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HOT TOPIC Bitcoin / Cryptocurrency Discussion (And Predictions)

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Frinys

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I've been buying bitcoin aggressively over the last week.
So have i.

This is the first major correction after the bull run started. I did not expect BTC to reach any higher than $30,000 before its first correction, but it reached much higher than that ($41,940).

It seems to me like this bull run will outperform any expectations (except maybe @James Fake's $240,000 expectation).
 

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WhoDatBoy

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Hey guys, first off I want to say that this is an awesome thread. I occassionally check it out but have not read all the pages, so excuse me if the questions I am about to ask have been asked before.

I'm currently learning how to trade, using technical analysis (mostly crypto, because I like it and the transaction costs are low compared to trading stocks). I feel like I'm finally starting to understand the game a little and right now I am in the process of finding a strategy (mostly trading S/R flips at this moment).

For anyone interested; the main studying materials I used were the youtube videos from LiveTraders and the Technical Analysis Series by CryptoCred, which is also on youtube (highly recommended).

I was wondering if anyone with more experience could offer their opinion on if it's wise to join some kind of chat room, or if it's better to continue to learn by myself and my study materials. Also, any advice on a recommended "journey" to becoming a consistent trader are very much appreciated (and perhaps recommended study material, as it's super hard to find).

As we all know, there's a lot of scammers and shitty and fluffy information on the internet, which is the reason I decided to ask you guys.
 

jsk29

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Beyond @csalvato 's response, many people on the forum are aware of copywriting (especially the importance of getting peoples' attention via the headline) and media distortion.

The actual suggestion was much more nuanced:

EsSNsFTWMAEk4sJ.jpeg
Source: Senate Finance Committee record
 

MitchC

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I'm bored.

Common Bitcoin, go on another run for us, I need some entertainment.

i wonder if how boring it is will result in another dip

I’ve just bought back in after selling at the top

beginners luck
 

Kevin88660

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I look at the market from a technical perspective, and see more risk than reward to hold btc at this level expecting it to shoot for 50-100k level.

BTC bull market started since March at 5000 dollar during the Covid crash. People are celebrating now as if the bull market just started.

The 2017 Dec finished with a double top near 20k. The 2020 Dec we finished with a double top near 40k.

We had news debating about bitcoin we it was top at 1k in 2013, top at 15k-20k in 2017 year end.

Bitmain founder Wu Jihan cautioned that as Bitcoin market cap grows it is harder for btc to gain exponential gain.

While I am bullish on crypto space for the long run, it is very difficult to conceive that, from a technical analysis point of view we are at the beginning of a bull cycle.

I am primarily longing alt coins and maintaining a small btc short positions. i expect btc to consolidate for the coming weeks towards on the down side while altcoins still have more room to run.
 

EvanOkanagan

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Super noob question that’s likely already been answered.

Is there a preferred platform to buy/hold Crypto?

I’ve been using Coinsquare.
 

Frinys

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I look at the market from a technical perspective, and see more risk than reward to hold btc at this level expecting it to shoot for 50-100k level.

BTC bull market started since March at 5000 dollar during the Covid crash. People are celebrating now as if the bull market just started.

The 2017 Dec finished with a double top near 20k. The 2020 Dec we finished with a double top near 40k.

We had news debating about bitcoin we it was top at 1k in 2013, top at 15k-20k in 2017 year end.

Bitmain founder Wu Jihan cautioned that as Bitcoin market cap grows it is harder for btc to gain exponential gain.

While I am bullish on crypto space for the long run, it is very difficult to conceive that, from a technical analysis point of view we are at the beginning of a bull cycle.

I am primarily longing alt coins and maintaining a small btc short positions. i expect btc to consolidate for the coming weeks towards on the down side while altcoins still have more room to run.


The ATH in 2013 happened 12 months and 3 days after the 2012 bitcoin halving.

The ATH in 2017 happened 17 months and 7 days after the 2016 bitcoin halving.

The current ATH happened 7 months and 29 days after the 2020 bitcoin halving.

If we're at the top now, it would indicate that the market got saturated much faster than in both 2013 and 2017.

