$6000 seems to be holding a little too falsely to me. Got to be manipulation holding us arund this range, no?
The price fell all too easily from $8500 to $5800 but recovered to above $6000 (just about) but we’re holding here by literally $5 - $100, why?
My conspiracy driven mind tells me we’re being played by whales who are still accumulating at these prices before we begin the next bull run.
It just seems so artificial clinging onto $6000 for dear life & not showing any sogns of crashing significantly below it or pulling away & going up.
Bigger forces at play here, this is not just ‘the market’.
your implication that we cannot really know what is going on behind the scenes with any kind of certainty is not without precedent.
Of course, if whales could push the BTC price down more without giving up their own coins, then they are likely to attempt such.
Even though the time frames in 2015 were different, but we spent a considerable amount of the whole year of 2015 in the $200s and there were continued attempts to bring the BTC price down, but at a certain point, they ran out of sellers.
Yeah, we keep revisiting $6k, and none of us know for sure if $6k is going to hold - but we have been here quite a bit, and we continue to return to around this price range. At some point, there are likely to be more buyers than sellers in this price range and at prices much higher than this, but I still think that it could take awhile to break above $10k and to stay there. Would be nice if we could get into the $10k striking range in the coming months, but seems to me that the odds are not really better than 50/50 in that regard, perhaps even in the 40% arena? Surely, I like surprises, especially upwards, but we should continue to prepare ourselves mentally and financially in case it takes longer than expected to get back above $10k.
agree. 2 questions however
1) the revisiting 6k ... is this simply 'manipulation' at this point in time, due to the fact a LOT and I mean a LOT of ASIC miners, btc
and others are folding. Some good-sized data halls as well. Thus forced in the situation of 1) paying off loans/debts etc with btc/crypto
to the bank or whatever to cut down on monthly expenses (not to mention people, pulling out rigs) thus, once their house is in order
(painful though it may be) hope to MINE LIKE HELL and HODL BTC (or whatever crypto) and replenish HOARD at the other side. It is
a half-assed way to do this, but if you have big monthly expenses, cashing coin out now to minimize that and mine at the back end,
from folk I know, seems to be what is going on. ie get the bank off my back, by selling crypto, have the bldg etc as a hedge, if all crypto
goes tulips, and then with less
expenses outside electric, etc and mine and HODL to get it back, after this August has passed. An everyone cashing out because, they
got caught with their pants down, kinda situation...don't ya know.
So my point is, is this a 'short-term' adjustment by miners to a 'new reality' and thus the glut of BTC/crypto sales and getting their house in
order? (hell, I don't know, tossing it out there for better minds than mine to ponder)
2) what exactly do you have to have for electric and such to make any money with BTC or LTC mining at these current prices?
Like what? Something silly like 5c electric for your BTC or other crypto ASIC rigs? Hell if I know if bitmain is making money or losing money
right now. I guess it depends on what the 'big, I mean really, big boys pay for electric". I've no clue.
To sum up, is the boat on pow mining of any type, just awash and can be bailed out ..or is the pow mining (BTC specifically) sinking?
Or hell, is what I'm saying has nothing to do with the price or any other issue with BTC or crypto at this time?
Just a further aside, if any combo of the above is true, would that not mean, this too shall pass? (overproduction vs price) and with
85% of all BTC already mined, there simply will have to be a rebound (eventually)? (or am I delusional?)
as usual, I think you see what I'm pondering here..but really have no idea of how widespread big miners are and if/or not they are
in trouble like the rest of us ....or simply reaping the rewards as pow miners of any flavor are pulled and now doorstops at the lower
end and higher electric price levels (middle and small fry data halls may be toast as I speak)
thanks, as usual, I'm hoping the price is due to the above considerations, short-term and simple low volume and such being August and all.
and again, nothing I've said above has any basis on the current situation this August or price of BTC or crypto and I've missed the mark
entirely. (but then again, delusion may be my middle name, these days, got to have a reason made up or not!)
anyway, above is where the rabbit trail of my mind is going
brad
Poll
