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Author Topic: How come BTC is not at least $75,000 yet?  (Read 1763 times)
virtualdn
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February 03, 2022, 10:19:28 AM
 #1

The USD is losing value. The EUR is losing value. All national coins are inflationary, energy prices are through the roof and still BTC is only $36,500! People should buy BTC like crazy, this is something I don't understand, they keep using the crappy FIAT instead. FIAT will all make you poor! Don't come crying here after when BTC hits $100K, but FIAT is the worst investment someone can make these days. BTC is still cheap as peanuts considering its potential, too bad people don't see it, have fun staying poor and keep making those bankers rich. Unbelievable.

1 BTC = 1 BTC
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February 03, 2022, 10:24:34 AM
Merited by d5000 (1)
 #2

What's the rush?

Bitcoin is working as expected, this is how it compares to the USD in the long term

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February 03, 2022, 10:28:14 AM
 #3

The USD is losing value. The EUR is losing value. All national coins are inflationary, energy prices are through the roof and still BTC is only $36,500! People should buy BTC like crazy, this is something I don't understand, they keep using the crappy FIAT instead. FIAT will all make you poor! Don't come crying here after when BTC hits $100K, but FIAT is the worst investment someone can make these days. BTC is still cheap as peanuts considering its potential, too bad people don't see it, have fun staying poor and keep making those bankers rich. Unbelievable.
It is okay. I understand that due to the debt that has been reported from these big countries, there should be some reaction in the bitcoin market. But as said, there's no need to rush. It will come eventually and we're going to be at favor once it happens.
We're almost at that price but it was rejected. Let's wait for the reversal and who knows if this assumed year of bear will break that cycle and we're going for another bull round.

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February 03, 2022, 10:38:27 AM
 #4

As of now, the price is good timing to enter the market and it is expected to increase again due to its popular demand when those people who are patiently waiting for the lowest price enter the market in flock after they see the price slowly increase again. Looks like it's hard to believe but if it's not the case right now, then it will surely increase again after months of patiently waiting. But when you decide to invest today, prepare to hold longer than expected and don't think about your investment for a while and the golden advice is, don't take any loan just for the sake of investing in cryptocurrencies.

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February 03, 2022, 10:50:09 AM
Merited by DdmrDdmr (4), NeuroticFish (3), d5000 (1), Poker Player (1)
 #5

Pretty simple.

1. A lot of people(especially in 1st world countries like the US) are living comfortably thinking they they don't need bitcoin.
2. A lot of institutional money(or people in general) still think that bitcoin is a scam/fad.
3. Still, even today in 2022, only a very small majority of people(and bitcoin holders) actually knows it's importance. Most are here thinking that it's a get-rich-quick scheme.

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February 03, 2022, 10:57:20 AM
Merited by DdmrDdmr (4)
 #6

There are a couple of reasons actually.
One is the fact that inflation is not a new thing. Fiat has always been losing its value so people are already used to it and we know that we can't really expect major changes in human beings since they always remain the same through the course of their lives. So they stick to the sinking ship of fiat, specially as long as the inflation is like before. If we get a massive dump where fiat loses its value by a lot (like 2008 recession) then it could be a different story.

Another is the fact that the media and governments with the help of the corrupt banking system have been spreading a lot of false information about bitcoin. They have been doing it for as long as bitcoin existed. So at this point we have people who believe the FUD a lot more than the reality. Someone who has been told for 13 years that bitcoin is "fraud", is not going to wake up one day and see the reality that those who were calling it fraud are the biggest frauds of our time.

I should also mention that the rise is still happening on a big scale even though we always expect more. For example on January 2020 (2 years ago) price was $7000 and today it is almost $40000 which is almost a 7x rise.
Granted we are sitting at a weird price today that in my opinion is heavily under the intrinsic value but you have to admit that if you zoom out you see a significant rise.

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February 03, 2022, 11:12:19 AM
Merited by DdmrDdmr (2), BlackHatCoiner (2), Darker45 (1)
 #7

First I want to ask: why just 75.000? Why not 100.000 or 50.000 or 10.000? The number is a bit arbitrary.

If we see the long term picture Bitcoin is evolving pretty well, like #2 already wrote. I suggest not to compare the current price with a short-term peak like the 67.000$ were, but with a moving average like the EMA-200. The peak of this indicator was about $50K, so we're not that far away from it.

The last downtrend which led us into the 30-40K range again was probably fueled by the downtrend on stock markets (fueled by expectations of rising interest rates), while for Bitcoin itself there weren't enough news to really diverge from Nasdaq/S&P 500 etc.

But I want to emphasize on two aspects mk4 wrote about:

2. A lot of institutional money(or people in general) still think that bitcoin is a scam/fad.
3. Still, even today in 2022, only a very small majority of people(and bitcoin holders) actually knows it's importance. Most are here thinking that it's a get-rich-quick scheme.
I completely agree here. There is still no general consent in the public opinion that Bitcoin is more than a very speculative asset. And that's bad in many ways, and will also make regulation sharper and sharper if this trend continues.

