Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Toxic2040]

I was thinking yesterday quite a bit...about whats going on in the world and specifically about bitcoin and its current price action. All of a sudden I had one of those moments of clarity that you strive for but so rarely come across.

I was thinking about the price correlation between bitcoin and legacy markets and all the negative economic news that will be coming down the pipe over the next 6 months as the world adjusts to post covid-19. I started to think about what if bitcoin was unable to de-couple and gets dragged down in the huge inflation crisis that is already baked into fiat and has been exacerbated by this pandemic. I wondered what my reaction would be if bitcoin fell below $5k...and kept falling...down to $3k...and maybe..maybe it got really bad...like total collapse..how would I handle it?

Thats when I had the epiphany. I realised that even if bitcoin fell down to $1k...or less...even down to $100 dollars..I would continue to do what I have been doing for the last 8 years...keep stacking sats. Then the moment became crystal clear for me..even if the price tried to go to zero..it never would. And when I say never...I mean that...bitcoins value will never be zero. If it drops down to a dollar or less...I would buy as many as I could...if it kept dropping..I would buy all of them. Yes...all the coin..I would scoop them up just to have them..just to say 'Look at me!  I have all the coins now!  I win!'

Now..maybe this is a character flaw...maybe Im a little bit nuts..but hand to God..in that moment of clarity..I knew it to be true...without a shadow of a doubt.

Then my keenly focused subjective reality expanded outwards...and I thought...'Well sheeeit'...there are at least 20 to 30 other crazy mofo's that I know personally who probably have the same plan. They will be trying to scoop up cheap coins by the bucket load if ever the price really tanks..its just not going to happen, I wont be able to get all of them...dammit.

The profound sense of relief that rushed through me was almost indescribable and was followed by a relaxed sense of euphoria that is still reverberating throughout my soul.

As the moment faded..more thoughts poured through my head. Out of the 8 billion people on this planet..I wondered if 21 million of us could or ever would put the value of a bitcoin at 7 figures or higher. Could there be enough other crazy ass fools out there who would pay almost anything to keep at least a million of their wealth secured by a bitcoin. I felt the answer shift from possible..to probable...and then to likely on large time scales. In terms of decades it seems almost certain...and with how things are going...maybe sooner.

Just my two sats for the day.  #dyor
tc

#stronghands

[LFC_Bitcoin]

@mindrust, you should know a bit better with the words if it goes to zero.... to many strong hands and fundamental believers....

I hope you will invest a bit and at least buy a full BTC to HODL, start some DCA again and stay interested.
I do understand the feeling of being over invested isn’t easy to live with, but nothing comes easy in life.

Buy btc cause you don’t trust the current system, buy btc for financial freedom and don’t let fiat wealth be the main factor...

Cheers and be safe and happy with your decisions

I think even 1BTC would be a good idea for mindrust as a pension top up or something. Who knows what 1BTC will be in 20-30 years.

Even if he can’t or won’t buy 1BTC I hope he can earn it via a sig campaign or something.

[JayJuanGee]

Is 7950 a good time to sell? And buy a rebound at about $7880?

How did that work out?


 


Note: for some people, there is never a bad time to sell their BTC, and any little blip causes them to become trigger happy, yet through BTC history, we have seen a lot of bitter folks who have come out of that practice of selling too much too soon, and then they have shot their whole wadd when BTC prices shoot up another 10x or some other variant.. and maybe some of those folks never buy back in because they become disgruntled and bitter.. and they are subsequently always waiting for a BTC price correction that either never quite gets down to their previous selling point or to some further greedy point that they want to project "profits" blah blah blah...

lol thanks, im just trying to grind my Binance balance into more because I know the bull run is coming.

That is no way to "grind" your balance up.   

[Elwar]

This may be part of why the price shot up.

Lebanon banks literally on fire.

https://www.aljazeera.com/news/2020/04/banks-targeted-lebanon-night-molotov-200429060510405.html

[mindrust]

@mindrust, you should know a bit better with the words if it goes to zero.... to many strong hands and fundamental believers....

I hope you will invest a bit and at least buy a full BTC to HODL, start some DCA again and stay interested.
I do understand the feeling of being over invested isn’t easy to live with, but nothing comes easy in life.

Buy btc cause you don’t trust the current system, buy btc for financial freedom and don’t let fiat wealth be the main factor...

Cheers and be safe and happy with your decisions

Obviously It cannot go to zero as long as the network functions but it can go to $3-5k and stay there for a long time if the world economy loses its shit completely. Maybe even $1k.

If people can't find money to eat, would they buy crypto? nope. The only thing that can prevent this from happening is the FED and its printer but what if the printer go kaputt?

There is another thing...

I am starting to feel weird about this tether stuff lately. It bugs me a lot tether staying at the 4th spot on CMC.

What if that 6.4Billion USD is the amount Finex created out of thin air is to keep bitcoin alive (alive in contrast of dead, $1k) and that's the exact amount that people extracted from btc over the years? They created that 6.4B to keep BTC from collapsing, maybe? Because otherwise that 6.4B means Bitfinex owns 6.4B worth of assets which is, kinda, bullshit you know.

Thinking about this gives me more and more warnings about this thing so yes, I'll keep my position small and will keep extracting money when it reaches a certain size. I had my chance to buy back from 4.5k didn't do it. If it goes back to 4.5k again, won't do it again.

On the other hand, in a world where almost everything is a lie, a 6.4B lie from Bfinex looks sustainable.  

