New ATH | BTCINR | Still a long way to go

[pawanjain]

Our last ATH price in the BTCINR (Bitcoin to Indian Rupee) pair was on 09 Nov 2021 and the approximate ATH price was 54.45 lakhs INR.
After a long wait, we are finally here breaking the previous ATH price. Although the difference was not much but we broke it.
The new ATH in BTCINR pair was at 58.5 lakhs yesterday i.e. 06 March 2024. But we still have a long way to go as the BTC halving hasn't even started yet.
So how are you feeling about this ?

[Bitcoin Smith]

In Paxful I saw offers above 60 lakhs as well but didn't see the current price cause yesterday there was sudden dump then price back to normal. Ofcourse this is just the beginning of the bull run and the new ATH will be atleast double the amount of previous ATH so let's assume 120K will be the new ATH in dollars then in INR it will be over 1 crore.

What am feeling now, little bit of regret why I didn't stake early when Bitcoin was less than 3 lakhs.

[TheUltraElite]

It has not reached a new all time high yet.

Bitcoin is facing resistance at 68k USD and it might be difficult to reach the previous all time high and then cross it over. The bulls are trying hard but it might be some time before it is reached.

Also a short and quick reaching of the all time would mean a quick drop from that price too - we would not be able to hold it there for quite some days.

And I prefer to use the USD notation than INR 

What am feeling now, little bit of regret why I didn't stake early when Bitcoin was less than 3 lakhs.

What staking are you talking about?

[pawanjain]

It has not reached a new all time high yet.

Bitcoin is facing resistance at 68k USD and it might be difficult to reach the previous all time high and then cross it over. The bulls are trying hard but it might be some time before it is reached.

Also a short and quick reaching of the all time would mean a quick drop from that price too - we would not be able to hold it there for quite some days.

And I prefer to use the USD notation than INR 

Actually, I was saying that bitcoin crossed the ATH in INR pair and not in USD pair back then.
But anyway, now it has crossed the ATH in USD pair as well  .
Feels great to be honest even though I know we won't sustain the ATH for a long time and a correction is very near.

What am feeling now, little bit of regret why I didn't stake early when Bitcoin was less than 3 lakhs.

What staking are you talking about?

He means "stacking" bitcoin meaning accumulating and not "staking".

[TheUltraElite]

Yup a new all time high has been reached and the correction has already set in, so it wont be long before it drops back. However a buying pressure is there pushing the price back up to 73k USD every now and then and I guess this can lead to even higher price and a new ATH in the next few days.

In short we are not over from this drama as of now and definitely not the price to buy any bitcoin.

[pawanjain]

Yup a new all time high has been reached and the correction has already set in, so it wont be long before it drops back. However a buying pressure is there pushing the price back up to 73k USD every now and then and I guess this can lead to even higher price and a new ATH in the next few days.

In short we are not over from this drama as of now and definitely not the price to buy any bitcoin.

Not the price to buy any bitcoin ? Why do you say do ?
Don't you think any price is a good price to buy some bitcoin because we are still way too early into bitcoin.
10 years down the line we'll be talking into millions per BTC probably and hopefully.

[kentrolla]

Yup a new all time high has been reached and the correction has already set in, so it wont be long before it drops back. However a buying pressure is there pushing the price back up to 73k USD every now and then and I guess this can lead to even higher price and a new ATH in the next few days.

In short we are not over from this drama as of now and definitely not the price to buy any bitcoin.

Not the price to buy any bitcoin ? Why do you say do ?
Don't you think any price is a good price to buy some bitcoin because we are still way too early into bitcoin.
10 years down the line we'll be talking into millions per BTC probably and hopefully.

I think you are talking about long term but not everyone has patience to do that as people usually look for quick profit and they fail to hodl during market dips and from that aspect the previous response makes sense. Because you cannot expect everyone to buy when the price is rallying as the days of accumulation has passed now people will be little bit hesitant because it's at ATH and an extended correction phase will create chaos.

[Bureau]

Almost every week Bitcoin is now pumping and creating new high. I never thought of checking it's price in INR. I was only checking the price in USD. Thanks for coming up with this thread, I today checked the price and found it to be going towards 61 lac. You can now buy a flat or a house with 1 BTC ofcourse you will need to sell it which is a bad idea at the moment.

[Bitcoin Smith]

Almost every week Bitcoin is now pumping and creating new high. I never thought of checking it's price in INR. I was only checking the price in USD. Thanks for coming up with this thread, I today checked the price and found it to be going towards 61 lac. You can now buy a flat or a house with 1 BTC ofcourse you will need to sell it which is a bad idea at the moment.

Yesterday I checked the price on wazirx, there were decent amounts of orders filled for the price around 62.90L. Obviously its a lot of money but we are nowhere near the new all-time high if my assumption is right so atleast wait for 1cr range before selling BTC that may happen in matter of months.

What am feeling now, little bit of regret why I didn't stake early when Bitcoin was less than 3 lakhs.

What staking are you talking about?

