach certain lower levels.

The red side represents the amount of sell orders, and directly how much one needs to buy in order to reach higher levels.

As you can see, there is quite a gap (spread) between the green and red side, which mostly indicates that the market is extremely thin and sellers don't want to sell lower, and buyers don't want to buy higher. The depth of an orderbook doesn't always represent the reality since it's easy to manipulate by larger players, so don't pay too much attention to what's happening there.

Yobit in no shape or form is allowed to operate in certain countries without obtaining the right registrations, where in certain countries you even have to register yourself in various states. Yobit then seperately needs to register itself based on the variety of coins they have listed, because it's a mix of regular currencies, tokens, airdrops, etc. Yobit also needs to verify the background of those who are initiating an ICO through their platform. If people think regulators will not raid that exchange at some point, then they are delusional.

The market isn't as free as you think it is anymore. Exchanges as Yobit have the luck on their side that regulators haven't yet raided them, but luck runs out at some point.

Using privacy focused coins only make sense when you buy them from a decentralized source. Buying these coins from an exchange is definitely a no-go, which basically means that they are worthless. It might sound harsh, but if you can't use such a coin because it's listed on a centralized exchange, there is nothing that coin can offer you aside from its speculative nature. Privacy focused coins belong on decentralized exchanges only, which for the major part isn't the case right now.

That's why I believe regulators outlawing them eventually (which will happen), will be the best ever development for these coins.

In other words, it's a legal ponzi scheme.

People keep blaming banks for being jerks, but crypto related services holding your coins aren't any different. In no shape or form do you own anything until the service in question returns your coins and you are the only one with access to the private key(s).

People need to understand that regardless of how reputable certain services may be, they don't hand you over free money. Your funds are exposed to high risks, which they can cover as long as these services remain solvent, but what if they become insolvent at some point? You definitely don't want to find out what's going to happen afterwards, so don't 'lend' them your coins. Don't let others gamble with your funds, ever.

I probably should have stated that it were internet transactions and not actual face-to-face transactions.

It happens everywhere. I have seen how properties locally have sold for Gold, but that was more to avoid tax hits since it pays off to have it settled in Gold instead of fiat. Governments dealing with each other in Gold bulk is pretty normal since there isn't anything else that enjoys more overall trust than this precious metal, especially when the level of trust between transacting governments is ultra low. I do however believe that at some point Bitcoin might start playing an important role here. It makes things much and much easier.

I don't think it will take long before we reach that state. I noticed a subtle shift towards the bearish side in the last weeks, and if the market stays where it is, the bearish sentiment will grow stronger due to how noobs lose faith. People need to lose their believe in that damned $20,000 level. Currently too many of them believe we will revist these levels these year, and that needs to stop. There isn't even any ground for believe in that fake high.

I think a brief visit below $7000 is enough to do it. It's all fine as long as the price remains $6500 which I think it will. Current levels might even be on the higher side, but whales intentionally don't dump below past bottoms.

We can reach a market cap of $1000 trillion too.

Market caps are meaningless if I can create a coin with 1,000,000,000,000 in total supply, and sell one coin for $1 to get myself a $1,000,000,000,000 market cap valuation.

And then we have forks popping up out of nothing instantly gaining a $20,000,000,000 market cap.

The only thing that matters is market share and the ecosystem around a certain coin. The only coin with a close to righful market cap valuation is Bitcoin. Why? Because most of these coins have been paid for, perhaps thousands of times over, which can't be said about ICO's and forks. Everything else is redundant hype waste, even Ethereum. Ethereum will lose because its success will work against it, or the ICO bubble will pop. The only question is which one comes first.

Analysts haven't exactly proven to be reliable sources of knowledge. 

If people think that current distribution of crypto wealth is unfair, then wait and see what happens when institutions start rolling.

In this market we are dealing with an incredible number of fools only caring about their short term profits; they don't realize how precious of an asset Bitcoin is. This is the exact reason holders become wealthier than ever before, and that we have a lower number of tradable on-exchange Bitcoins than ever before. Smart people hoard Bitcoin, foolish people sell. The only way to prevent wealth distribution to become even more unfair, is to not sell your coins to the smarter people. In other words, become smart yourself.

The more information is dripping out of the manipulative upper layer, the more people will realize that the all time high of $20,000 was fake as hell.

I am quite certain that if there wouldn't be any future markets going live last year, that there wouldn't even be a $10,000 all time high. If we discard the chart indicating the announcement and launch of the future markets, we at current levels are hovering around actual all time high levels. If we look at how miners continuously fire up their machines and pump the difficulty to record highs, it is another sign that current levels aren't low, but maybe even too high.

All massive pumps that we went through historically, were all manipulated. Currently with futures and options manipulation has become more rewarding than ever before.

I wonder when BitMex will be subject to investigation. They hide some deep shit, lol.

I think you are talking about a different crisis than the crisis OP is referring to. It has not much (closer to nothing) to do with religion.

Bitcoin is digital Gold, and it will keep gaining adoption as being that. Completely disregarding my bias towards Bitcoin; it offers the easiest and fastest way to hedge a looming crisis and all of its other shitty side effects. It's impossible to ignore that.

I am doing quite some USD based business and from my position it is very important to have a strong Euro. In 2016/2017 there was a harsh period where the value of the EUR dropped significantly against the USD, which would have harmed my income at that time if I wasn't invested in Bitcoin. Instead of overpaying in Euro's, I managed to have everything settled in Bitcoin. Can you do that with actual Gold? 