Yet the demand for Bitcoin has never been higher. People are considering it as an alternative to gold. Big institutions are buying bitcoin for the first time ever. The USA is printing money as never before.

I think this bull run is far from over.
 

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Timmy C

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The ATH in 2013 happened 12 months and 3 days after the 2012 bitcoin halving.

The ATH in 2017 happened 17 months and 7 days after the 2016 bitcoin halving.

The current ATH happened 7 months and 29 days after the 2020 bitcoin halving.

If we're at the top now, it would indicate that the market got saturated much faster than in both 2013 and 2017.

Yet the demand for Bitcoin has never been higher. People are considering it as an alternative to gold. Big institutions are buying bitcoin for the first time ever. The USA is printing money as never before.

I think this bull run is far from over.


This ain't even close to being over yet.
 

Frinys

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Did r/wallstreetbets and the Gamestop stock just start a crypto revolution?

This week has been a financial show unlike anything ever seen before. To summarize, the investment firm Melvin Captial had a short position of 140% of all of Gamestop's shares. They did this confidently because they, at the same time, were on mainstream media TV telling everyone why Gamestop would be bankrupt.

The giant short position was noticed by r/wallstreetbets and the people of that subreddit started to buy Gamestop shares. The Gamestop stock increased, causing an extreme short squeeze. Read more in the separate thread here.

Never before have we seen such a large hive mind of single investors affect a stock to this degree. For many single investors, this became a war against the hedge funds and their dirty tactics.

At this point, this had nothing to do about crypto.

But yesterday, Robinhood, one of America's biggest trading platforms for single investors, stopped all Gamestop buy orders. Investors could still sell their shares, just don't buy new ones. Robinhood did this to protect the large investment firms They effectively covered the asses of the investment firms by abusing the trust of their investors.

It has become very clear that as a single investor you are playing an unfair game. The rules are made by the big guys, and if you're winning, they will change the rules in their favor.

In other words, the current system is rigged. The big players will win, you will lose.

You must trust the banks when to store your money. You must trust a digital broker to trade stocks. And Robinhood demonstrated to the world just how flawed and vulnerable that trust-based model is.

This is why we need crypto.

"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model." - Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto, 2008.

This is literally the first two sentences of the Bitcoin whitepaper's introduction. Bitcoin was created as a trustless alternative to today's trust-based system. And since bitcoin's creation, many other cryptocurrencies have emerged, just as trustless as Bitcoin. And Robinhood just made it very clear that a trustless system is exactly what we need.

People will not forget what happened this week. And they will look for an alternative to today's system. That system exists, and it has existed for the last 12 years.

What's next?

I think we will see a big pull towards crypto in the coming years as a result of this week's events. The younger generations will be the first ones to adopt crypto, but sooner or later, everyone will be playing by the same rules in the trustless crypto game.
 

Kevin88660

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Did r/wallstreetbets and the Gamestop stock just start a crypto revolution?

This week has been a financial show unlike anything ever seen before. To summarize, the investment firm Melvin Captial had a short position of 140% of all of Gamestop's shares. They did this confidently because they, at the same time, were on mainstream media TV telling everyone why Gamestop would be bankrupt.

The giant short position was noticed by r/wallstreetbets and the people of that subreddit started to buy Gamestop shares. The Gamestop stock increased, causing an extreme short squeeze. Read more in the separate thread here.

Never before have we seen such a large hive mind of single investors affect a stock to this degree. For many single investors, this became a war against the hedge funds and their dirty tactics.

At this point, this had nothing to do about crypto.

But yesterday, Robinhood, one of America's biggest trading platforms for single investors, stopped all Gamestop buy orders. Investors could still sell their shares, just don't buy new ones. Robinhood did this to protect the large investment firms They effectively covered the asses of the investment firms by abusing the trust of their investors.

It has become very clear that as a single investor you are playing an unfair game. The rules are made by the big guys, and if you're winning, they will change the rules in their favor.

In other words, the current system is rigged. The big players will win, you will lose.