The thing is btc is not the unbeatable, invincible investment asset once it looked like to me anymore. Do I care about it when BCH makes a %500? Nope. That's how I feel about crypto now.

[alevlaslo]

[Biodom]

I was thinking yesterday quite a bit...about whats going on in the world and specifically about bitcoin and its current price action. All of a sudden I had one of those moments of clarity that you strive for but so rarely come across.

I was thinking about the price correlation between bitcoin and legacy markets and all the negative economic news that will be coming down the pipe over the next 6 months as the world adjusts to post covid-19. I started to think about what if bitcoin was unable to de-couple and gets dragged down in the huge inflation crisis that is already baked into fiat and has been exacerbated by this pandemic. I wondered what my reaction would be if bitcoin fell below $5k...and kept falling...down to $3k...and maybe..maybe it got really bad...like total collapse..how would I handle it?

Thats when I had the epiphany. I realised that even if bitcoin fell down to $1k...or less...even down to $100 dollars..I would continue to do what I have been doing for the last 8 years...keep stacking sats. Then the moment became crystal clear for me..even if the price tried to go to zero..it never would. And when I say never...I mean that...bitcoins value will never be zero. If it drops down to a dollar or less...I would buy as many as I could...if it kept dropping..I would buy all of them. Yes...all the coin..I would scoop them up just to have them..just to say 'Look at me!  I have all the coins now!  I win!'

Now..maybe this is a character flaw...maybe Im a little bit nuts..but hand to God..in that moment of clarity..I knew it to be true...without a shadow of a doubt.

Then my keenly focused subjective reality expanded outwards...and I thought...'Well sheeeit'...there are at least 20 to 30 other crazy mofo's that I know personally who probably have the same plan. They will be trying to scoop up cheap coins by the bucket load if ever the price really tanks..its just not going to happen, I wont be able to get all of them...dammit.

The profound sense of relief that rushed through me was almost indescribable and was followed by a relaxed sense of euphoria that is still reverberating throughout my soul.

As the moment faded..more thoughts poured through my head. Out of the 8 billion people on this planet..I wondered if 21 million of us could or ever would put the value of a bitcoin at 7 figures or higher. Could there be enough other crazy ass fools out there who would pay almost anything to keep at least a million of their wealth secured by a bitcoin. I felt the answer shift from possible..to probable...and then to likely on large time scales. In terms of decades it seems almost certain...and with how things are going...maybe sooner.

Just my two sats for the day.  #dyor
tc

#stronghands

That's a very good fundamental analysis. The only thing that I would say to this is that you don't really know since you are not in that situation and, hopefully, never would be.
For all current disbelief, almost everyone can be in a "mindrust state" (sorry for the pun) IF the price change is catastrophic. It is somewhat easy to discuss this during a strong rally, but I know myself well.

I could possibly hold to a very low number, but ONLY if I already took profits that cover my initial investment. That part in non-negotiable for me after I essentially lost a large (for me) account during the 2001-2002 crash. Bought some very speculative stocks on a small margin and as these stocks were cratering, I had to sell EVERYTHING so my account had some positive value (and not negative). That was a lesson to NEVER invest more than 20% (usually just 10%) of my portfolio in anything at ALL. 20% is a mechanical rule. I promised myself never to exceed it. In fact, when something does approach 20%, I eventually take profits so invested [$$-profit] approach 10% (or even lower) back from 20%. I do let profits run otherwise, don't care what % of the overall portfolio one item represents aka no rebalancing. The 10-20% rule only refers to the original investment.

[bitebits]

[BitcoinGirl.Club]

I love Wednesday's

Wednesday fuck. I lost some corn in Poker just 10 minutes ago. Feeling fucked however when I checked preev I feel better now.
Observing @ $8,481

[VB1001]

And $8,555  

[BitcoinGirl.Club]

How fucked you will feel after this?

The guy had QQ and I had KK33 two pairs in the flop! I knew there is a little chance to have a flash in the flop since there are three diamonds already but how the fuck is going to know that the other guy was just relaying on QQ and called my big bet! Even in the trun I was still in the game and placed bet again. He called again. Still he was relying on only QQ but in the river he got fucking luck and I am out!!!

Fucking luck never been with me in this gambling game. Not in sports bet, not in other casino games and lately in this Poker things too! Fuck poker!!! I am out now. No more corns go out from my wallet from this point except if there are any bitcointalk tourney is out there.

[bitcoinPsycho]

Skimmers rekd

[hodl_2015]

Just crossed 1%/day over last 30 days. Typical bitcoin slow clime would be around 2%/day, so maybe another week before we go parabolic.

[jojo69]

/raises eyebrow/

[bitcoinPsycho]

$9000 in one hour

[Toxic2040]

re: mindrust


Hodling bitcoin is a deeply personal thing and I dont like telling people what they should or should not do. Each of us need to assign their own value to bitcoin and then manage the risk/reward in their own way. 


@mindrust

I dont care for the bashing..whether it earned or not..just want you to know that mindrust. I hope things are going well for your and yours..and I hope that your financial situation is causing you less stress these days. Nothing is worth feeling like that..its really not.
 
Also I wanted you to know that once you stand at the Wall..you always stand at the Wall. Period.

[psycodad]

My eyes hurt from these huge dildos, but probably I am holding it wrong.

[Last of the V8s]

treehuggers

[Wexlike]

We're back in the spotlight, baby!

[aesma]

Crazy pumping action today !