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

[JayJuanGee]

Lest we forget:

And that's an understatement.

I would say that it is more accurate to say 8 years ago, since in March 2016, BTC prices were largely in the lower $400s.... $420-ish for quite a bit of time, which would be 155x of a price appreciation.

We did pass through the $600s fairly quickly in late 2016.. (which would be 7.5 years ago) but we had to get over the Bitfinex hack situation from August 2016.. and then after crossing the ATH early 2017, we did have a brief revisit of the mid $800s in about late Febuary/early March. .and we did not revisit (ever) sub $1,500 after March 2017..

So yeah, 5 years ago, we were around the time of breaking out of the $4,200 and going to $13,880 fairly quickly (over a 3 month period).. Who can forget the April 1, 2019 breakout?.. so yeah that would ONLY be a 17x to our current price, if we consider from $3,800 for our late March 2019 timeframe, and I recall one of the members (maybe Jshaw) saying that we would never see sub $3,900 again.. and I called him crazy, yet he ended up being correct - absent that brief revisit and lapse of March 12, 2020.. in which we ONLY briefly touched upon $3,850. .. but yeah, sub $6k really was not much of a thing after around May 2019. and maybe we spent less than 30 days in total below $6k after May of 2019.....  since even our correction in late 2019 did not bring us below $6k, until the March 2020 crashening event that took out our good buddy mindrust.. and perhaps some similarly situated guys who were more private in their getting shooken from their coins..

The good ole days... back when crashenings were meaningful.

[1714498660]

1714498660

[1714498660]

1714498660

[Roggeredek]

Would you fight Mike Tyson for 10 whole #bitcoin?


https://twitter.com/AltcoinDailyio/status/1769970693439893930

Like for fight BTC.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[somac.]

Record GrayScale outflow on 18 March.

Something weird going on there with keeping their fees high.
Maybe they are preferring to have an Eth ETF eventually. It would suit them.

In all seriousness; it seems that GrayScale is the actual resource for the ETFs that were created.
Most likely an inside deal with Blackrock I suspect.
Simply not to ramp up the BTC price too much too soon?
I think with Wall Street having entered the space more we are also seeing more shenanigans going on.

And the irony of course is that crooks like Jamie Dimon said that Bitcoin was mostly used by criminals.
Unbelievable!
 

Watch what they do, not what they say....

My big hope is that the large GBTC outflows continue. I want this sucker down to zero and at the current rate that will be done in just over a month.

[DirtyKeyboard]

ChartBuddy's 24 hour Wall Observation recap
..
All Credit to ChartBuddy

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[UnDerDoG81]

Made me laugh https://x.com/scooter_420/status/1769913131923349606?s=46&t=BXjPnTxM1CV8JEVNfrdzhQ

When chopper?

[OutOfMemory]

Got tons of stuff to do, repair and service of my milling machine almost complete, new astrocamera love despite cloudy skies, kid got sick.
Business as usual  

Are you in the machining industry? I work with it! It's great to see people here who are in this field of activity.

Some time ago I made a fully personalized bitcoin with my nickname in aluminum measuring 130mm in diameter, it looked beautiful, I made it on a CNC machining center

Well, i'm not in the machining industry, but i was trained to work with industry grade machinery like lathes and milling machines when i visited a tech school (comparable to College in terms of USA). In the meantime more than 30 years passed by, but i kept all the basics.

I manufactured hand made finger rings made of exotic hardwood and imo the best way to get ring blanks out of dense wood for wood turning was a CNC milling machine. It's a converted engraving machine, suitable for llimited space and equipped with powerful step motors. It would work with metals too, but the cooling using fluid would be too messy. I restricted myself to mostly automatic work, because i developed neurodermitis at the fingertips because of exposition to the fine dusts and tons of hours of wet sanding. Maybe i make 2-3 rings a year for giving away as presents. Sanding with Nitril gloves is an option, but they tend to tear and the tiniest of a wrinkle makes it hard to "feel" what is going on, and they're too sticky as well.

Would you fight Mike Tyson for 10 whole #bitcoin?

Ary you kidding?!
10 Bitcoin can't buy you a new ear, or can they?
 

EDIT: AND WHEN YOU THOUGHT YOU'VE SEEN IT ALL...
Yesterday somebody stole our hay from the haybarn when we were away.
They only left as much for the horses to be fed another day. 
Fucking sickos! 

I was thinking about security cameras before, but now i'm already shopping online while writing this.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[BitcoinBunny]

Got tons of stuff to do, repair and service of my milling machine almost complete, new astrocamera love despite cloudy skies, kid got sick.
Business as usual  

Are you in the machining industry? I work with it! It's great to see people here who are in this field of activity.

Some time ago I made a fully personalized bitcoin with my nickname in aluminum measuring 130mm in diameter, it looked beautiful, I made it on a CNC machining center

Well, i'm not in the machining industry, but i was trained to work with industry grade machinery like lathes and milling machines when i visited a tech school (comparable to College in terms of USA). In the meantime more than 30 years passed by, but i kept all the basics.

I manufactured hand made finger rings made of exotic hardwood and imo the best way to get ring blanks out of dense wood for wood turning was a CNC milling machine. It's a converted engraving machine, suitable for llimited space and equipped with powerful step motors. It would work with metals too, but the cooling using fluid would be too messy. I restricted myself to mostly automatic work, because i developed neurodermitis at the fingertips because of exposition to the fine dusts and tons of hours of wet sanding. Maybe i make 2-3 rings a year for giving away as presents. Sanding with Nitril gloves is an option, but they tend to tear and the tiniest of a wrinkle makes it hard to "feel" what is going on, and they're too sticky as well.

Would you fight Mike Tyson for 10 whole #bitcoin?

