Is this concerning?

[Razick]

Remember this, guys?



Now look at this:



Now, at what point do you think we are?

It's funny because even though I personally thought Bitcoin would never have a bubble like the 2011 one again, people still bought in, and insults raged at anyone who called, or even voiced concern about it. I'm optimistic about Bitcoin long term, but the reality is, the community loves its baby more than the rest of the world does (as of yet), and is too bullish in general. After a 2046% rise from $13 to $266, all anyone could say is  "Don't sell now! We're headed to $1000 and beyond!"

My point is, we just recently saw irrational thinking with regards to price (I was beginning to succumb myself so this isn't an insult) on a scale that just shouldn't be possible, and I think caution is still warranted. The price could go up... but it could go down $50 or even $30.

Surprisingly familiar... xD

Don't worry. Bitcoin's gon'go up!

A prime example of my point. This is the kind of thinking that created the bubble in the first place.

[1715266117]

1715266117

[1715266117]

1715266117

[BIGMERVE]

It's all over guys. Someone found two graphs that looks similar. Pack up you bags and head out.

[melvster]

I'm not going to say anything here, except that the similarity between these charts is eerie, and the second image comes from a real estate article, not Bitcoin.

Only if you think bitcoin is a bubble

[Razick]

It's all over guys. Someone found two graphs that looks similar. Pack up you bags and head out.

+1 and -1 at the same time. Haha.

[N12]

It's funny because even though I personally thought Bitcoin would never have a bubble like the 2011 one again, people still bought in, and insults raged at anyone who called, or even voiced concern about it. I'm optimistic about Bitcoin long term, but the reality is, the community loves its baby more than the rest of the world does (as of yet), and is too bullish in general. After a 2046% rise from $13 to $266, all anyone could say is  "Don't sell now! We're headed to $1000 and beyond!"

My point is, we just recently saw irrational thinking with regards to price (I was beginning to succumb myself so this isn't an insult) on a scale that just shouldn't be possible, and I think caution is still warranted. The price could go up... but it could go down $50 or even $30.

What's truly incredible is that Bitcoin went down 81% in 3 days. So that part is already worse than 2011, where it "only" crashed from 32 to 10 in the initial burst. I also thought this market would get more efficient at higher prices, it's truly incredible. It's like the speculator's perpetuum mobile, the infinite money making machine.

Also, I love how everyone gets hyped about some news piece and justifies the next bull trap with it. It's Tuesday after a long weekend, and the price is going down like on the last Tuesday.

[Razick]

I'm not going to say anything here, except that the similarity between these charts is eerie, and the second image comes from a real estate article, not Bitcoin.

Only if you think bitcoin is a bubble

I don't think Bitcoin is a bubble, but it's price may be. There is a difference.

It's funny because even though I personally thought Bitcoin would never have a bubble like the 2011 one again, people still bought in, and insults raged at anyone who called, or even voiced concern about it. I'm optimistic about Bitcoin long term, but the reality is, the community loves its baby more than the rest of the world does (as of yet), and is too bullish in general. After a 2046% rise from $13 to $266, all anyone could say is  "Don't sell now! We're headed to $1000 and beyond!"

My point is, we just recently saw irrational thinking with regards to price (I was beginning to succumb myself so this isn't an insult) on a scale that just shouldn't be possible, and I think caution is still warranted. The price could go up... but it could go down $50 or even $30.

What's truly incredible is that Bitcoin went down 81% in 3 days. So that part is already worse than 2011, where it "only" crashed from 32 to 10 in the initial burst. I also thought this market would get more efficient at higher prices, it's truly incredible. It's like the speculator's perpetuum mobile, the infinite money making machine.

Also, I love how everyone gets hyped about some news piece and justifies the next bull trap with it. It's Tuesday after a long weekend, and the price is going down like on the last Tuesday.

+1. The news coverage is encouraging, but don't forget that the news, in the US and in China, covers a lot of BS, crap and useless junk. That's not what Bitcoin is, but most viewers don't know the difference. Also, as long as coverage refers to Bitcoin as "A computerized currency that can be generated by solving math problems on any computer" without a rigorous discussion of the benefits, it doesn't do us much good.


The market certainly isn't bullish right now. Just traded at $100/1BTC

[quantsig]

Expected and not concerning at all. Bitcoin needs a sustainable price trend. Bubbling is not sustainable. Thus, this burst/correction is needed and welcomed.

Take this chance to buy more coins.

Take this chance to buy and spend coins. That way you can demonstrate their real promise.

[adpinbr]

It's funny because even though I personally thought Bitcoin would never have a bubble like the 2011 one again, people still bought in, and insults raged at anyone who called, or even voiced concern about it. I'm optimistic about Bitcoin long term, but the reality is, the community loves its baby more than the rest of the world does (as of yet), and is too bullish in general. After a 2046% rise from $13 to $266, all anyone could say is  "Don't sell now! We're headed to $1000 and beyond!"

My point is, we just recently saw irrational thinking with regards to price (I was beginning to succumb myself so this isn't an insult) on a scale that just shouldn't be possible, and I think caution is still warranted. The price could go up... but it could go down $50 or even $30.

What's truly incredible is that Bitcoin went down 81% in 3 days. So that part is already worse than 2011, where it "only" crashed from 32 to 10 in the initial burst. I also thought this market would get more efficient at higher prices, it's truly incredible. It's like the speculator's perpetuum mobile, the infinite money making machine.

Also, I love how everyone gets hyped about some news piece and justifies the next bull trap with it. It's Tuesday after a long weekend, and the price is going down like on the last Tuesday.