You must trust the banks when to store your money. You must trust a digital broker to trade stocks. And Robinhood demonstrated to the world just how flawed and vulnerable that trust-based model is.

This is why we need crypto.

"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model." - Bitcoin: A Peer-to-Peer Electronic Cash System, Satoshi Nakamoto, 2008.

This is literally the first two sentences of the Bitcoin whitepaper's introduction. Bitcoin was created as a trustless alternative to today's trust-based system. And since bitcoin's creation, many other cryptocurrencies have emerged, just as trustless as Bitcoin. And Robinhood just made it very clear that a trustless system is exactly what we need.

People will not forget what happened this week. And they will look for an alternative to today's system. That system exists, and it has existed for the last 12 years.

What's next?

I think we will see a big pull towards crypto in the coming years as a result of this week's events. The younger generations will be the first ones to adopt crypto, but sooner or later, everyone will be playing by the same rules in the trustless crypto game.
A lot of public perception about trading and financial market is not true.

Professional short-sellers are a minority.

Hedge funds playing short squeeze against shorts is not new. Reddit retail traders are just being very vocal. There are some big boys holding long positions on the same stocks and probably are staying away from media attention.

Government, regulators and the real “big boys” don’t like short sellers too. The entire wall street is a business driven by sales. They like to hype things rather than saying “this company is crap”. It does no one good.

The stock brokers are just covering their own a$$ to prevent too much market exposure. This is no point for them to please the short sellers because their customers are retail traders. Hedge funds are mainly using prime brokerage offered by investment banks. They just do not want to see too many retailers taking leverage trade on a very volatile instrument. Because if market crash and margin call come with forced liquidation, there will be slippage and debt incurred by clients owning to the brokers.

Imagine a retail trader’s account gets wiped out but he still owes the broker 10k. It happened before when oil price went negative. That is the broker’s nightmare. They are already charging close to zero trading fee.
 
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EvanOkanagan

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Anyone holding DogeCoin before it blew up? Threw some play money at it for entertainment purposes.
 

GPM

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Lol Dogecoin. I see they have gone up 10x since December, that is pretty crazy!
 

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Timmy C

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Bitcoin is not a private currency. It is an open, decentralized currency that can’t be shut down. The Pakistan government tried to ban Bitcoin and adoption went up, not down.

The network doesn’t care about the arbitrary rules of elite douchebags.

 

Timmy C

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it would be interesting to read the actuall bill itself.

The funny thing is, I don't even think they know the true definition. I imagine it will be like reading a book written by a toddler.
 

Timmy C

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The more countries that ban it the better.

The Streisand effect:

It is a social phenomenon that occurs when an attempt to hide, remove, or censor information has the unintended consequence of further publicizing that information, often via the Internet.
 

Matt Sun

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Goldman Sachs: "Short Squeez of WSB vs Hedge Funds could crash the market"

Last time the market crashed (March 2020) crypto also crashed. I'm getting kind of fearfull. Would it be a good idea to pull money to some stablecoin and maybe even be prepared to buy the crash ? What do you guys think ?
 

csalvato

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Goldman Sachs: "Short Squeez of WSB vs Hedge Funds could crash the market"

Last time the market crashed (March 2020) crypto also crashed. I'm getting kind of fearfull. Would it be a good idea to pull money to some stablecoin and maybe even be prepared to buy the crash ? What do you guys think ?

This is a hard thing to predict, IMO.

Whne the market and BTC crashed together in March 2020, the crypto world (and world at large) was in a very different place.

Since then, there were a few times where BTC decoupled from markets (and even went up as DXY went up).

It could be that BTC will be decoupled from those markets very soon. But maybe not. Hard to tell.
 

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These Musk wankers never cease to amaze me. So if he casually tweets that everytime he drinks dog pee, the stock market will swing in his favor, are his wankers going to follow suit?
 

Timmy C

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These Musk wankers never cease to amaze me. So if he casually tweets that everytime he drinks dog pee, the stock market will swing in his favor, are his wankers going to follow suit?
Yes.

He has enormous influence anything he says both good and bad will move the price of any asset.
 

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