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Author Topic: The reason why bitcoin will never *stay* below 5000$ again. PROVE ME WRONG  (Read 2035 times)
ninobtcx
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August 06, 2018, 11:12:35 AM
Last edit: August 18, 2018, 01:00:00 AM by ninobtcx
 #1

Current Market cap is 120b $ (actually real market cap much lower than that due to lost btc and so on); that could be 1000 people with 120m$ hidden. Anyone who has approximately that amount of btc would be very able to buy the market would it temporarily drop significantly below 5000$ per btc, due to the very limited (and shrinking) actual supply of bitcoin and availability in the exchanges.

I think what we witnessed in last december will happen again and at a greater extent. Don't ask me when, but that's a given.

Bitcoin has been chosen.
Why? Possibly positioning.

Price won't give a fuck on whether it can be used everyday to buy stuff. Its purpose it for wealthy billionaires to keep part of their wealth inaccessible through offline wallets.
Whether tx take 1 hours to go and cost 10 bucks each.
Whether the nodes get a little bit more or a little bit less centralized.

All that matters is the one reason I stated above.
Everything else is just smoke for sardines.

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August 06, 2018, 01:52:57 PM
 #2

Price won't give a fuck on whether it can be used everyday to buy stuff. Its purpose it for wealthy billionaires to keep part of their wealth inaccessible through offline wallets.

Yes and no. There are and always be both sides of the (Bit)coin: coin for use and "digital gold". Without it's every day use people will get to the point they can't redeem their "digital gold".
Also, I was also thinking that wealthy people will hide big amounts of money into cold storage and "hodl". But nowadays somebody is selling. Yes, it may be the rich guys that bought one year ago, but they sell instead of buying?! I mean, since the corrections we had this year, they should buying again.

So I think that there may be something wrong in this logic: it doesn't cover the whole truth (and yes, I know, there could be some market manipulation exactly because they're buying and they try to keep the price low while doing that). Still, something seems to be missing...

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August 06, 2018, 05:09:51 PM
 #3

Quote
I think what we witnessed in last december will happen again and at a greater extent. Don't ask me when, but that's a given.
what makes you very confident that bitcoin will be able to come back as well as December 2017?
I want to know your analysis and the evidence from the analysis that you found
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August 06, 2018, 07:06:50 PM
 #4

Quote
I think what we witnessed in last december will happen again and at a greater extent. Don't ask me when, but that's a given.
what makes you very confident that bitcoin will be able to come back as well as December 2017?
I want to know your analysis and the evidence from the analysis that you found

I just explained that?

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August 06, 2018, 07:09:49 PM
 #5

Price won't give a fuck on whether it can be used everyday to buy stuff. Its purpose it for wealthy billionaires to keep part of their wealth inaccessible through offline wallets.

Yes and no. There are and always be both sides of the (Bit)coin: coin for use and "digital gold". Without it's every day use people will get to the point they can't redeem their "digital gold".
Also, I was also thinking that wealthy people will hide big amounts of money into cold storage and "hodl". But nowadays somebody is selling. Yes, it may be the rich guys that bought one year ago, but they sell instead of buying?! I mean, since the corrections we had this year, they should buying again.

So I think that there may be something wrong in this logic: it doesn't cover the whole truth (and yes, I know, there could be some market manipulation exactly because they're buying and they try to keep the price low while doing that). Still, something seems to be missing...


They sell eventually - yeah - but they don't flip. They sell with the same pace they would sell their physical gold reserves. Which is not frequently.

Market cap of gold is over 30 times market cap of bitcoin; if gold drops those big hands have to suck it up.
But if bitcoin drops and stay below 5000$, those big hands are easily able to pull the price up by buying the market of the bitcoin available.

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August 06, 2018, 07:55:41 PM
Last edit: August 06, 2018, 08:26:47 PM by gentlemand
 #6

There's a flip side to that.

Deep pockets look years and years into the future. The average bot or kiddie on an exchange fills their nappy with piss and screeches eternal death if there's a ten minute move against them.

The truly rich won't give the slightest shit about short term moves. They'll be happy to let it do what it wants to do. If it went below that it's a nice buy for them but many will be loaded up already and it'll be overwhelmingly OTC.


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August 06, 2018, 08:24:40 PM
 #7

Quote
I think what we witnessed in last december will happen again and at a greater extent. Don't ask me when, but that's a given.
what makes you very confident that bitcoin will be able to come back as well as December 2017?
I want to know your analysis and the evidence from the analysis that you found

What makes you think it wont?
If and when ETF is approved there will be a lot of new 'investors' those people
looking for a long term pension fund, the ones looking to create a portfolio and
Part of that will be Bitcoin.
There will be those who will remember 2017 and will not want to miss out.

