Are we ready for the ^POMP^ yet?

[exstasie]

The fact that bitcoin held on to $13K strongly while stock markets sold off hard and while alt coins tanked is a good indicator that we might see new highs sooner than later. I think that there is some large institution that is keeping a bid on BTC since it seems to be the only market trading sideways or upwards while everything else is tanking.

When the S&P 500 dropped 2.6% (high to low) yesterday, BTC dropped 3.6%. Strong intraday recovery, but stocks are still in a scary place, hovering at the 50-day MA and below the 20-day MA, and threatening to fail back into September's trading range. I'm nervous about what happens to BTC if that failure occurs.

Generally since Coronavirus started bitcoin had a pretty close correlation with the stock market indicies. When the markets went down in March so did Bitcoin. And they also recovered at the same time. And they pretty much trended alike for the past couple of months. However in the last week and yesterday it seems that bitcoin is the only asset that is holding up while everything else is tanking.

Probably just a short term divergence. I think it's more likely that stocks recover or BTC dips than a long term break of the correlation.

[South Park]

I am a bit happy to see bitcoin price can stay at $13k for a few days. Perhaps, it is a sign for bitcoin price to have the time to increase more than the price now. So we can hope that the price will rise again in the next month and have a chance to break $14k-$15k. But we still need to be careful because there is no guarantee that the price can still stay at the current price, and perhaps, we need to prepare with another strategy or plan to decide with the current situation.

But if we check the price or the line at the market, perhaps, the trend will be sideways for a moment to get more support so that bitcoin price can increase higher later. I hope that the price is not going down because we expect to see the bitcoin price rise.

It is always nice to see the price of bitcoin maintain itself but from now on it will be interesting to know what we will see, there have been many years in which the price of bitcoin went up significantly at the end of the year and I think we all still remember what happened at the end 2017 in which the price of bitcoin exploded, while I doubt we are going to see something as big as what we saw at that time there is a legitimate chance the hype could be enough to get us reach the previous ATH again and maybe surpass it for a few days.

[beerlover]

If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

I couldn't get how adoption of cryptos by paypal will drive the crypto market down in any means? I am seeing it is a kind of big news like how Japan's legalization of bitcoin worked. Recent halving and world wide slow economic conditions due to pandemic are already pushing bitcoin toward $20k or toward a new ATH and paypal's adoption must be working as another catalyst which may help prices to jump at any time.

Always institutional funds are key on triggering the trend and then traders and investors' FOMO will follow. Above all, we must consider unemployment scenario of most people world wide like they may prefer gold and bitcoin but definitely only after ensuring their food and convenient life. So, this may be a right time to buy more but definitely not with leverage.

[Febo]

Are we ready for the ^POMP^ yet?

Pump as it happened in second half of 2017 will for sure not happen this year. First old ATH has to be reach and I dont believe we will even do that this year. Pump will happen at end of next year or at first half of 2022.

[Wulan_maniez]

I think the rally has started for btc since the last few days. Moreover, paypal adopts crypto that makes bitcoin stronger until it reaches a price above $13k today. In my opinion (without technical analysis), bitcoin will continue to rise, even if there is a decline that is only a correction.

It doesn’t make any mistake if there’s a price droplet’s get ready for another leg down buying cheap BTC, before the price goes up

[LogitechMouse]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

The rally has been made after the Paypal news and fortunately, the price isn't went down after that but it held its price range now.
The "Buy the rumor, sell the news" quote isn't that happening right now already .

Party time?? There is no party time for me since I'm still a long term holder of it. Just a bit happy that it went up instead of going down and most of us are feeling the same too . $13,000 price right now is cheap because it will soar higher in the next years or the other way around .

[pooya87]

I think the rally has started for btc since the last few days.

The rally has been made after the Paypal news

you guys really need to learn how to zoom out the charts and increase your long term memory. bitcoin price has been rising for most of October (about 25 days with 38% rise) while PayPal news came out about a week ago, and in that time price only went up 8%!
not to mention that if you zoom even more out, you can see that ever since the panic sell in March ended price has been rising from $3850 to the current $13500 which is a 250% rally in 7 months.
in other words the "rally" has been happening long before PayPal news came out.

