20i Domains

Who's Holding BTC?

Discussion in 'The Bar' started by Hay, Aug 18, 2020.

  1. Admin

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    11,097
    Likes Received:
    426
    Everything is different though...
     
  2. Domain Forum

    Acorn Domains Elite Member

    Joined:
    1999
    Messages:
    Many
    Likes Received:
    Lots
    articles.co.uk
     
  3. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,352
    Likes Received:
    348
    @Hay Think its definitely due a decent retrace at some point very soon (especially now its hit ath) But think it's a different playing field now and will absolutely head skywards again. You've got lots of positive news and institutional investors jumping on board now. I'm just waiting to get back on board again after taking profit.

    Meanwhile there are daily pump and dumps on the minor altcoins to play with :)


    EDIT
    This could also just push straight on up. I was expecting a decent correction a couple weeks ago (which @Admin correctly called as just pushing on up to ATH) Meh.... it has to come down at some point (famous last words)
     
    Last edited: Dec 16, 2020
  4. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,266
    Likes Received:
    416
  5. Hay

    Hay Active Member

    Joined:
    Jul 2019
    Posts:
    389
    Likes Received:
    99
    @Murray You could be right, if we don't see the bears soon then I suspect it will head for $25k
     
  6. ian

    ian Well-Known Member

    Joined:
    Jan 2008
    Posts:
    4,202
    Likes Received:
    314
    Historic results show that we've mirrored past halvenings and we might see a strong run up from here, with $250k achievable in the next year or two. I cannot see any major correction outside of a world financial collapse this time around; there are just too many institutions buying as a hedge against failing currencies.
     
  7. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,266
    Likes Received:
    416
    I'm just trying to predict where there is support/resistance rather than where price will go

    20,800-21.5 I'm looking at as being the top for now but we shall see

    Maybe we will get a big blow off top at ~$30k before it collapses :cool: that would be quite spectacular
     
  8. twostepsbehind United States

    twostepsbehind Active Member

    Joined:
    Aug 2014
    Posts:
    248
    Likes Received:
    30
    With global GDP at $80tn, Bitcoin going to $250k would mean a $4tn market cap i.e. 5% of global GDP - unlikely
     
  9. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,266
    Likes Received:
    416
  10. Admin

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    11,097
    Likes Received:
    426
    I read this yesterday:

    Bitcoin is the world’s sixth-highest used currency. It’s used more than the British pound. Its trading volume is six times that of the United States dollar. Cryptocurrency developers and venture capitalists use it almost exclusively. Every other digital coin is compared to it. Bitcoin is the gold standard of cryptocurrency

    Read More https://techbullion.com/4-indicators-that-will-drive-bitcoin-price-in-2021/
     
  11. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,352
    Likes Received:
    348
    I suspect now it'll pop up to top of channel. I was hoping it was going to head down this last touch of the bottom rung for a bit of a reset before the ATH next run up. Either way... not a great place to get in at mo so ill hold off either way. If it pops below the channel could be a bit of a sell off. Screenshot 2020-12-16 at 17.09.52.png
     
  12. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,352
    Likes Received:
    348
    Really ? What ...actually used to buy things ? As bullish as i am on BTC that seems unlikely to me somehow that its used more than GBP
     
  13. Admin

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    11,097
    Likes Received:
    426
    It doesnt mention buying things.
     
  14. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,352
    Likes Received:
    348
    Fair enough. It says 'used' more than gbp and traded as separate issues. Figured they meant used as a currency.
     
  15. twostepsbehind United States

    twostepsbehind Active Member

    Joined:
    Aug 2014
    Posts:
    248
    Likes Received:
    30
    On CoinMarketCap, the 24h volume is always around $40bn, so how can it be 6th highest in the world.

    Is there another measure they used?
     
  16. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,352
    Likes Received:
    348
    Out of interest, for all those holding, are you just holding or taking profit and getting back in at any point ? For instance now after an ATH
     
  17. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,266
    Likes Received:
    416
    I sold 1/4 of what I have earlier today

    Probably far too early but it's nice to remove some risk and I think I'd be more annoyed if it collapsed from here and I didn't take some profit than if it shoots up and I miss out on a little extra money
     
    • Like Like x 1
  18. ian

    ian Well-Known Member

    Joined:
    Jan 2008
    Posts:
    4,202
    Likes Received:
    314
    Only holding and buying.
     
  19. Admin

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    11,097
    Likes Received:
    426
    Hodl... Its going up. Ask a child to look at the graph and ask them what they think is going to happen
     
  20. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,266
    Likes Received:
    416
    They would say it could collapse back at any time :p

    My big issue is with current monetary conditions rather than bitcoin itself

    I've looked at what US commercial banks are doing in the h8 data and the answer is
    1. not lending
    2. buying bonds with low yields
    3. low swap rates
    Aka tight money - people are hyped on on stimulus and inflation talk in fhe US not looking at real picture
    • 40 million people avoiding homelessness only for the fact there's evictions bans, 70 billion in back rent owed
    • On top of the unemployed figures there's 13 million people on cares act unemployment scheme that ends this month
    • highest level of people seeking mortgage forbearance relief since August
    • no student loans have been paid since March, that just got extended until January
    I read in August there were 150 billion in deferred loans, what will that be at now

    Are these the conditions for sustainable record high bitcoin flying to the moon? nope, sooner or later we will see everything crash like in March with an insolvency crisis

    After the next crash will be a good opportunity to buy more btc


    btc.jpg
     
  21. ian

    ian Well-Known Member

    Joined:
    Jan 2008
    Posts:
    4,202
    Likes Received:
    314
    That is the point though, the USD and other currencies are so heavily leveraged that institutions are seeing Bitcoin as a safer heaven right now, even against gold, so whilst a drop is likely if the rest do, it shouldn't be anywhere near as bad as we've seen previously. Just makes more buying opportunities.