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August 06, 2018, 10:59:42 PM
 #8

There's a flip side to that.

Deep pockets look years and years into the future. The average bot or kiddie on an exchange fills their nappy with piss and screeches eternal death if there's a ten minute move against them.

The truly rich won't give the slightest shit about short term moves. They'll be happy to let it do what it wants to do. If it went below that it's a nice buy for them but many will be loaded up already and it'll be overwhelmingly OTC.

Correct. Whales don't think like sardines.

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August 06, 2018, 11:16:02 PM
 #9

I have different opinion. Don't call me crazy but to my mind Bitmain is the company which plays huge role in it too. The only reason of not dropping price below 5000 usd is that mining won't be profitable. Now imagine Bitfury and other companies, they all want profit.
So major thing is mining + people's psichology is only looking for rise, not for fall, if 600 usd was normal last summer, now it will be shock.

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August 06, 2018, 11:18:45 PM
 #10

The only reason of not dropping price below 5000 usd is that mining won't be profitable.

That's not the "only" reason, but a very strong one. The reason #1 is the one I posted.

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August 06, 2018, 11:44:03 PM
Last edit: August 08, 2018, 05:31:39 PM by gantez
 #11

Quote
I think what we witnessed in last december will happen again and at a greater extent. Don't ask me when, but that's a given.
what makes you very confident that bitcoin will be able to come back as well as December 2017?
I want to know your analysis and the evidence from the analysis that you found

What makes you think it wont?
If and when ETF is approved there will be a lot of new 'investors' those people
looking for a long term pension fund, the ones looking to create a portfolio and
Part of that will be Bitcoin.
There will be those who will remember 2017 and will not want to miss out.

I also believe that ETF is one thing that will grow the market. The market might not be looking sunny but a sweep of positive news of ETF will do good and you see the market raining with green colours.  Grin

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August 06, 2018, 11:47:47 PM
 #12

We could not say exactly like that.A general reason which we could indicate is that more people are getting aware of bitcoin and hence demand continuously increasing which would not let bitcoin price to fall down more.


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jemarleon
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August 07, 2018, 04:49:31 AM
 #13

I think what we witnessed in last december will happen again and at a greater extent. Don't ask me when, but that's a given.
Maybe you are right if we look at bitcoins graph last year it still can be dont by this year, day by day there is more people that give's interest on bitcoin but still we cant tell everyone that it will happen and you are 100% sure about it because no one knows what will happen.

Price won't give a fuck on whether it can be used everyday to buy stuff.
I think this statement is correct, until there is no demand added the price wont change or until there is no one selling below the right price. If everyone use bitcoin to fulfill their everyday need's it only affect's the circulation not the price.

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August 07, 2018, 05:26:43 AM
 #14

I think billionaires are probably looking at safer things to place their money in than Bitcoin. The billionaires that are involved with Bitcoin are probably people that got in early on.

I don't see how you can assume the price can't go lower than $5000. It easily could dip lower and never come back up by people selling and not thinking it will ever go up.

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August 07, 2018, 05:37:03 AM
 #15

You are saying this because of the present situation of bitcoin is misarable but don't forget there are a large number of people who are still grabing the opportunity to buy bitcoin in low price so, 500$ will never happen.
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August 07, 2018, 05:39:46 AM
 #16

yeah , but that can't be considered as the one and only reason. There are lot other supporting reasons for this. But bitcoin sure will not go beyond 5000$ ,, when referring to the  reviews of experts we can guess that good time is coming Roll Eyes
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August 07, 2018, 05:45:52 AM
 #17

A 120 billion market cap could be 1000 people with 120m,but most likely it`s about 10 million people,each with 10,000 USD worth of btc  and a few crypto billionaires.It's proven that the crypto whales own less than 30% of all bitcoins.They can't own 90% or 100%.Having a bitcoin price of under 5000 USD doesn't mean that ALL the whales will start buying btc.They might choose to pump some altcoins or invest their money in non-digital assets.
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August 07, 2018, 06:16:58 AM
 #18

If Bitcoin stayed below 5,000$ for a long time, mining is not economical. In my opinion, at this price, we see support from miners.

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August 07, 2018, 10:17:35 AM
 #19

I heavily agree on what you said on your topic post, but I don't get it's correlation to bitcoin never going below $5000. Though going below $5000 is unlikely in my opinion, I don't think it's impossible.

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August 07, 2018, 10:22:41 AM
 #20

BTC may fall back to under $ 5000 but if it falls it will get back up very quickly, simply because on average an average btc exploit to dig a BTC loses $ 4,800 if the BTC is below $ 5000. For too long they will not be able to afford it and will eventually have to leave the crypto market going down, investors and miners will have to control it so that btc can not reach below $ 5000. . That's my personal opinion, thanks!
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