Blitz this post seems slightly bullish relative to your prior bearish posts. so id like to understand what kinda beast r u?

Also what are pplz opinion abt ripple. 10X itself in a week. personally i think its a scam but it seems like we could make some money on this don't y'all think?

[BitcoinAshley]

Notice how the OP completely exposes himself as a douchey troll by fuxx0ring with the time scale to make it appear that we haven't already hit the "real bottom."

If what OP suggests is correct and the BTC bubble will have the same "bubble anatomy," OP must logically follow through and conclude that we already hit the "real bottom" right above fifty, and we are right before the "final capitulation" which I am waiting for. But instead, OP fucked with the time scale, manipulated it to appear that we were only at the beginning stage of the "bubble anatomy."

+9000 internet fail points to OP!

If I had a good picture of the Phail Quail I would post him here for you.

TL;DR: If you believe the two bubble anatomies will be identical, sell 5-10% and wait a week for final capitulation, buy back in, and you're good to go.

If you believe OP's obvious timescale manipulation, you're a tool, so sell all your bitcoins and go back to investing in real estate

[bitcon]

ppl were showing the same chart after the 2011 crash.

[ManBearPig]

Congrats. You are this week's poster of THAT CHART

Yes, it goes up a bit then down a bit, up some more and down some more.

[Stunna]

Jokes aside, graphs/charts are a good guiding factor to help you understand markets but predicting markets is an entirely different thing.

I've seen that same graph 100s of times, sometimes it was true and sometimes it wasn't. I wouldn't be concerned over something appearing to look similar to that trend though. After all during the older BTC crashes people showed those same charts and now bitcoins have multiplied many times.

[MAbtc]

It just seems so strange to see so many people suggesting that the bubble is over (..."onto the next bubble"...)

Doesn't seem to be in tune with the nature of bubbles. Are these people saying that this was not, in fact, a bubble? Or simply that bitcoin is different than any other speculative asset?

If you make decisions on the basis that bitcoin is different than any other speculative asset, I think you might be crazy. That bitcoin might be novel, etc. doesn't change its nature.

[evolve]

Or simply that bitcoin is different than any other speculative asset?

This is exactly what people here actually believe. Just a month ago, every other thread was talking about bitcoin being the "new paradigm" (yes, people used those exact words), and how bitcoin was different from every other speculative tool/investment.

[notme]

It just seems so strange to see so many people suggesting that the bubble is over (..."onto the next bubble"...)

Doesn't seem to be in tune with the nature of bubbles. Are these people saying that this was not, in fact, a bubble? Or simply that bitcoin is different than any other speculative asset?

If you make decisions on the basis that bitcoin is different than any other speculative asset, I think you might be crazy. That bitcoin might be novel, etc. doesn't change its nature.

It`s called denial.

[Miz4r]

The difference is that there's a lot happening around bitcoin at the moment and the amazing potential is still there. Other assets don't have this kind of potential that could blow its value to the sky way beyond any bubble we've ever seen before. Look at the bitcoin bubble of 2011 and where we are now, people know this could very well happen again so this might keep the 'bubble' from deflating like normal asset bubbles.

[Odalv]

It just seems so strange to see so many people suggesting that the bubble is over (..."onto the next bubble"...)

Doesn't seem to be in tune with the nature of bubbles. Are these people saying that this was not, in fact, a bubble? Or simply that bitcoin is different than any other speculative asset?

If you make decisions on the basis that bitcoin is different than any other speculative asset, I think you might be crazy. That bitcoin might be novel, etc. doesn't change its nature.

I wrote this a couple of time (I have to spam again).  There are 7,000,000,000 people on the earth and only 11,000,00 btc now.  It is impossible than 1% (70,000,000 people) can have 1 btc (because there is not enough Bitcoins) = logic =>  Bitcoin will be worth more than $300,000 USD or crash to ZERO (no other choices)

What is your bet ? $0 or $300,000  (there is not between ... long term(10 years) ) ... will you buy ONE (only ONE is enough) ?

[MAbtc]

Other assets don't have this kind of potential that could blow its value to the sky way beyond any bubble we've ever seen before.

Do you consider what you are saying to be rational? Serious question.

I wrote this a couple of time (I have to spam again).  There are 7,000,000,000 people on the earth and only 11,000,00 btc now.  It is impossible than 1% (70,000,000 people) can have 1 btc (because there is not enough Bitcoins) = logic =>  Bitcoin will be worth more than $300,000 USD or crash to ZERO (no other choices)

What is your bet ? $0 or $300,000  (there is not between ... long term(10 years) ) ... will you buy ONE (only ONE is enough) ?

You lost me at "logic". I don't see a basis for this at all.

[Miz4r]

Other assets don't have this kind of potential that could blow its value to the sky way beyond any bubble we've ever seen before.

Do you consider what you are saying to be rational? Serious question.

I don't know if it's rational or not, I do believe the amazing potential is there but I couldn't say how high the chances are that bitcoin will actually live up to its potential. I just think it's great to be able to be a part of it, even if it does fail it will still serve as a catalyst for another crypto-currencies to become part of the mainstream. I think many people share in this excitement and the fire is spreading. The current bubble talk just pales in comparison to this, I just don't see it as important in the entire picture.

[wobber]

In 10 yrs there will be more than 11 mil BTC.

1000-1500 dollars seems doable. I could tolerate spikes to maybe 3000. But 300k.. Insane. Nothing worth that much. And yes, we could split into many 0s. But think to gold also. 1g is 45 bucks. Not much right? But not much gold either.