Something unexpected needs to happen?

[Eugenar]

the first thing that should happen is that people stop just doing Hodl and start using bitcoin to make payments, while people are focused on things like these:

Bitcoin Will Hit $340K if BTC Price Repeats 2016 Halving Cycle Pattern

most people will be buying with the objective of making big profits and they will not be thinking about using bitcoin as a means of payment and consequence Is we will see the big increase and then big fall because the whales are in charge and many people also like to surf the wave of whales

Transactions are restricted. In many countries, Bitcoin and other cryptos are not yet accepted as a mode of payment. There are still countries wherein cryptos are not yet legal and not yet supported. The main use of crypos at this moment is still related to investment purposes. No matter how people in this industry wanted to use cryptos for daily purposes, they cannot do a thing because of the legality of Bitcoin and cryptos. And we cannot blame them because they would be deprived from using cryptos as a traditional digital currencies. And reality check, there will be more years to come for cryptos to be used in daily services.

[wxa7115]

Yeah I don't think many expect much different. Even if the conditions have changed slightly I still think bitcoin looks like an attractive asset for people to own a fraction of.

We're far from any form of mass adoption and don't have the regulation in many countries yet (and some outright ban it) but I imagine this'll be coming in a few years...

What I find surprising is that even if bitcoin is not gaining a lot of adoption it is still growing up in price, most likely this has to do with the weakness shown by the economy due to the crisis brought by the coronavirus.

It seems that investors are losing confidence in the way governments are managing the crisis, it seems investors no longer trust that printing huge amounts of money are going to be the cure for the economic problems we are facing, and they are right, as the next crisis is probably not only going to be precipitated by printing currency but it will also be the main reason of the crisis itself.

[pooya87]

What I find surprising is that even if bitcoin is not gaining a lot of adoption

since there is no way to actually measure adoption you have no way of knowing how much adoption bitcoin is gaining.

It seems that investors are losing confidence in the way governments are managing the crisis, it seems investors no longer trust that printing huge amounts of money are going to be the cure for the economic problems we are facing, and they are right, as the next crisis is probably not only going to be precipitated by printing currency but it will also be the main reason of the crisis itself.

that lack of confidence is mostly palpable in gold in my opinion since it has been reacting right away to everything that is related to money printing (FED statements about interest rates, printing money,...) but bitcoin has been doing its own thing and moving upwards regardless of all that with its always distinct pattern.

[Jating]

What I find surprising is that even if bitcoin is not gaining a lot of adoption

since there is no way to actually measure adoption you have no way of knowing how much adoption bitcoin is gaining.

Right, same thing as we don't know how many are traders/investors/bitcoin holders because all we can see in wallet addresses which can be duplicates.

It seems that investors are losing confidence in the way governments are managing the crisis, it seems investors no longer trust that printing huge amounts of money are going to be the cure for the economic problems we are facing, and they are right, as the next crisis is probably not only going to be precipitated by printing currency but it will also be the main reason of the crisis itself.

I wouldn't say people are losing confidence, but perhaps we are looking for other ways to mitigate the risk without waiting for the government's help. Printing money is another thing and in the long run it won't be the solution, and this bailouts can only go further and only big companies are going to benefit from it. And since we have crypto as somewhat an option for us to somewhat hedge our wealth against the looming crisis.

[bitgolden]

Yeah I don't think many expect much different. Even if the conditions have changed slightly I still think bitcoin looks like an attractive asset for people to own a fraction of.

We're far from any form of mass adoption and don't have the regulation in many countries yet (and some outright ban it) but I imagine this'll be coming in a few years...

What I find surprising is that even if bitcoin is not gaining a lot of adoption it is still growing up in price, most likely this has to do with the weakness shown by the economy due to the crisis brought by the coronavirus.

It seems that investors are losing confidence in the way governments are managing the crisis, it seems investors no longer trust that printing huge amounts of money are going to be the cure for the economic problems we are facing, and they are right, as the next crisis is probably not only going to be precipitated by printing currency but it will also be the main reason of the crisis itself.

I do agree that bitcoin price will go up, it will probably go up a lot more than what we can imagine right now realistically, it would probably be around 30-40 thousand which never happened before and double of the all time high price so it would be awesome.

However I do not agree that 340k is possible, people just take the % that went up and use the same % in this years increase as well and tell you that 340k is possible because last time it went up that much however in reality that is not the case because last time it was simpler since the price was lower whereas it is harder right now because price is higher and it requires billions of dollars more to increase the same % as the last time. Hopefully people can figure that out before it is too late and they end up losing money.

[coolcoinz]

What I find surprising is that even if bitcoin is not gaining a lot of adoption it is still growing up in price, most likely this has to do with the weakness shown by the economy due to the crisis brought by the coronavirus.

It seems that investors are losing confidence in the way governments are managing the crisis, it seems investors no longer trust that printing huge amounts of money are going to be the cure for the economic problems we are facing, and they are right, as the next crisis is probably not only going to be precipitated by printing currency but it will also be the main reason of the crisis itself.

It shouldn't be surprising at all. In a situation where many people are forced to work from home and people are losing jobs left and right there will not be a lot of new investors and a lot of companies ready to spend money on blockchain integration.
The price of Bitcoin is doing fine because it's still seen as an appreciating asset with bull markets starting right after halvings.

[naikturun]

What I find surprising is that even if bitcoin is not gaining a lot of adoption

since there is no way to actually measure adoption you have no way of knowing how much adoption bitcoin is gaining.

Right, same thing as we don't know how many are traders/investors/bitcoin holders because all we can see in wallet addresses which can be duplicates.

