Jump to content

Epic Pennant on BTC Chart


Recommended Posts

  • Replies 9.7k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Well guys for those of you that got in late 2017, this is what the beginning of a Bull Market feels like.  There will be ups and downs of course, but it will get much crazier with much higher valuatio

Just taking the time to say a huge thank you to you @Eric123. I have been reading this thread daily for a long time now. I don't often sign in to post something so this thank you and acknowledgment of

I was a bit bored, so I decided to analyse the reactions in the first 404(!) pages of this thread. In those 404 pages, 3938 comments received a reaction, and in total there were 11515 reactions g

FUD - Tether is in court (worlds biggest ponzi scheme after the Fed and most other central banks of course) and Ripple is also having a big fight on the phone with a judge and the SEC, not to mention - imminent stock market crash or maybe just whales playing mind games - who knows :)

Link to post
Share on other sites

Today is a classic heart-breaker pullback, designed to crush the people that fomo'd in and trigger their stop losses and get their bitcoins. 

This is a big reason why people sour on bitcoin and lose money in bull markets.  Someone sees bitcoin at 30k, then 40k then 50k they they decide to buy in at $55k, the price drops below $50k they get scared and sell at $49k, the price ends up closing at $55k and two weeks later it's $60k.

@Chookstar  exactly what @ManBearPig said about the ETF, it will make it easy for older Millennials, Boomers and older to buy bitcoin, and they are the ones with the $$.

@Luinorn  midterm will be a steady move up with volatility.  There will be many runs and drawdowns like we are seeing today.  Parabolic will be when we are moving up multiples of the previous ATH in a day. $40k - $100k moves up in a day.  Bitcoin's previous ATH in 2013 was $1,200, at the end of 2017 there were moves of over $5k a day.   So given the 2017 high of $19k a move of around $ 80k would fit with pattern.  I think the bull run last till the beginning of 2022 and perhaps it will be different this time with the intuitions joining in they have strong hands and move slow, they don't panic dump (as a rule)

On 2/20/2021 at 5:18 AM, Neurotoxin said:

As I understand it, ETF’s don’t really come with single assets.

There are ETF's for many single assets.  GLD is an ETF for Gold, SLV is an ETF for Silver,  most of the metals and Oil have etf's .  There are ETFs in existence for Bitcoin in Europe and most recently in Canada, though none in the USA, yet.

@Xrpdude  Will this cycle behave like the other ones???  If so we go parabolic in November and run out of steam in December. I don't know if that happens this time though, this time might be different.  There are a lot of forces at play that didn't exist in the prior runs which may extend the run.  

 

2 22 2021.png

Link to post
Share on other sites

Imho these bounces like we saw today can give false confidence the worst is over, but knowing BTC this is only the beginning of a bigger correctional wave which could take weeks to play out. BTC can always surprise and show unbelievable strength, but I am very much prepared to see us dip 40% from here. In 2017 alt season started after BTC took a huge correction, not before. 

Link to post
Share on other sites
9 minutes ago, Plikk said:

Imho these bounces like we saw today can give false confidence the worst is over, but knowing BTC this is only the beginning of a bigger correctional wave which could take weeks to play out. BTC can always surprise and show unbelievable strength, but I am very much prepared to see us dip 40% from here. In 2017 alt season started after BTC took a huge correction, not before. 

Lots of alts has run 3x, 12x already sats wise since 01/02/2021.

I thought the alts season already started. It's just some started earlier than others.

Or It's the same in the beginning of 2017? 

But the official alts season will be more dramatic, more volatile than ever if it plays out as all we anticipated, IMHO

Link to post
Share on other sites
1 minute ago, MQB said:

I thought the alts season already started. It's just some started earlier than others.

Exactly this, ETH is well above it's 2017-2018 high, Polkadot is high, Cardono is high but other coins are nowhere near their previous ATH's - LTC, NEO, XRP, etc.  

I'm not sure what would be a good judge of when ALT season begins, maybe it will happen in stages.

Link to post
Share on other sites
2 hours ago, Eric123 said:

There are ETF's for many single assets.  GLD is an ETF for Gold, SLV is an ETF for Silver,  most of the metals and Oil have etf's .  There are ETFs in existence for Bitcoin in Europe and most recently in Canada, though none in the USA, yet.

 

Grayscale Trust fund GBTC has been going since 2013 and is easily traded in the US using brokers such as Fidelity, E-Trade, Ameritrade and the like. It acts similarly to an ETF, but does attract a higher than normal management fee and is priced at a premium over the actual btc price (due to it's own market forces). Still a great way to gain exposure to btc through traditional investment accounts in the US.

Link to post
Share on other sites

We have only seen some alts recover from the bearmarket, to reclaim ATH or climb a bit above. Most have not even reclaimed 50% of ATH. With some excpetions like DeFi coins or BNB etc. But they are not the rule. 
 

If alt season really commences, it happens after BTC has had it’s big correction, at least 40% down in a matter of weeks. As soon as BTC then stagnates, profits flow to alts which will go up hundreds to thousands of %. 
 

Let’s say for example ADA now drops to 60 cents on this BTC correction. Then as soon as BTC stagnates, ADA will suddenly move up to 2-3 USD in a week’s time and then stall and then boom to 6 USD and blow off top to 10 falling back down to 4. Stuff like that would signal we are in a true alt season. If lucky, we get 2 of them this year. With the first one starting after this BTC correction and then the second one after BTC tops. 
 

This is how it has worked out previously and there are no signs it will not this time. I don’t expect the same type of gains as in 2017, but it will still be crazy enough to lock in plenty profits. 

Edited by Plikk
Link to post
Share on other sites
3 hours ago, jMusic said:

Grayscale Trust fund GBTC has been going since 2013 and is easily traded in the US using brokers such as Fidelity, E-Trade, Ameritrade and the like. It acts similarly to an ETF, but does attract a higher than normal management fee and is priced at a premium over the actual btc price (due to it's own market forces). Still a great way to gain exposure to btc through traditional investment accounts in the US.

Correct me if I'm wrong but don't you have to be an accredited investor to buy Grayscale products?

Link to post
Share on other sites
On 2/21/2021 at 9:00 AM, ManBearPig said:

I think it is fair to discuss tax implications of cryptos in a trading and speculation forum, especially for Americans who can end up owing up close to 50% depending on their location, holding period, and income.  It is a very important topic if it is not understood fully you can get yourself into financial ruin (there are examples from the 2017 bull). 

Speaking of which, the USA is looking at adding new ‘financial transaction taxes’ in the future.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.