Member Info for Phoebus

It already did. https://bitcoinwisdom.io/markets/bitfinex/btcusd

BTC just hit $29.5K, nearly 55% off the year high. Regardless of what happens short term, today's price action has cause massive technical damage right across the sector.

BTC just hit $29.5K, nearly 55% off the year high. Regardless of what happens short term, today's price action has cause massive technical damage right across the sector.

Very dangerous.

Very dangerous.

NAV 107p. Super volatile.

NAV 90p.

Now 56% of last weeks high. This looks dreadful.

Crypto market action looks dreadful. ETH has crated 37% today and is more than 50% off last week's high. DOT is now in free fall under $27 and I have KR1 NAV at 105p, which is well below the current SP. It's starting to look like the cyclical crypto bull may already be over, which would frankly be a shocker. GLA

Crypto market action looks dreadful. ETH has crated 37% today and is more than 50% off last week's high. DOT is now in free fall under $27 and I have KR1 NAV at 105p, which is well below the current SP. It's starting to look like the cyclical crypto bull may already be over, which would frankly be a shocker. GLA

That's very sad. Lambo's are by definiton a masive V12 in a bonkers suit. If they want to go green they should tune the V12s to run on distilled Chianti. Far more in keeping with the bonkers ethos and that wonderous soundtrack.

Indeed RC. The next few weeks will likely be crucial. Must order even more dark chocolate. :D

Yes RC. That was my assumption all along. However, as things are unfolding I'm beginning to give much higher weighting to the possibility that we've already had the cycle highs in BTC and the miners. The BTC price action since the Feb high smacks of a distribution phase during a rolling top ahead of a major sell off and the negative divergence in miners from that point also suggests massive pre-emptive selling ahead of an anticipated decline. Although ETH and altcoins have continued to march higher since BTC's highs a few weeks ago, it should be noted that they did the same thing after BTC peaked in the last bull cycle in late 2017, hitting their cycle highs several weeks after BTC had already started to decline. Hopefully it's nothing and BTC finally starts to strengthen from here, but as it stands this could go either way in H2. GLA

Agreed. This $42K level looks critical though as it was the Jan 8th high. Any drop through this level would be very bearish. GLA

Zac Crayola Mir strike again. Argh!

Zac Crayola Mir strike again. Argh!

I will be surprised if we're not in a crypto bear market in 9-12 months time given previous price cycles and the stock to flow model.

'As BTC continues to recover...' We hope, but jury is still out at this stage. When almost everyone assumes a bull run is still intact it's often a sign it's already over. It's certainly tempting to back up the truck at these levels, but I'm still cautious just in case. GLA

KR1 is nothing whatsoever like VLRM. KR1's market cap is more than 100% backed by its net current assets whilst VLRM has barely 2% backing. VLRM is monumentally overvalued and KR1 is very reasonably priced.

KR1 is nothing whatsoever like VLRM. KR1's market cap is more than 100% backed by its net current assets whilst VLRM has barely 2% backing. VLRM is monumentally overvalued and KR1 is very reasonably priced.