More like a middle top.. not a top top.
You know that one of the problems of going there too quickly is......
I have already argued that it is not too likely that we could go to $80k to quickly.. because we keep having these baby corrections along the way... .. .. but yeah, sometimes we will see short periods of "overheatedness." - even though, we are not there yet... so eat your hearts out... $40k not coming. and especially not $39,999. I am starting to have my doubts about either $49,999 and also $54,999.. I am starting to think that it could be the case that none of them will be seen again.. . but hey, what do I know.
If we go to $94k by this week (or maybe even by next week), I might start to speculate that maybe such price moves is a bit too much.. and not quite sustainable in such a short period... $80k this week should be within reasonable levels of exuberance... whatever that means?
It's not important that how quickly Bitcoin make it to 80k or 90k from here but how long it can sustain that value.
Well.. you might be making my point in a slightly different way.
Largely I am suggesting that we have had enough corrections along the way so that buy support is likely to be able to keep up even if we were to go up to $80k in a shore period of time (such as a week or so).. and even going up to $94k-ish.. might not be too fast as long as it takes 2-3 weeks to get there.. .. so the speed in which it goes up (sure as well as some of the context for why the BTC price is going up) will allow for buying support to catch up and to keep up.. so that it is less likely to correct as much when or if it does correct.
We have seen Bitcoin starting its journey from 0$ to 70k (as of today). If Bitcoin can make it to 80k or 90k in week or two and coming back to some lesser support then it won't be a good move.
From my perspective, you are being way too fucking general, and there can be some value in analyzing the cycles and analyzing other factors besides the total package of bitcoin going from $0 to $70k in 15 years.. that information does not really tell us anything in regards to buying support being able to keep up or not.
Volatility is good (Volatility is vitality, Saylor) but there must be a window in which the volatility is confined.
Volatility is inevitable in an asset like this, both during the battle and while the greatest wealth transfer known to man is taking place.
For years, many of us have been hearing about Bitcoin becoming more stable and blah blah blah nonsense or that it is correlated to stocks or presuming BTC is a mature asset and various other lame bullshit theories.
Of course, we experience periods of price consolidation and less volatility, and sometimes guys even get bored, and surely we have all kinds of entrants into the BTC market, and there are a lot of folks who still do not have much if any position in BTC, so they are going to b learning about, it and realizing that they don't have enough... so any of us who have been in BTC longer, will hopefully spent some amount of time attempting to front load our investment in order to front run the ongoing stream of newbies who are coming to this asset and still learning about it.
And you (WatChe) only have just over a full cycle in bitcoin (even though you have been registered on the forum longer than Saylor has been learning about and investing into BTC), so maybe you have some BTC that you were able to front run Saylor and MSTR.... which surely feels good, even though he (and his company) have way more bitcoin than a large number of forum members (OGs and otherwise) put together.. even though he acquired his coins at higher prices than many of us, he still has more coins.. .
I bet Saylor's personal BTC stash is at least 30k BTC (even though he last reported the acquisition of nearly 18k coins in mid-to-late 2020)... so between himself and MSTR, he has nearly 250k BTC... which is also how many coins Blackrock has.. even though we do not yet know the composition of their clients, yet apparently the ETF providers have to periodically file reports about the composition of their clients.
Even though there are likely going to be quite a few normies selling their coins to Saylor types and also to various Spot ETF clients, it still is likely going to take a while for them to get a lot of the BTC of the private holders, and surely much (if not most) of the value of BTC comes from the various ways to privately hold it.. so private BTC holders are going to continue to hold a lot of power and to benefit a lot from their bags being pumped, even though a lot of this bag pumping is going to cause a lot of newbies and no coiners and low coiners to delay in their own accumulation of bitcoin to their own detriment.. and many of the normie newbies, no coiners and low coiners are going to end up coming into bitcoin much later after some of these new BIG players have been spending a lot of time vacuuming up coins and continuing to drive up BTC prices to contribute to normie newbies erroneously thinking that maybe they should wait before buying BTC rather than buying BTC into what they believe to be a pump. but then the pump keeps going and going and going and going.. so don't be a dumb fuck (not referring to you specifically WatChe) and sell too many coins too soon, and hopefully each of us has been sufficiently accumulating enough coins so that we are somewhat ahead of the game, and if we are not, we just keep accumulating to the best of our ability. .which is still better than either waiting or coming in later down the road because you just heard about bitcoin.. which there are going to be a lot of those folks too over the coming 2-10 years...
Positive inflows again, good day for Fidelity.
GBTC still selling heavily.
GBTC down below 350k coins held. Loving it. Few more months and they'll be at zero, can't wait. IBIT is less than 100k coins away from them now.
5000 coins sold by GBTC. 900 mined in total.
We went up 6% in 24 hours.
Mega bullish.
Absolutely. At the moment it seems ETFs are outnumbered about 10 to one (according to a chart I saw from willy woo) as far as actual buys/sells go. So supply/demand from the public can easily outweigh anything they do. Not to say they don't have an effect but the overall market is still far more important.
I think that one of the interesting things about the ETFs is that they are likely composed of a good amount of a new type of buyer, and therefore new money coming into the bitcoin space since a decent number of the clients coming to BTC through ETFs would not have otherwise been ready, willing or able to come into BTC prior to having the ETFs as possible ways in.. and yeah of course, they don't hold the coins themselves, but those ETF providers likely have a pretty short window in which they have to make sure that they are properly and adequately collateralized with the real thing (namely our lil precious).
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