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So far it looks like PlanB has a crystal ball! Remember $63k for October was his worst case prediction. We've been hugging the lower end of the stock to flow for months now. We may see a swing towards the upper end of the range. I don't know how high this goes but talk of a major BTC supply squeeze before Xmas would not surprise me. Cash is trash and Institutions know it.
These will be the same geniuses / fortune tellers that said BTC would go sub $20k, likely $10k. Hopefully they put their life savings into this eventuality and are reaping the rewards. Meanwhile back in the real world Institutions continue to accumulate and even the retail is buying in hard. Frankly, crypto is the only show in town and round #2 is just heating up. Can't wait to see where some of these Alts go. I bought SOL and LUNA a few weeks back and they are on an absolute tear.
If the major Retailers start accept BTC (and other Crypto) as a form of direct payment suddenly you are less concerned about capital gains tax and far more likely to HODL in a world of ever devaluing FIAT toilet paper. This is huge and we could see the super cycle many have been predicting. If Amazon start accepting the rest will have no option but to follow, especially those in the Tech sector.
Retail pushed BTC to $20k back in 2017. This space has evolved massively since then with various excellent Altcoin projects and increased acceptance (and demand) for BTC from big players globally. The sooner we get China and the CCP out of the equation the better. They've been a liability for years and moving Mining operations to friendly jurisdictions is very bullish for BTC. Huge amounts of FUD were needed to push BTC to $30k and it continues to this day, even recycling old news. The blatant manipulation is annoying but summer is historically quiet with lots of sideways movement. Sit back, chill out and let the Miners readjust. Come Q3/Q4 we should be looking much stronger. HODL BTFD.
Musk's Handlers have now accumulated sufficient volumes of BTC so now it can run. The guy is a placeman for the control structure and does what he's told. He was sacked by Paypal and go and look into the real history of Tesla and the two guys that founded it. He pleads a humble background but was actually from an extremely wealthy mining background (gems) from South Africa. BTC requires energy to mine, but it's naturally been migrating towards renewable sources because it's cheaper to do so not because Musk has pontificated his 'wisdom' upon us. Either way BTC remains unstoppable because FIAT is finished.
We also had Trump being wheeled out spouting the same FUD as we've seen numerous times before. When he says "scam" I'd love him to actually qualify that statement. But no time for that on the mainstream media. Just say what your told, let it proliferate around the sheeple and see if it has the desired effect. It's interesting that these little nuggets land when we're often at crucial price levels. Ignore and HODL. The tree shaking will end eventually and we'll start seeing price action that reflects the amount of FIAT being created ad nauseum globally.
You could say BTC is being manipulated by the Whales to hit max pain each time, or you could say they are continually flushing out the Speculators and weak hands. If you buy and hold max pain is irrelevant. This is clearly bullish as it implies continual accumulation by the Whales for huge upside. When you've got the likes of Ray Dalio now saying he has "some Bitcoin" (some to him is probably hundreds) and Apple advertising for someone with Cryptocurrency experience all you need to know is HODL!
I can't believe anyone is selling right now. What, in at 119p and out at 145p for "tidy little profit". I was saying the same thing at 60p. This goes higher, much higher. Stop trading, grow some balls and start investing in the longterm FFS instead of this parasitic speculative **** that dominates the markets. Hopefully the last week or so has destroyed the leverage traders.
Well said lunq, well said. All those new to the space and still holding, welcome, initiation complete. Now you'll be more resilient to the next big correction. The macro trend however remains unstoppable. Becoming less reliant on China for mining is immensely bullish and more in tune with what BTC was meant to be about in the first place. Most definitely onwards and upwards.
BTC dominance had dropped below 40% for the first time in a very long time. Quick look at CMC and over 24hrs BTC is down 8.5% while the vast majority of the Alts are well into double digits waiting for permission to rise again. Let there be no doubt, BTC is THE Crypto God Market and probably always will be. No other network can truly replicate what BTC is and will continue to be. HODL and pay homage to the King :D
The biggest bloodbath is recent memory and this finishes 4% down. LMFAO. Meanwhile all the paper handed Retail are losing BTC to the Whales. Just look at the companies that bought in this year and yet another headline today, this time wealthy clients of Wells Fargo:
https://decrypt.co/71370/wealthy-clients-wells-fargo-will-soon-be-able-buy-bitcoin?&utm_medium=referral&utm_campaign=feed&utm_source=coinbase
Do people really think these Institutions are selling???? We've only just gotten started FFS!