[davinchi]

Rally started not just a few days ago, it started about a week ago and it has been going strong ever since.

I believe altcoins will recover as well, this huge pump in bitcoin was something unexpected and even though the dollar price of altcoins didn't take a hit all that huge (just 5% on average which is normal in crypto world) we are talking about altcoins finally getting their share soon as well.

What happens in these type of scenarios is that everyone sees bitcoin going up and they get involved and they try to make money after it is already up, maybe it will be $15k or even $20k but you are not going to double your money here. So what happens is, people move to altcoins to keep making bigger profits and that means a bitcoin increase is almost always followed by altcoin as well after a while.

[slaman29]

Rally started not just a few days ago, it started about a week ago and it has been going strong ever since.

I believe altcoins will recover as well, this huge pump in bitcoin was something unexpected and even though the dollar price of altcoins didn't take a hit all that huge (just 5% on average which is normal in crypto world) we are talking about altcoins finally getting their share soon as well.

What happens in these type of scenarios is that everyone sees bitcoin going up and they get involved and they try to make money after it is already up, maybe it will be $15k or even $20k but you are not going to double your money here. So what happens is, people move to altcoins to keep making bigger profits and that means a bitcoin increase is almost always followed by altcoin as well after a while.

Altcoins will recover, but that's not going to be a general statement for every coin out there. I think many projects realized they needed to stop spending time on markets and instead focus on building and development. Value is getting close to what it actually is for most in terms of utility vs demand so people are also beginning to understand that. In this case, many coins can be "undervalued" and once people pick up on that, it should see an uptake in demand (and then price).

[exstasie]

Altcoins will recover, but that's not going to be a general statement for every coin out there. I think many projects realized they needed to stop spending time on markets and instead focus on building and development. Value is getting close to what it actually is for most in terms of utility vs demand so people are also beginning to understand that. In this case, many coins can be "undervalued" and once people pick up on that, it should see an uptake in demand (and then price).

I don't think we're quite there yet, but you're right that we're heading that way, sentiment wise. In a way, that suggests ALT/BTC pairs may not be so far from bottoming out (or in other words that BTC dominance may be near a local top). Once the hype buyers, the "get rich quick" speculators, have been shaken out and have sold to stronger hands, the market can reverse to the upside again. Interestingly, ETHBTC (one of my gauges for the overall altcoin market) is hitting some pretty key support levels too, after 2 months of downtrending.

I have a feeling the September 2019 bottom in ALT/BTC pairs was the beginning of a bullish impulse, and that we're currently in a Wave 2 bearish correction, with much more upside to come next year. I believe Bitcoin and altcoins are going to return to their old bull market dynamic from 2017, with money flowing back and forth between the two markets. Ultimately that means a bull market for both BTCUSD and ALT/BTC pairs and a bear market for BTC dominance.

[justdimin]

People are acting wisely know and asking the very important question of "why should I buy this coin, what can I do with it?" which wasn't a question many people asked for a long time.

Utility was an important aspect of each coin and people ignored it, sure there is a great coin with amazing blockchain but if you do not have anywhere to spend it and nobody accepts is as payment, why invest into it? What could it become?

I would rather have a coin that is not developed amazingly, definitely inferior in technology but has a place where you can use it constantly and the more people use it there the more owners burn it so price gets more valuable, at least in that situation you know why you should have some.

BNB was the first example but with Defi a lot more people started to care about being able to spend it, even if they won't spend it they just want it to be like that for investing.

[South Park]

I think the rally has started for btc since the last few days.

The rally has been made after the Paypal news

you guys really need to learn how to zoom out the charts and increase your long term memory. bitcoin price has been rising for most of October (about 25 days with 38% rise) while PayPal news came out about a week ago, and in that time price only went up 8%!
not to mention that if you zoom even more out, you can see that ever since the panic sell in March ended price has been rising from $3850 to the current $13500 which is a 250% rally in 7 months.
in other words the "rally" has been happening long before PayPal news came out.