He means "stacking" bitcoin meaning accumulating and not "staking".

Stacking could be the right word but I still prefer the word stake (risk money).

[pawanjain]

Almost every week Bitcoin is now pumping and creating new high. I never thought of checking it's price in INR. I was only checking the price in USD. Thanks for coming up with this thread, I today checked the price and found it to be going towards 61 lac. You can now buy a flat or a house with 1 BTC ofcourse you will need to sell it which is a bad idea at the moment.

Yesterday I checked the price on wazirx, there were decent amounts of orders filled for the price around 62.90L. Obviously its a lot of money but we are nowhere near the new all-time high if my assumption is right so atleast wait for 1cr range before selling BTC that may happen in matter of months.

What am feeling now, little bit of regret why I didn't stake early when Bitcoin was less than 3 lakhs.

What staking are you talking about?

He means "stacking" bitcoin meaning accumulating and not "staking".

Stacking could be the right word but I still prefer the word stake (risk money).

1 cr is definitely a big target but still achievable looking at the current pump in bitcoin.
It's approximately $120k in USD which is another $50k from the current price.
Although the gap is huge but the bitcoin ETFs are creating a great demand for bitcoins while we just have a limited supply.
So we never know how high the price could go.

[Bitcoin Smith]

1 cr is definitely a big target but still achievable looking at the current pump in bitcoin.
It's approximately $120k in USD which is another $50k from the current price.
Although the gap is huge but the bitcoin ETFs are creating a great demand for bitcoins while we just have a limited supply.
So we never know how high the price could go.

If I am not wrong previous ATH was around 65K USD that means 72K is just a step further but the real deal is yet to come and if we assume the next ATH will be atleast 200% from it's previous ATH that will take the price in InlNR around 1.1Cr approx.

I still don't know why people are interested in ETF when they can buy the actual coins in the exchanges but whatever let's enjoy the roller coaster that will be full of excitement for sure in the upcoming months.

[pawanjain]

1 cr is definitely a big target but still achievable looking at the current pump in bitcoin.
It's approximately $120k in USD which is another $50k from the current price.
Although the gap is huge but the bitcoin ETFs are creating a great demand for bitcoins while we just have a limited supply.
So we never know how high the price could go.

If I am not wrong previous ATH was around 65K USD that means 72K is just a step further but the real deal is yet to come and if we assume the next ATH will be atleast 200% from it's previous ATH that will take the price in InlNR around 1.1Cr approx.

I still don't know why people are interested in ETF when they can buy the actual coins in the exchanges but whatever let's enjoy the roller coaster that will be full of excitement for sure in the upcoming months.

From that perspective, yes, bitcoin might cross 1 cr but that will only happen if bitcoin goes 2x from here.
People are interested in ETFs because many people believe that ETFs are a legal way to hold bitcoin while not caring about the effort to hold it.
Besides that, big companies find it easier to hold ETF than to hold bitcoin directly which is why it has become a major method of BTC accumulation.

[Bureau]

Bitcoin correction has begun and the current price of Bitcoin in INR has dropped considerably. It is now INR 54,89,292.51 which is a big drop considering a few days back it was at 65 lac. The demand for Bitcoin through ETF has gone down a little bit which might be a temporary situation. The correction in Bitcoin was surely going to happen as it had earlier reached a price point that would lead to profit booking. A lot of investors who had purchased Bitcoin in 2021 at its peak back then have started booking profits and I am sure they will again re-enter and take a position when the price of Bitcoin takes a significant dip.

[TheUltraElite]

Not the price to buy any bitcoin ? Why do you say do ?
Don't you think any price is a good price to buy some bitcoin because we are still way too early into bitcoin.
10 years down the line we'll be talking into millions per BTC probably and hopefully.

You can realize this now as bitcoin has dropped back to 65k USD and has been corrected by more than 7k USD. With this drop would you think it would have been wise to buy at 73k USD? You would be sustaining the loss of 7k USD already and more upcoming loss.

Hence that was the time to sell and wait and now it is gradually moving to the point where you can start buying again. However the price is still dropping so give it more time before you start.

[pawanjain]

Not the price to buy any bitcoin ? Why do you say do ?
Don't you think any price is a good price to buy some bitcoin because we are still way too early into bitcoin.
10 years down the line we'll be talking into millions per BTC probably and hopefully.

You can realize this now as bitcoin has dropped back to 65k USD and has been corrected by more than 7k USD. With this drop would you think it would have been wise to buy at 73k USD? You would be sustaining the loss of 7k USD already and more upcoming loss.

Hence that was the time to sell and wait and now it is gradually moving to the point where you can start buying again. However the price is still dropping so give it more time before you start.

Alright, from that perspective, yes we can wait a few days/weeks to have a better buying price.
But thinking from a long term perspective, just assuming, after 10 years or so when BTC has reached $1 million dollars, it wouldn't matter if you bought at $73k or $65k.
But yeah, I get your point and yes we can a few days to get a better entry point.