It seems that investors are losing confidence in the way governments are managing the crisis, it seems investors no longer trust that printing huge amounts of money are going to be the cure for the economic problems we are facing, and they are right, as the next crisis is probably not only going to be precipitated by printing currency but it will also be the main reason of the crisis itself.

I wouldn't say people are losing confidence, but perhaps we are looking for other ways to mitigate the risk without waiting for the government's help. Printing money is another thing and in the long run it won't be the solution, and this bailouts can only go further and only big companies are going to benefit from it. And since we have crypto as somewhat an option for us to somewhat hedge our wealth against the looming crisis.

because the economic crisis is decreasing but does not make the market continue to decline, it is evident that after the mass decline in March now market conditions have started to improve, it indicates that investors believe that the economy will grow after this crisis.
and isn't that so, after the crisis the economy will grow even bigger.

[pooya87]

because the economic crisis is decreasing but does not make the market continue to decline, it is evident that after the mass decline in March now market conditions have started to improve, it indicates that investors believe that the economy will grow after this crisis.
and isn't that so, after the crisis the economy will grow even bigger.

to be fair one way of looking at the current situation is that price just came back to normal and what we had recently was not a rise or market conditions improving, instead it was simply a (reverse) correction of an unreasonable crash due to the pandemic which had nothing to do with bitcoin.
remember that price was around the current price before the pandemic and it was actually rising trying to enter above $12k-13k levels.

[DevilSlayer]

There are 2 scenarios that may happen , 1st is the price may pierce to the dynamic resistance which is the 20 MA which is considered as short term resistance. The bad thing is the current candlestick resist on that MA and I think it will bounce and may go to the support again. But the day is not end and we have more 16 hours to see what will happen to closing of the candle. In this past days, the movement of the bitcoin is good and as you can see the price bounce at support level and made a swing high again. If the price managed to pierce through 20 MA, it may go to the resistance level and it will also try to challenge the current resistance level.

I think the price will consolidate more because there are no volume spike and also the rsi is making lower highs. The good thing is we are still in uptrend and consolidations are normal. For those who want to entry to get many bitcoins as much as you can in the support level because that area already proven that there are demands and willing buyers in that support.

[EdenHazard]

A quick and simple analysis on how YFI situation could recover bitcoin believers to get back in the game and ride bitcoin to the new ATH just like what YFI did yesterday.

Strong message. There's a lot of space to grow!

$50k or even $100k isn't something taboo now.
Bitcoin is a place for believers isn't it?

[justdimin]

The sad thing about bitcoin is the fact that unexpected things could happen in crypto a lot, we are talking about something so volatile and so unregulated that tomorrow there could be 5 billion dollars worth of bitcoin bought and nobody would be shocked, I mean they would be a little shocked but it is not illegal or there is no laws against it, if someone wants to do it they can do it, do you know how hard it is to make a 5 billion dollar purchase for any stock?

It would take weeks even months of getting ready for something like that to happen, in crypto it takes just few hours for the transaction to be confirmed and that's it. That is why do not really put all your eggs in the crypto market, unexpected stuff happens here all the time and you could be not ready when that happens.

Unfortunately we do not have the high liquidity to make any of this work for now, it looks like bitcoin is not moving around at all this week as well, it would probably rest at where it is right now for a while and collect itself, there will be people who accumulate, there will be people who do high leveraged futures, and in the end when bitcoin gets a bit more attention, or someone takes the big first step, the price will start to move again, without that it will just keep on staying like this.

People forget that stagnant bitcoin is something as well, they all remember the volatile bitcoin but they are forgetting that volatile bitcoin happens in between the stagnant bitcoin moments, it is not moving 10%+ every single hour of every single day, that only happens like once a week on average.

[naikturun]

because the economic crisis is decreasing but does not make the market continue to decline, it is evident that after the mass decline in March now market conditions have started to improve, it indicates that investors believe that the economy will grow after this crisis.
and isn't that so, after the crisis the economy will grow even bigger.

to be fair one way of looking at the current situation is that price just came back to normal and what we had recently was not a rise or market conditions improving, instead it was simply a (reverse) correction of an unreasonable crash due to the pandemic which had nothing to do with bitcoin.
remember that price was around the current price before the pandemic and it was actually rising trying to enter above $12k-13k levels.

indeed there is no relationship but when the market goes down in other sectors, then they will look for new ways or new fields, and maybe put funds in crypto.then a project with defi became the trend in the midst of an economic crisis like this, I'm not sure if this is true, or is it the hype that someone else is deliberately taking advantage of because the situation is right to do it.

[Bezobraznike]

A quick and simple analysis on how YFI situation could recover bitcoin believers to get back in the game and ride bitcoin to the new ATH just like what YFI did yesterday.

Strong message. There's a lot of space to grow!

$50k or even $100k isn't something taboo now.
Bitcoin is a place for believers isn't it?

   It's a place for believers, but what we believe in will not happen tomorrow. It will take time, some of us waiting for that to happen
for more than a year, and some of us are ready to wait even longer than that. But before we come to that we will have good and bad
day, bad days like the one yesterday and today, and if tomorrow we see another bad day and Bitcoin under $10k that can shake some
believers, but not me. I will try to buy this dip, and to show my faith with making my positions even stronger!

[Baofeng]

A quick and simple analysis on how YFI situation could recover bitcoin believers to get back in the game and ride bitcoin to the new ATH just like what YFI did yesterday.

Strong message. There's a lot of space to grow!

Definitely, a lot of leg room to wiggle again.

$50k or even $100k isn't something taboo now.
Bitcoin is a place for believers isn't it?

Yes, just like when predicting $20k is taboo in 2017, (no one actually believed) but it seems investors is now seeing a major price in 2021, ranging from $30k-$50% estimates, which is conservative numbers to 6 digits figure, based on stock to flow model.