Will Bitcoin repeat what Silver did?? (Chart)

[Foerster]

Hello,

I have been quite involved in trading and charts and I noticed that the chart of BTC and Silver share some similarities in their fractal structure. So I fitted a picture of a logarithmic chart of Silver on top of a logarithmic BTC chart.

This would imply market lows of around ~250$ per Bitcoin with uncertain outcome and more important: a significant drop relatively soon.
However charts do not necessarily need to repeat 1:1 or even at all. However, if the psychology of market participants and the market structure in general are similar the probability of a similar outcome is definitively given. Of course, if anything disruptive happens on the financial markets or cryptocurrency adoption rate the outcome could be vastly different.



Any opinions on that?


Best Regards,
Foerster

[Ibian]

Yes. Don't buy. It's for your own good.

[falllling]

Silver is far away stronger / more reliable / more widespread use than bitcoin, bitcoin is going to nowhere but down to the final capitulation!

[realdope]

Nope, silver is a piece of shit dinosaur asset, Bitcoin is a revolution in humanity. You need to have a problem in the brain to not buy sub 1K bitcoin.

[antibitcoinconsortium]

well yes ofcourse it goes the same way exept worse!
because bitcoin is so flawd in many ways and there is no support in the order books it will be much lower then $250

[antibitcoinconsortium]

if he is a new account or not doesnt make his argument more or less valid
look at the facts and make your own conclusion
its going nowhere but down and everybody know it exept some scammers trying to steal your money by telling you to buy now before you miss the boat
talking about crazy bubbles and profits
all lies to steal your money
dont be fooled

[futureazy]

Bitcoin and silver are totally different, even if the charts are similar it doesn't mean anything in my opinion.

[CryptoCarmen]

Hello,

I have been quite involved in trading and charts and I noticed that the chart of BTC and Silver share some similarities in their fractal structure. So I fitted a picture of a logarithmic chart of Silver on top of a logarithmic BTC chart.

This would imply market lows of around ~250$ per Bitcoin with uncertain outcome and more important: a significant drop relatively soon.
However charts do not necessarily need to repeat 1:1 or even at all. However, if the psychology of market participants and the market structure in general are similar the probability of a similar outcome is definitively given. Of course, if anything disruptive happens on the financial markets or cryptocurrency adoption rate the outcome could be vastly different.



Any opinions on that?


Best Regards,
Foerster

You cant compare silver with btc.

[painlord2k]

Hello,

I have been quite involved in trading and charts and I noticed that the chart of BTC and Silver share some similarities in their fractal structure. So I fitted a picture of a logarithmic chart of Silver on top of a logarithmic BTC chart.

There are some similarity about silver and BTC (the  coins). The mining factor weight a lot on the price.
Currently there is a dishoarding of silver keeping the price low, but it can not go under production costs because people with too much cash around just buy every dip deep enough to go under average production costs.

The same is similar with BTC. The miners slow down mining if the price go down too much and people interested in investing buy every dip under some threshold (probably mining costs).

But there are many differences:
Production/supply ratio is a lot higher for silver (around 20 years) than for BTC (around 7 years). So the price of BTC is more volatile.
There are not naked selling of BTC on the market like there are for silver and gold.
No one is able to drop 1 M BTC (naked shorts) on the market at 7 A.M. ECT like they do for silver.
On the other side, silver supply will not slow down for sure in the future, it depend on the price.
BTC is price independent. There will be just 21 Millions coin and not one more.

[cypherdoc]

do you have any idea how easy it is to find fractal similarities in just about any 2 charts?

[ensurance982]

Congratulations, you've just made up found a similarity in the patterns of the charts. BTC could very well be doing the same, but there's no reason to actually believe that it's going to do that. Humans see patterns everywhere. It is what differentiates us from other animals, though.

[minerpumpkin]

Those are merely patterns that overlap at some points and do have common characteristics. That doesn't say anything about Bitcoin's future, to be honest... Bitcoin may go that way, but not because Silver did it!

[Foerster]

This is why I posted the chart and asked for your opinion.
Of course there are other charts that break out to the upside at the point BTC is right now.

The bull case for Bitcoin would be:
1. lows were April-May 2014 averaging around 430$
2. right now we form higher lows around ~470$
3. next local high is >700$
This creates an upward trend.

Those are merely patterns that overlap at some points and do have common characteristics.

The question is if they will continue to overlap or not??

[Elwar]

Silver went down because something new and better came along that does not require storing huge hunks of metal all over the place.

[minerpumpkin]

Silver went down because something new and better came along that does not require storing huge hunks of metal all over the place.

And what is that? As long as we can't reproduce those precious metals cheaply, there'll be a demand for it. Comparing it to Bitcoin or other currencies, commodities, whatever doesn't really make that much sense, since Gold would've gone bust since the invention of currency then!

[TrollinU]

Silver went down because something new and better came along that does not require storing huge hunks of metal all over the place.

LOL at thinking Bitcoin somehow had anything to do with the silver decline  

[boomertoo]

Silver is Silver, and Bitcoin is Bitcoin 

[counter]

Silver is Silver, and Bitcoin is Bitcoin 

This.^^^   Also silver price is a very very manipulated market so the price doesn't really show the true value of silver.  Your not taking so much into consideration it's scary.  Just putting the charts on top of each other doesn't prove anything other then you think they look similar. 

[lyth0s]

There is a big difference in a fundamental. What stores online accept silver as a form of payment? Vs what stores online take Bitcoin as a form of payment? Silver may be a store of value, but will most likely never be used as a currency again unless we lose all technology.

[Brewins]

No.

Unlike Silver, we need mining to keep the current Bitcoins usable.

Is $250 enough to make mining still profitable AND keep the network strong?