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

[FinePoine0]

<snip> (convince me otherwise).

Why should we...you already have it all mapped out  

Imho, unless we go under 36K on a weekly, we are still in a bull phase.

Bitcoin price does not seem to enter below 40k. Already we are going through a touch of a bull run, as it is a short bull run as the bitcoin halving is very likely to take place by mid-April.
 And it is very likely that the price of Bitcoin will increase several times more from the post-halving period. Then we will be in the middle of the big bull run.

For now, I think the price of Bitcoin will stay between 40k and 42k.

[El duderino_]

Just normal market

After years and years I just have seen when going up there are a few stops down….
Never been different

[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[ChartBuddy]

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[WatChe]

Just came across this picture while browsing Facebook and thought it's worth sharing.
Those who are in there 30s or 40s and doing job must realise that aspect and those who are retired can tell its true or not.


Image from Facebook.

[ChartBuddy]

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[DirtyKeyboard]

ChartBuddy's 24 hour Wall Observation recap
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All credit to ChartBuddy

[ChartBuddy]

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[ChartBuddy]

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[ivomm]

It seems that the situation is getting from bad to worse by each hour. This is not a normal trading, so to speak of any support line is pointless. The support is when the last bitcoin of Greyscale will be sold. I won't be surprised if we see covid like apocalyptic dump. Too bad I don't have any fiat left to buy moar. I guess the plan is to keep the rate 1.5% until the BTC outflows stop. And then lower it to 0.3%. But people are not so stupid to return to Greyscale knowing that they will raise the rate again. So, instead of leading the parade to 100K, Greyscale chose to be the new far more ominous MtGox. Well, it seems that we have to wait a bit longer to see 100K. Honey badger doesn't care.

Dude...why do you care so much about GBTC when the OVERALL ETF flow is positive?
Besides, I calculate that GBTC is basically on par with their NAV right now (0.18% discount)
All this whining about GBTC is pointless...reminds me about whining about bitcoin's use of electricity.
EDIT: to all GBTC fear mongers: compare 5d chart of GBTC vs IBIT.
Which one outperforms? Sorry, it is GBTC, haha.

Just to clarify GBTC have sold 6% of total since ETF launches. I mentioned on the thread why this isn't a reason to panic, but it is a cause for concern.

The upside is there is only 94% left to be sold, it'll hopefully go to new ETFs via OTC to reduce selling pressure on spot market, and otherwise be done within 4 months (based on current estimate and data). Until new data is released, there isn't much else to go on, and sure there is still net positive inflows into the ETFs, so this isn't s disastrous situation what so ever. If I were to "wildly guess" on why price has dumped -15% since ETF launch, it's because many speculated that price would dump after the ETF launch, not much else. But obviously this is wild speculation and calling a local top at $46K after the ETF launches was too early for some, so it does need further confirmation, but otherwise price direction remains pretty clear right now without needing to over analyse. Price is currently moving downwards (convince me otherwise).

After the halving, with price stability, confidence in ETFs, I truely believe Bitcoin's price is going to melt faces and reach new ATH before the end of the year. Probably much earlier than the usual 4 year cycle, ie rather than winter probably more likely summer or autumn. With these new ETFs there isn't going to be much of a cap on Bitcoin's price rise (such as retail money), that much is granted, but we're not there yet.

I've said it before, but I feel like I realise why Bitcoin's market cap was never sustainable above $1T: because ETFs weren't available. It's all good and well principles such as "not your keys not your coins", which every retail investor should practice, but institutions don't give a fuck about custody of coins. They care about safe investments, with reliable fund managers, in order to preserve capital etc. 2025 will likely be epic.

With yesterday's outflow, GBTC have sold 51 000 coins, which is 8.2% of their initial holdings. It is quite possible this will continue at least for a week. Most probably until either they lower the fee, or lose all their customers. Why should one prefer the well established Blackrock, Fidelidy, etc. with their low fees and fair play, over some FTX kinda shady company with high fees? This is a rhetorical question of course. Until this issue is resolved there will be some volatility. And a possibility for some pre halving big dump like in 2020. Don't forget that the traders are stupid. If there are 100 good news and only 1 bad news, they will still dump.  Eventually, the price will reflect the supply shock and ETF's probably will have a major influence for that.

[AlcoHoDL]

Reading WO's posts/reports about so much corn selling happening lately, it just dawned on me how strong the Bitcoin price has held so far. I consider the current dip as ant-sized, given the amount of selling. Not claiming to be an expert in such matters, this is just a long-time HoDLer's gut feeling.

Just imagine what will happen when the selling stops, big investors pour in, demand increases, and the buying craze begins... And all this happening in a Halving year!

The incoming pump will be stratospheric! 6 digits guaranteed, soon^TM.

[ChartBuddy]

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[ChartBuddy]

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[Ambatman]

Just imagine what will happen when the selling stops, big investors pour in, demand increases, and the buying craze begins... And all this happening in a Halving year!

The incoming pump will be stratospheric! 6 digits guaranteed, soon^TM.

I'd prefer using exospheric.
The bigger the dip the stronger the recovery.
2022 dip is a proof of that
Still surprises me why i barely feel the dip compare to how i was in the future
I still hate seeing red color though.
In 2022 dip, i thought lady luck had a personal vendetta against me.

[ChartBuddy]

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[ChartBuddy]

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[psycodad]