That happens a lot to those people that day trade and are only interested in the short term movements of bitcoin, and even the crash on March could be interpreted as nothing more but an interruption on the overall positive trend it was present back then and that the pandemic and the stock markets affected it to the point a crash happened, but since then we have seen nothing but growth, however while the growth in the price is always appreciated, at the same time I am getting a little bit worried as the increase seems to be happening too fast and that is never a good thing.

[Hamphser]

Rally started not just a few days ago, it started about a week ago and it has been going strong ever since.

I believe altcoins will recover as well, this huge pump in bitcoin was something unexpected and even though the dollar price of altcoins didn't take a hit all that huge (just 5% on average which is normal in crypto world) we are talking about altcoins finally getting their share soon as well.

What happens in these type of scenarios is that everyone sees bitcoin going up and they get involved and they try to make money after it is already up, maybe it will be $15k or even $20k but you are not going to double your money here. So what happens is, people move to altcoins to keep making bigger profits and that means a bitcoin increase is almost always followed by altcoin as well after a while.

Altcoins will recover, but that's not going to be a general statement for every coin out there. I think many projects realized they needed to stop spending time on markets and instead focus on building and development. Value is getting close to what it actually is for most in terms of utility vs demand so people are also beginning to understand that. In this case, many coins can be "undervalued" and once people pick up on that, it should see an uptake in demand (and then price).

Would still be a hard decision to make because even someone do able to spot out some coins or projects which are undervalued but you cant be sure that it would really be taken or get some recognition later on
but this is a worthy shot rather than picking up some coins in random or without any basis but sad to say that there are shit tokens out there which had been pumped instead into those coins or projects which
are more worth to spend some money on thats why its really totally unpredictable and thats what makes even more harder to make up some decisions.

[7788bitcoin]

~
My best guess is if the market stays at $12k or $13k next week then the $11k price might hit next month and possibly would get back to the $9k range if the market tries to be bearish. I see this pump as a temporary pump it's just a matter of time before we start to see the stable $9k to $10k Bitcoin price. That might be the lowest for the next correction but I also think there might be lower than that, like $8 or something.

Bitcoin always surprises you, just a few days back we never anticipated the price to rally like it did and it is well above $15k  . I did not expect this in the slightest.

I believe this will throw BTC under $11k next week itself because whenever a positive "news" came, BTC always got defeated downside. I hope I'll get a chance to buy BTC "cheaper than this" once again.

I would like to know whether you made your decision to purchase the coin when you started the topic, i did not expect this rally but you had a hunch that it might go higher, it was crazy ten days and i have no idea where this is going. Even i was waiting to enter at a cheap price when i get my payment and this pandemic has ruined everything for me.

[imstillthebest]

the chance that bitcoin will go down is still very much possible until it has not entered the month of December and the end of this year, because it has been done by bitcoin several times and it has gone up and down again. looks like the momentum to increase has not been seen in bitcoin, we will see when it will enter early December then it will continue to move until the end of this year and reaching $ 15K is something that is not difficult for bitcoin to do.

that would be nice if the month of december can give btc a stable gains but that can be possible because december is a special month for every year and the sales of every items increases and why not on digital currencies ? but no months can dictate if what will be the value of btc but the decision still depend on the hodlers and sellers . the increase shown by btc from 10k to this point is already called a momentum  . i think 15k usd is already achieved and from now on people set another record for btc  .

I agree with you that there is still an opportunity to buy and hold bitcoin because the opportunity is still open.

it wont be close but oppurtunity will always be open  . no high price can stop an Opportunists person to gain an advatage of the situation .

[carter34]

obviously paypal can be influential but I also do not fully guarantee that because of that, we know that paypal users are only certain people.

