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

[LFC_Bitcoin]

Soon please we are bored,
Long time consolidating,
It is time for up.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[BitcoinBunny]

17.6% Lost
+5.2% Satoshi Wallet
=22.8% Forget it 

6.6% yet to be minded… there’s your chance.

Problem is, plenty people are willing to sell. That's what we've seen so far approaching 70K or just getting over it.

Eventually it will probably change, but in the mean time I don't think we are going up for some time.
Maybe 3-6 months (around the rate cut, election whatever), maybe a year even.

[d_eddie]

Problem is, plenty people are willing to sell. That's what we've seen so far approaching 70K or just getting over it.

It may be the carry trade: Short the futures, buy physical, pocket the premium. When the futures expire, it's guaranteed to go even against the physical. A similar strategy can be played with perps, but in this case your reward is the funding rate, which can swing the wrong way.

Selling as soon as the price crosses your buying price? Well, sure this happens - but how common is it? I don't know the paper hands/steel claw ratio for these relative newcomers. I don't think many OGs are selling. Well, maybe some whales are replenishing the ETFs' reserves, but likely this happens OTC.

Eventually it will probably change, but in the mean time I don't think we are going up for some time.
Maybe 3-6 months (around the rate cut, election whatever), maybe a year even.

It could be, but King Daddy is well known for rarely, if ever, giving AF about rational expectations.

I'm still expecting a God(zilla) candle while everybody is sleeping. Well, not everybody cause the world apparently is round not flat - but I think you get my drift

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[philipma1957]

17.6% Lost
+5.2% Satoshi Wallet
=22.8% Forget it  

6.6% yet to be minded… there’s your chance.

Problem is, plenty people are willing to sell. That's what we've seen so far approaching 70K or just getting over it.

Eventually it will probably change, but in the mean time I don't think we are going up for some time.
Maybe 3-6 months (around the rate cut, election whatever), maybe a year even.

October to Dec we should move up up and away.

[BitcoinBunny]

Problem is, plenty people are willing to sell. That's what we've seen so far approaching 70K or just getting over it.

It may be the carry trade: Short the futures, buy physical, pocket the premium. When the futures expire, it's guaranteed to go even against the physical. A similar strategy can be played with perps, but in this case your reward is the funding rate, which can swing the wrong way.

Selling as soon as the price crosses your buying price? Well, sure this happens - but how common is it? I don't know the paper hands/steel claw ratio for these relative newcomers. I don't think many OGs are selling. Well, maybe some whales are replenishing the ETFs' reserves, but likely this happens OTC.

Eventually it will probably change, but in the mean time I don't think we are going up for some time.
Maybe 3-6 months (around the rate cut, election whatever), maybe a year even.

It could be, but King Daddy is well known for rarely, if ever, giving AF about rational expectations.

I'm still expecting a God(zilla) candle while everybody is sleeping. Well, not everybody cause the world apparently is round not flat - but I think you get my drift

True, often no reason why suddenly everyone jumps on the bandwagon at the same time. But with the ETFs maybe it will follow other (non crazy AI) markets a bit more.

It's been said often that when the price action is boring, is usually the best time to buy.

[vapourminer]

I'm not sure if there were others but some people send to 1BitcoinEaterAddressDontSendf59kuE... just for fun I guess?

Then there's about 595 here lost forever 1111111111111111111114oLvT2... again, not sure why

for coins to be truly consider gone forever they need to be burned via OP_RETURN otherwise they are just sitting an an addy no one has the key to.

may be consider purely semantic but it makes a difference. it also removed those from the UTXO set.

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[bitcoinPsycho]

If it's not 68k in one hour I'll eat my hat

[d_eddie]

If it's not 68k in one hour I'll eat my hat

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[Lucius]

A possibility: OTC whales are people like C. Palihapitiya, who promoted SPACs before (yikes!) and now profess suspiciously bullish targets for bitcoin.
On WS, if you are very bullish, it means that you want to sell and vice versa.
People like Chamath (but not necessarily himself) are selling into ETF accumulation, perhaps (this was also proposed by @dragonvslinux).
If so, this may continue for a while (maybe even for the rest of the year or at least until September).

Another, worse possibility, is that in the eyes of Silicon Valley "elite", at some point bitcoin will compete for electricity resources with AI data centers.
Who do you think they would preferentially back?

Considering everything, I still think that bitcoin should attain approximately gold value (15-16 tril as of now) in due course.
That would be 750-800K/btc. The question is-would it happen in this cycle (hopefully) or the next one (more likely lately).

Does BTC consume so much energy that it would compete with anyone today or by the end of this decade? A few years ago, some data indicated that the total energy consumption for mining was about 0.2% of world production. Given that everything with AI is super popular right now, I wouldn't be surprised if soon they start selling bread and milk that will have the AI ​​label on it.

I like your optimism, but honestly I don't see that much money can flow into BTC in this or the next cycle. Of course, I have nothing against something like that happening, even if it is half of what you wrote

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[ChartBuddy]

Explanation
Chartbuddy thanks talkimg.com

[LoyceV]

Given that everything with AI is super popular right now, I wouldn't be surprised if soon they start selling bread and milk that will have the AI ​​label on it.

Today I read the Pope is likely to give a speech about AI at the G7. If that doesn't prove it's BS, I don't know what does

[BitcoinBunny]

Given that everything with AI is super popular right now, I wouldn't be surprised if soon they start selling bread and milk that will have the AI ​​label on it.

Today I read the Pope is likely to give a speech about AI at the G7. If that doesn't prove it's BS, I don't know what does

Is the AI allowed to use condoms according to the pope?