I think there is strong support in the $7k area. Unless there is manipulation, we are not going to see $5k.

Supply being captured by governments, through paper speculation and contracts, and then creating a global, centralized cryptocurrency to take its place.
The best way to deal with it is to regulate the exchanges through a non-governmental council, which would put circuit breakers in their books. This could be done through code as well.

The "fact" you are talking about is a factoid, created by a priest from the hodl cult, who dont want to see bitcoin being adopted by the people, but only used for speculation, and only for their whale peers. You can just put me on ignore, like I did with them.

Its not slow and have plenty of development. And this is wrong for the hodl cult. You dont proper hodl if you can move the coins around.

None of the cryptocurrencies are really decentralized, even bitcoin. If you have 1% of the users holding 99% of the supply, then its not decentralized. And if you have whales manipulating the market, to accumulate even more, then you have increased centralization of supply. You can say the tech is decentralized, but if the supply is not, people will not use the tech.

The exchanges are to blame for it, as they allow the centralization of supply. A exchange with only 5btc in the last 24 hours dont have any issue when 100btc enter in just one account and burn the entire book. Its good for them, as they will get more money from fees, but this hurts the project, as a lot of people will have their money stolen, and many of them will not come back to bitcoin after the crash.

I noticed this some weeks ago, OP, and started to accumulate ethereum since then.

I remember back in 2017 the BCH guys had made a meme about LN, where they said "come back in 18 months". So, much more than 18 months have passed, and LN is still not available to the public, being a geek thing. Not only that, you need to fund a channel to be able to use it, in the same way it happens with ripple, and you need to trust the other part which will link with your channel, thus undermining the trustless idea behind cryptocurrencies. If I have to pay to use it, and I have to trust it, so how is this different from any ordinary bank?

The complications to use it means it is not being used at all, only by the geeks and enthusiasts, who understand how the code work. Bitcoin network is very slow right now, with transactions taking up to three hours, even after paying the maximum fee. This week I had to use replace-by-fee three times, in a transaction which was already paying the maximum fee. It took more than two hours for the btc to arrive at the exchange. If LN was really being used, it would not be that slow.

If it breaks $8900, I think it will pierce straight to $7k, maybe $7400-7600 area.

So pointless that you take the time to answer it.
This is the speculation forum. You either deal with it, or you ignore it.

All my predictions are based on market sentiment and general look over TA. Right now bitcoin is pointing to 5k. At the time of the outbreak, it was pointing to three digits. In fact, it would have reached zero if it wasnt for a hardware malfunction at Bitmex.





I would not go all-in into fiat. The bear market is still there, but it is old. A old market can die easily.
I prefer to sell 5% and stack the fiat into rebuying. This minimize any losses in case it recovers.

Also there is a untested support around 7k.

Bitcoin is going to 5k, but it will be a slow descent, not a sharp, fast drop.
So you will have time to sell some.

I've never seem derivatives causing a bullish movement.
If I see Bitmex pumping the price some day, I will not have any problem in saying I was wrong.
But until then, the sole purpose of derivatives and "legitimation" is to destroy the project.

The trend is bearish, because now we have something called Bitmex, determining how the market moves.

Coronavirus is a hoax.
Stop falling for commie lies.

I have been holding for five years. Three and a half of those years were bear markets.

Previous cycle didnt have this long hybernation. If there is not a bullrun, selling is what it will be.

The problem with ICOs (and similar products) is something which plagues the internet in general: the hype trains.
From my experience, I can gather hype trains are usually bad, and deliver well below the expectations from the general public.
And the recent "zoomer" generation feed hype trains more than ever, thanks for their smartphones and connected networks, which works in concert towards taking the most possible profit from sponsors.

I've saw it happening with games. A certain game, which name I will not mention, have some mod projects which are being hyped for five, six years already, and never deliver any content. Instead, they make hype videos, in YouTube and Twitch, and get money from ads. Since there are thousands of players in their streams, they make tons of money, and thus keep postponing their "projects" to the future. It is much more profitable to let the hordes of idiots hypnotized by a future project, than to deliver the project.

The same happens with ICOs. The difference is that the ICOs appeals to a more mature audience (which happens to have money to afford it), but the principle is the same. And since is a mature audience, you use buzzwords to make it sounds "modern", so that they dont feel being left behind by technology. If you look at it objectively, most ICOs are promising the same things the main cryptocurrencies already do.

You dont make money from the project, but from selling the idea of a project. The project dont even need to exist, you can only make the part you are going to show and then lie to the public about its development. There will be nobody to check it, and since the public is enthralled by the hype, nobody will dare to question it, for fear of reprisals.

The bullish chart seems more on point. There is a breach in the triangle structure. It might have happen because the bear market is old, so it is losing strength.

If memory serves, in December 2017 the price increased by $2k in just two days.
I only wish we could have a more organic, gradual rising, not these sudden rises which can prompt crashes.
Especially when the exchanges allow trade bots.

The analysis below seems reasonable, and puts the 4-year cycle theory back into perspective:

Moon launch means $20k will be reached by January or February.
This will not happen if bitcoin fall again back to 5-6k.

It needs to go up and breaks $12k in the next two months, then consolidate the 12-20k range in the second half of the year.
Else the bear market will be permanent.

Mike Novogratz said he will be capitulating by the end of the year if bitcoin wont go up. I dont think he is alone in it. A massive capitulation of institutional funds can bring the price to three digits easily.

Because it is a manipulated market. The value of bitcoin is decided by a highly centralized cabal of whales. The exchanges follow some sort of algorithm, where their prices go up and down all at the same time, with small variations between them, thus rendering it a controlled market. They allow bots and they dont have any circuit breaker, which could protect people's investments in it.

Also, bitcoin network is very slow, taking up to one hour for a transfer, even with the highest fee. Because of the slow network, many people prefer to let their money in the exchanges, as shortings are very fast, due to them being concerted between the whales, and enhanced by bots. Bitcoin can fall 60% overnight, and take weeks or even months to recover the value lost. For example, it have fallen from $6k to $3k very fast in 2018, but took three months to go back to $6k. This let people very uneasy about it, as a store of value is meant to cover expenses in case of emergencies, and emergencies can happen any time. Add to this the fact many exchanges are "hacked" from time to time, and you have the recipe for adoption failure.

For this reason, bitcoin have failed not only as a daily currency (since a merchant will not risk accepting something whose value can fall 60% overnight), but also as a store of value (there is no reason to send it to a personal wallet, since price can fall 60-80% any minute, and take months to recover).

I said that many times already, but some people in this forum just dont understand. They are jeopardizing not only bitcoin's future, but the future of all cryptocurrencies, when they preach freedom without consequences. I even got negative trust points for pointing out how harmful derivatives can be to the future of cryptocurrencies.

Thats why I'm applying a inverted DCA strategy, selling a bit of my stash every month, because I believe bitcoin's future is compromised by these degenerates, who think paper speculation will "legitimize" it.

Bloomberg making a $20k prediction?

$5k confirmed. Time to sell.

I cant take cointelegraph seriously anymore, as they are considering Bitmex as a valid exchange.

Do people have a short memory? The price would have gone to zero two months ago if it wasnt for a "hardware failure" at Bitmex.