But we can take away totally the influence of PayPal from the scene. PayPal has been used for means of payment and bitcoin too is popular on that , you can expect a rise if these two payment channel can work together without any difference. Both users can freely send and receive fiat through them. It can lead in the bull currently but we don't have to keep seeing only bull to avoid losses.

[South Park]

obviously paypal can be influential but I also do not fully guarantee that because of that, we know that paypal users are only certain people.
Bitcoin has indeed started to climb and is likely to continue to increase until the end of the year, in fact I believe it will be until next year.

it is clear if you have capital you deserve to make bitcoin an investment, but now the price is high enough so it needs to be considered as well because of course there is not a small amount of funds to be spent. better to buy only part of it and added with altcoins maybe that's wiser.

PayPal has a significant user base and the most important of all of this is that many people that did not bought bitcoin because they did not know how or they did not trust exchanges now have a way to do so and this is very important, so I have no doubts that this is going to push adoption which is exactly what we need because as we know bitcoin is being used as an investment most of the time and there is not a lot of people that use it for its actual purpose which is to be a currency.

[carlfebz2]

obviously paypal can be influential but I also do not fully guarantee that because of that, we know that paypal users are only certain people.
Bitcoin has indeed started to climb and is likely to continue to increase until the end of the year, in fact I believe it will be until next year.

it is clear if you have capital you deserve to make bitcoin an investment, but now the price is high enough so it needs to be considered as well because of course there is not a small amount of funds to be spent. better to buy only part of it and added with altcoins maybe that's wiser.

PayPal has a significant user base and the most important of all of this is that many people that did not bought bitcoin because they did not know how or they did not trust exchanges now have a way to do so and this is very important, so I have no doubts that this is going to push adoption which is exactly what we need because as we know bitcoin is being used as an investment most of the time and there is not a lot of people that use it for its actual purpose which is to be a currency.

I do still doubt that it would really be mainly used by those who are crypto users if they would touched out Paypal services, not all will surely see this appealing but there are still who do decide to make
utilization of it and this is better rather than having nothing at all.

Adoption is indeed on the move and this paypal news is really a big leap towards adoption yet this had created some more awareness of bitcoins existence and next people will neither
learn up all things about it.

Im aint a fan of using up centralized services or platforms which i dont able to possess its key because we know the main rule that if we dont have those keys then its not ours.
Use them up wisely though.

[CyberKuro]

I believe this will throw BTC under $11k next week itself because whenever a positive "news" came, BTC always got defeated downside. I hope I'll get a chance to buy BTC "cheaper than this" once again.

I would like to know whether you made your decision to purchase the coin when you started the topic, i did not expect this rally but you had a hunch that it might go higher, it was crazy ten days and i have no idea where this is going. Even i was waiting to enter at a cheap price when i get my payment and this pandemic has ruined everything for me.

if you look at the chart, bitcoin started a significant rally since 19^th October from $11,500.
20 days later bitcoin succeed reach almost $16K, despite a brief dip bitcoin still be able to manage its position above $15K.
Bitcoin at the strong position right now, imagine what would happen 2 weeks later, bitcoin may reach $18K and $20K by the end of this month.

[begau]

Since PayPal announced its allowance of cryptocurrencies, BTC soared high towards $13k and I can see that the rally already began for BTC. Is it party time or shall we wait a bit longer? Rally has started, the question is - towards which side? If this news throws BTC down, then let's get ready for another leg down towards $8k and buy BTC cheap? Or shall I buy BTC right now? Is $13k cheap atm and can I go for a 10x leverage position at this price?

don't wait at $ 8000, you can regret it if you don't buy Bitcoin,
because now it's really bullish for Bitcoin, of course this is different from Pump in 2017,
2020-2021 is a healthy pump because mass adoption like paypal has entered Cryptocurrency, of course not only paypal,
many other big institutions have also entered the crypto currency world.

History may or may not repeat a few years ago but waiting to return $8,000 is pretty far away now. Bitcoin is steadily rising, with no signs of a bubble at the moment.