Ary you kidding?!
10 Bitcoin can't buy you a new ear, or can they?
 

EDIT: AND WHEN YOU THOUGHT YOU'VE SEEN IT ALL...
Yesterday somebody stole our hay from the haybarn when we were away.
They only left as much for the horses to be fed another day. 
Fucking sickos! 

I was thinking about security cameras before, but now i'm already shopping online while writing this.

Those bastards.

Too bad you can't train one of your horses on how to use a shotgun.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[Gachapin]

Are prices falling like this due to recent US inflation data? because if so... I will never be able to understand how all this works based on the macro market...

What seems to happen is: the inflation data was released and psychopathic traders around the world started selling everything automatically? this seems so strange to me... what kind of investors do this? 

that's how it works? Can someone more experienced explain?

Don’t buy BTC for a quick overnight buck
Don’t buy BTC when not able to stomach a minor dip (10%ish) and a 85% down bear market
Don’t buy BTC when only $ is in your mind…

ftfy

[Gachapin]

Saylor’s $500,000,000 offering closes today. We should see another smash buy sometime in the next couple of days that sends BTC to another peak. That would probably make a good short term selling opportunity for traders, but the big boom is still ahead of us. I think by Halloween we should be sitting above $100,000, but I wouldn’t be surprised if we revisited $50K first.

I know that Saylor has been a good advocate for Bitcoin in recent years. But is he really better than Rojer Ver, and others  like him? Of course, he is way too smart to fall into the trap of creating his own shitcoin and losing money trying to pump it. Instead, he is riding on the wave of Bitcoin by creating some kind of a ponzi. Below are some tweets from a long thread, describing in detail what is going on.

Michael Saylor is pumping Bitcoin on the media every single day & selling convertible notes to buy more $BTC. So why is he then selling 5000 shares of his $MSTR stock everyday for a cumulative $195m of stock sold YTD? This is almost a $1bn annual run rate fwiw. In September 2023 Saylor filed a 105b1 plan to regulary sell his shares. As you can see on the chart in the last thread he is selling at very regular intervals. So why is he issuing convertibles to buy more Bitcoin and simulataneously pushing up the price which then pushes up his stock price? Namely, because MSTR equity trades at an insane premium to its underlying Software business + BTC After-Tax holdings of 120%.  So this implies that for MSTR to trade at NO PREMIUM to its BTC holdings at $68k price the price of BTC would need to be $157,000 - 130% higher than last price I checked this morning. This has true blue ponzi / reflexive / flywheel dynamics in that Saylor issues converts to buy Bitcoin, drives up the price of Bitcoin, which drives up his equity value, then he sells his own stock, and then does it again. Guy has down two converts for $1.4bn in the last two weeks. Tbh, he should just keep doing them as long as the market will bear it. Just be weary when the arbitrage breaks down, as it always does. Then we could see some real unwinds. Probably need to look at the options market for clues as to when the protections will unwind.

https://twitter.com/BenBrey/status/1769737363280822381

So many coins accumulated in one place is always a risk. If his strategy blows up we have (temporary) a problem.

With regard to his motivation.. maybe he is selling his overvalued shares to buy BTC.  Wouldn't be shocked seeing his conviction towards Bitcoin.

The halving draws near,
With Bitcoin's price on the rise,
Moon-bound, stars align.

There. Now it's a haiku. 

nice work!

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[bitebits]

Saylor’s $500,000,000 offering closes today. We should see another smash buy sometime in the next couple of days that sends BTC to another peak. That would probably make a good short term selling opportunity for traders, but the big boom is still ahead of us. I think by Halloween we should be sitting above $100,000, but I wouldn’t be surprised if we revisited $50K first.

I know that Saylor has been a good advocate for Bitcoin in recent years. But is he really better than Rojer Ver, and others  like him? Of course, he is way too smart to fall into the trap of creating his own shitcoin and losing money trying to pump it. Instead, he is riding on the wave of Bitcoin by creating some kind of a ponzi. Below are some tweets from a long thread, describing in detail what is going on.

Michael Saylor is pumping Bitcoin on the media every single day & selling convertible notes to buy more $BTC. So why is he then selling 5000 shares of his $MSTR stock everyday for a cumulative $195m of stock sold YTD?
[...]
https://twitter.com/BenBrey/status/1769737363280822381

The guy you are quoting is an idiot. Saylor is selling MSTR options that he got 10 years ago that will otherwise expire. 5000 shares per day in Q1. Saylor has been fully transparent about this in their Q4 financial results. He buys bitcoin privately with the proceeds.

[Paashaas]

Barry fcking Shillbert continues selling thousands of coins every day.

$20 billion+  Bitcoin bag ready to be dumped.

Going back to hibernation for a loooong time just to skip coming soul crushing bloodbath.

[El duderino_]

Good to see I guess
ETF’s not changing narratives
Dips will still be there

[El duderino_]

Barry fcking Shillbert continues selling thousands of coins every day.

$20 billion+  Bitcoin bag ready to be dumped.

Going back to hibernation for a loooong time just to skip coming soul crushing bloodbath.

Don’t stay in to long… you might miss some looming ATH’s

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[dragonvslinux]

Barry fcking Shillbert continues selling thousands of coins every day.

$20 billion+  Bitcoin bag ready to be dumped.

Going back to hibernation for a loooong time just to skip coming soul crushing bloodbath.

Isn't it $40b? It shouldn't take that long I don't think, maybe another month or two? Especially if the selling continues to increase.

Can someone remind me how much Bitcoin GBTC had to begin with, how much they've sold already? Want to calculate what the timeframe is looking like.

Ironically without GBTC outflows, there basically are no outflows, even if lower inflows at present, which speaks volumes...

The sooner that GBTC is flushed out the market the better.