BTC had been taking a lot of flak recently for being a bit **** compared to many of the Altcoins now on the scene. While I agree there are a lot of great projects out there with massive potential what Asset was everyone watching as the market dumped? Yes, BTC. WHO
The mining supports the network and comes online and offline depending on the price. Also remember most BTC has already been mined (circa 18.5M out of 21M). Not sure if cutting off the Chinese Miners in conjunction with increased demand would indeed send the price soaring? You'd have to think so? The US government has become increasingly more Crypto friendly and I know North American mining has been increasing so this could be a major boon for the US and other Crypto friendly jurisdictions.
The energy thing has been debunked several times in the past and actually there is a strong argument for how BTC mining actually promotes green energy - check out a recent piece from Ark Invest to name but one:
https://decrypt.co/71228/71ark-invest-defends-bitcoins-environmental-impact-following-elon-musk-tweets228?&utm_medium=referral&utm_campaign=feed&utm_source=coinbase
This was from Oct 2018:
"An arbitration body in China has ruled that despite the country’s central bank’s ban on cryptocurrency trading, bitcoin should still be legally protected as a property with economic values."
Yes, Crypto has been banned in China for years. This latest 'reiteration' off the back of weakness seems like a strategic attack. And then in Apr 2020:
"Chinese court rules Ethereum (ETH) is legal “property” in a case of theft published on April 22, 2020, on Chinese media outlet, 8BTC. According to the report, the Shenzhen-based court ruled that Ethereum’s ‘economic value’ as a medium of exchange and mining effectively makes the second largest cryptocurrency legally a property in the largest population in the world."
I think there is a bit of 4D chess going on here. Certain players are probably loading up while the paper hands fold. HODL.
Best idea is to simply ignore Musk Rat. BTC (and the Crypto market) is much bigger than him and Tesla; which weirdly can't seem to fail no matter how much money it loses. The sheeple shrug their shoulders and claim "dunno" when it is clear this is a company SELECTED to take certain technologies forward and they seem to think eccentric weirdo Musk still has the PR gravitas to do that. He's either lost the plot and gone off piste or following orders so that the big players continue to hoover up as much BTC as possible. Either way the latter will be happening and I see this a great buying opportunity. The strategy remains the same; cost dollar average and HODL and ignore the noise from man-child Musk. In a free market unmanipulated economy the Tesla board should be thinking about sacking him given their recent investment in BTC. He also needs to consider the SEC when not long ago he manipulated the market by claiming Tesla was going to go private and they'd secured the funds to do so thus burning lots of shorts. A complete lie. The fact nothing happened tells you all you need to know. His worst fear is irrelevance so that should be the response.
In my view this is to bamboozle / put off potential fresh investment into the space. As noted most BTC already exists and many other Crypto's are using a proof of stake consensus which uses far less energy with tiny transaction fees. I'm seeing incredible developments on a weekly basis. This is how a free market harnessing entrepreneurial flair and innovation should work. The corrupt powers that be know that this is unstoppable (unless they unleash some kind of deflationary hell on us like the 1930's, even then Crypto's will probably bounce back fastest, hardest and strongest - see Covid dip last year) so they are trying to control the narrative and buy some time in order to roll out their Central Bank Digital Currencies (CBDC's). Like FIAT these will be centrally controlled but with even less individual sovereignty and privacy as at least we have cash (for now). The more people become accustomed to using BTC and other Crypto's the quicker everyone realises we don't need Central authorities having the power to issue at will the very thing used to value our labour / time and savings. Peer to peer transactions, including seamless cross border payments and DeFi are the way forward. BTC is pretty much the de facto currency in Nigeria these days because their local FIAT is basically worthless! The Nigerian government tried to ban it which only put a premium on the price there. I think they are the most populous country in Africa with a very young demographic.
Musk is a player and does what he's told. This is just the latest attack vector. Suck the masses in following a pseudo hero and then **** on them just as they've become emotionally exposed. Either that or they downloaded the wrong update to this clone. Anyone that pumps Dogecoin deserves ZERO respect. Like I've said many times before, the majority of Crypto investors are smart and informed. This latest batch of FUD does not dissuade us from the fact that an entirely new ecosystem is being built before our eyes and BTC is the daddy, with several Altcoin projects looking fantastic. This latest bipolar brain fart from Musky Boy only serves to undermine what was left of his credibility in the space.
Like I say, I smell a rat with DOGE. If they crash it (which they could) it could wipe out huge numbers of newbies and turn them off Crypto for years. Then roll out the Mainstream Media right on cue saying "told you so", and come back to the cold, deathly embrace of our FIAT system that serves us so well. Deliberately conflating the absolute and utter **** that is DOGE with all Crypto. They've tried to destroy Crypto from the outside using unsophisticated methods for years but because the Crypto community is largely smart and informed (minus all DOGE buyers) they might be resorting to an inside attack. All I'd say is spread the word far that DOGE could be a Trojan and stay well away.