The community, however, can change that. Simply using Bitcoin more for payments, and above all make Lightning Network grow (because on-chain there isn't so much space for massive adoption as a currency). It is already growing on a nice rate but still very small. But if it reaches a certain point, even institutional investors will recognize that Bitcoin is increasingly adopted as a currency. And then we can see 75K, 100K and even more.

Always remember: If you pay something with Bitcoin, you don't lose anything. Simply re-buy the same quantity of Bitcoins you spent. And then you've strengthened the ecosystem.

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February 03, 2022, 11:22:20 AM
 #8

Bitcoin is still a speculative asset, and it's still subject to wild price changes as people can freely leave or enter the market. We almost got close to $70k last time, and right now we're at $30k+, which shows bitcoin's highly volatile nature. Also, most people don't understand their economy, and even if the value of EUR and USD is tanking, they would still think that keeping their money in banks is the safest way to weather out this storm.

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February 03, 2022, 11:24:12 AM
 #9

How about the money that went into alts instead of BTC as another reason? It's possible that $75K would have been reached if there was only BTC.

I've seen a diagram showing the flow of money in different phases of a bull market and it's something like Fiat > BTC > Large Caps > Medium Caps > Low Caps/Gems then goes back to fiat/stable coins once the market turns bearish. The process is repeated market cycle.
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February 03, 2022, 11:29:24 AM
 #10

Same here. I am also wondering why Bitcoin's price is still stuck this low when good news are around us. Shouldn't it be $100,000 or even more by now? The pandemic is still with us. Economies have yet to fully open and recover. Fiat are losing value much faster. Inflation is surpassing tolerance level. People are still finding better ways to keep their wealth.

But I guess the number one reason why Bitcoin is still this low is that the bulk of Bitcoin's circulating supply is in the hands of a few whales or institutional investors or whatever. If two of these whales dump, the market could move downward. I don't think the demand coming from retail investors could absorb a strong inflow of dumped Bitcoin from huge investors. Not to mention that many of these retail investors are simply making action depending on the current market sentiment. They fear; they FOMO; they just react emotionally. And Bitcoin is still not that widely known.

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February 03, 2022, 11:29:55 AM
Merited by CryptopreneurBrainboss (1)
 #11

bitcoin PRICE sits within a window of value

which that value window is between $35k - $85k (cheapest:expensive mining cost) using majority current gen asics
though some decisions are made on forex crisis and stock markets. can affect the price within the window, this sentiment doesnt really have much of a price push, much of the time, and it doesnt affect the value window range at all

what is actually happening though is next gen ASICS which is bringing down the window value
at the current 190exa
current gen s19 pro 110thash - value window - $35k-$85k (cheapest electric region to most expensive)
next gen s19 XP 140thash - value window - $28.5k-$71k (cheapest electric region to most expensive)
next gen s19 pro+hyd 198thash - value window - $22.5k-$67k (cheapest electric region to most expensive)

this means the price will sit somewhere in the middle of the window.
right now hardly any asics are running at this new window. meaning the cheapest countries do not have many miners mining for $22.5k/btc
but as months move on if the hashrate stays the same the value window can come down with more support for the new lower number window range

but with that said, because new asics are coming, the hashrate could go up (add more asics rather than replace 1:1)
meaning the hashrate if asics were all:
    (s19 XP 140thash) require hashrate of network to go to:
          235exahash to maintain $35k-$83k window (market price wont go below $35k or above ~$80k)
          290exahash to grow window to $43.4k -$102.4k (market price might go to $100k but only just if lucky)

    (s19 pro+hyd 198thash) require hashrate of network to go to:
          295exahash to maintain $35k-$110.8k window (market price wont go below $35k but might go to ~$108k if lucky)

so lets hope to see hashrate move to ~240-300exa to keep good value going soon

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February 03, 2022, 11:36:57 AM
 #12

@virtualdn, in my opinion, you don't think realistically at all, because you expect everyone to think like you or have knowledge like you, and that will never be possible. Considering that Bitcoin is extremely volatile and risky to invest&store, why would anyone buy Bitcoin at the moment if there is some general opinion that we are in a bear market and the price will only go down?

It is true that fiat is losing value and that inflation is gaining momentum, but the price of BTC has halved in just a few months, which is more than a good reason for most to stay away from risky investments. Fiat is what people live on every day, and few have enough to set aside a percentage for risky investments, especially in the long run. But again, when we look at how much money is going in the direction of the NTF, maybe a rabbit is lying in that bush Undecided

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February 03, 2022, 11:42:16 AM
 #13

I think that is because people still trust fiat. They do not want to see a new chance to become rich. Besides that, they are not open minds accepting new things that can be worth investing in the future and still trying to use existing investment. We can not force them to like or use bitcoin because that is a personal decision that we should know.

They are afraid to use bitcoin because of the volatility and are not ready to see their money values change from time to time. But if bitcoin soar to the very highest price, they will regret it and blame themselves why they do not listen to us. Let them decide whatever they want while we can enjoy our time accumulating bitcoin at any price we want.