Merchants doing that are operating a hidden agenda, or they are ignorant. Steam's reason to no longer accept Bitcoin is because of the volatility and the higher fees. It's pure bullshit. When they started accepting Bitcoin the market was just as volatile, and the fees are not an issue because they will always come down again.

The number of users do affect the price, but it's not as significant as you may think. People in all cases are quite conservative of nature. No one will buy or sell massively if whales don't do the initial work. It perfectly shows in current market. If whales don't steer the market to whatever direction, it consolidates.

Bitcoin's adoption isn't stagnant. Bitcoin's adoption isn't just based on its currency aspect, but more so towards its digital Gold aspect. Bitcoin's adoption as currency has never really been a thing. Bitcoin's adoption as digital Gold is exploding.

It's not a problem. People care about one thing only, which is seeing Bitcoin's price go through the atmosphere, and that is exactly what is happening.

I think eventually, when the price becomes stable, and we have easy to use Lightning clients, the currency aspect will crawl back up. It takes time.

Why don't I experience any sort of inconvenient situation with exchanges, cloud mining, ponzi schemes, or whatever shitcoin? Because I don't mess around with them. I know that these options inherently represent problems, and for that reason you should avoid them. If you know that something isn't good for you, or that it exposes you to whatever risk that may result in coin loss, why would anyone even go for it? It makes no sense to do something that works against you.

For the dumb that's indeed how it works. For the smart common sense is enough to realize that.

How can I hodl developers?

These long term investors have made the smartest decision of their lives to short Bitcoin when the time was ripe, and they are now holding MORE Bitcoin than ever before due to the correction that followed afterwards. Only the foolish would not act and wake up their sleeping coins to benefit from what can be seen as one of the best opportunities in modern times.

'Core' hodlers hodl more 'Core' than ever before. 

GitHub itself and the shareholders don't have much to do with Bitcoin, so it wouldn't work. Accepting Bitcoin would mean they expose themselves to the risk of devaluation of their Bitcoins, and that risk isn't something you want to be taking with a multi billion dollar company. There is simply too much at stake.

Another factor why such a deal doesn't work on this level is that Microsoft would have to obtain billions worth of Bitcoin one way or another, which is a rather difficult task. Assuming the cash settled value would be close to $5 billion, it would require Microsoft to buy like ~660,000BTC. You can't even buy 100,000BTC through exchanges due to how thin the market is. It would require high level OTC connections, and then it's still incredibly difficult to come close to that number of coins.

That's just nonsense. The few noobs that might have ended up selling, in no shape or form have the ability to dent the market.

Did I sell because of fud? No.
Did anyone around me sell because of fud? No.
Do most people here sell because of fud? No.

Most people in this market are are utter noobs, so if we had to go by your logic, the price would have gone down to the floor with how thin the market is.

People hold because the price has gone down to such degree, that it doesn't even make sense to sell anymore. To add; if you observe the market, people are more willing to hold their coins than ever before, regardless of what the sentiment is. Bitcoin is the digital Gold that people are hoarding. Selling now means regretting it later, quite some people have realized that.

I don't see the Bearish market people are talking about. Instead, there is a very strong level of consolidation happening above the $7000 level, and that since the day we reached the main bottom back in February. It all depends on how you look at the market. It can be as bullish or bearish as you want it to be, or you can just remain neutral and focus on the consolidation that is perfectly normal in current market. Nothing justifies the price to tank, and nothing justifies the price to pump. Consolidation makes sense.

Exactly one year ago we were operating well under the $3000 level, so allow the market to adjust. One thing all the massive pumps we have gone through have in common, is that afterwards we always had a longer period of non bullish (some people might even say bearish) activity. It's a cycle. It won't drag on like this for ever with how many bullish indicators we have coming up.

It will very likely come through this time.

The SEC would reject it without hesitation if it was a tool accessible to the main part of the retail world, but it isn't due to its entry point. Their reasoning is that institutions and wealthier parties are more capable of taking well thought out decisions, which is true, especially if we look at how many fools we have in the crypto world gambling their life savings and taking out mortgages and whatnot.

The most interesting part is that this ETF doesn't just track the price of the underlying asset, but it is actually backed by $200,000 worth of Bitcoin as well. In other words, every ETF share that is bought up, translates into $200,000 worth of Bitcoin being taken out of circulation.

Retail and the regulative establishments will always collide, but in this case no one cares about that. Fresh capital flowing in Bitcoin's market is all that matters.

Yes. Why would they else go for it?

These people need to go away entirely. Their presence in the crypto world doesn't contribute to anything of worthy nature. The number of sense lacking individuals in this market is literally going through the roof. These people don't understand that they are inflating a bubble that will soon pop in their face, and it won't be a pretty pop, that's a guarantee.

I actually like to see regulators fiercely pressure these exchanges and to shut them down for ever in case they don't want to comply.

TA indicates several possibilities at this stage, which is either a massive up or downward movement.

If we look at how the market on its way down forms higher bottoms, but also lower tops, we will soon get our answer and see what we will go through. I am confident that the higher bottoms will break out of the lower top cycle in the coming months, but there obviously aren't any guarantees. For now I want to see how the $7000 level maintains its position, and more importantly, whether or not it has been another higher bottom.

If that doesn't hold, which isn't the end of the world, we still have $6400-$6500 and then as main barrier the $6000 level. In other words, we can prepare ourselves for some very interesting months.