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davis196
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February 03, 2022, 11:59:14 AM
 #14

The USD is losing value. The EUR is losing value. All national coins are inflationary, energy prices are through the roof and still BTC is only $36,500! People should buy BTC like crazy, this is something I don't understand, they keep using the crappy FIAT instead. FIAT will all make you poor! Don't come crying here after when BTC hits $100K, but FIAT is the worst investment someone can make these days. BTC is still cheap as peanuts considering its potential, too bad people don't see it, have fun staying poor and keep making those bankers rich. Unbelievable.

Well,fiat money are not an investment.They are a medium of exchange,which is necessary for everyone to buy food and pay the bills.Unfortunately you still can't use BTC to buy food and pay the bills.
Perhaps you should be making such "angry" posts on social media,rather than a Bitcoin forum.
99.99% of the people here are Bitcoin supporters.You don't have to convince them that Bitcoin is the future.
It's weird that the BTC price dropped from 38K to 36K USD in one day.I guess that the market turbulence will continue until the end of the winter.The bull run is postponed for the future.




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February 03, 2022, 12:02:44 PM
 #15

The USD is losing value. The EUR is losing value. All national coins are inflationary, energy prices are through the roof and still BTC is only $36,500! People should buy BTC like crazy, this is something I don't understand, they keep using the crappy FIAT instead. FIAT will all make you poor! Don't come crying here after when BTC hits $100K, but FIAT is the worst investment someone can make these days. BTC is still cheap as peanuts considering its potential, too bad people don't see it, have fun staying poor and keep making those bankers rich. Unbelievable.


Well,fiat money are not an investment.They are a medium of exchange,which is necessary for everyone to buy food and pay the bills.Unfortunately you still can't use BTC to buy food and pay the bills.
Perhaps you should be making such "angry" posts on social media,rather than a Bitcoin forum.
99.99% of the people here are Bitcoin supporters.You don't have to convince them that Bitcoin is the future.
It's weird that the BTC price dropped from 38K to 36K USD in one day.I guess that the market turbulence will continue until the end of the winter.The bull run is postponed for the future.


For people keeping money in the banks FIAT IS an investment, but a lousy one.

It's my right to be angry and it's your right to not agree with me.

1 BTC = 1 BTC
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February 03, 2022, 12:20:16 PM
 #16

The levels of inflation of the USD and EUR might be above those that are expected and considered desirable, but they are nowhere near the level that could cause enough panic for people to look for alternatives. And the current low price is definitely not helping people to see Bitcoin as trustworthy: it is easy to imagine a potential line of thinking by a person who isn't a crypto enthusiast: the USD and EUR are losing some value, but Bitcoin's losing way more, so fiat is still a better option. I'm not surprised or disturbed by the current price. I think it will reach $75k in 2022 or 2023, but not due to people running away from inflation of fiat currencies.

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February 03, 2022, 04:45:09 PM
 #17

Again the same story started and people are talking about the price situation of the bitcoin and complaining. That's maybe because all the investors expect to see bitcoin price always in bullish and uptrend situation, while not just taking about bitcoin but on any other markets the price sometimes needs to rest and save some potential for reaching a higher target, also if the price was always bullish we could expect even a market collapse, so seeing this situation for the price is not that bad and that's just like bitcoin is being sold with some discount for buys who want to buy more bitcoin.

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February 03, 2022, 05:35:12 PM
 #18

There are so many things that could have happened with Bitcoins, at the end of the day we have to understand that pandemic is not a very kind economic situation at the same time the government is not so keen on letting some good thing in everyone's life that easily. I do think that these assumptions at a bit too high since what we have already achieved seemed over the top. The price of Bitcoins crashed after the previous hit and at the same time many governments have banned mining as well. There are countries like El Salvador adopting the bitcoins but there are other banks urging them to drop it because they won't give them loans perse. This is a constant battle, a constant back and forth between all those people and therefore I do think that whatever the situation is we are doing pretty good at the moment.
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February 03, 2022, 06:24:38 PM
 #19

but FIAT is the worst investment someone can make these days.

I will wonder if there are people who hodl fiat like bitcoin for the purpose of asset and volatility in expectation of value increasing for profit. This will not be the case, bitcoin and cryptocurrency are for hodl and investment but what I think about fiat is to save and buy and sell but if it increase that is addition of profit.
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February 03, 2022, 06:37:31 PM
 #20

There is a lot which is going on behind our naked eyes which is a deciding factor for the bitcoin's price and it would be foolishness to assume that bitcoin's price will keep increasing till the level of infinity. A sudden dump don't scare me but this gradual dip which we have seen last few months scares me because we are in dilemma whether it's a buying phase or we will be trapped.

I would suggest we need to be ready for both dump and dump, also for some crazy rules from the regulator as I have heard crypto tax has been introduced in India wherein crypto incomes will be taxed at 30% but they cannot show the loss for any tax exemption which is the worst thing to happen if other countries adopt such rules.

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