Bitcoin reached $2300! How high can it go?
8 years ago in #bitcoin by knircky (72)
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You said you're staying in the market. Are you staying in 100% for now? I'm selling a significant portion of my stake and planning to buy back in after it crashes.
I do think there is still much energy in this run, so I am not ready to sell yet. I think it might be a good idea to liquidate some winnings at this point. For me personally that does not make sense because of taxes (I live in the US ). I need a crash beyond 50% for it to make sense for me. So in generally i need to be very sure that its over before i want to sell. A different tax situation would make me have a different strategy also.
But I am planning to take some profits a bit later or when the trend is over. I just don't think we are there yet, even though i'm convinced we are in a bubble.
Does this make sense? I did sell 10% when eth was at 70-75 already. That has cost me a lot. But eventually u have to take some profits.
Thanks a lot. Very interesting; espcially the extrapolations. The crutial question is: Who is already in? I think the big money is not. But if it wants to be in, an incredible mania will take place. Although all looks like madness, the next highs will be far away from here.
The trend is your friend, early days in my opinion, hardly anyone owns a Bitcoin yet.
Bitcoin is not a bubble. FIAT currencies are. Bitcoin is just reflecting their falling value. Even gold can't do that, because gold is physical and therefore can be controlled. Bitcoin can't. What you see is not a Bitcoin bubble, but bursting bubble of paper
I agree. I also think it doesn't matter. As the true value of all fiat money is revealed (headed to zero) having multiple cryptos coupled with some physical assets on hand (Gold, Silver, Land, tools, etc.) is our best bet. I think the OP has a great analysis here, I just disagree with the postulation.
fantastic post @knircky, excited to see where the price action takes us. no matter what HODL!
I had not seen the BTC/USD on a log scale before!
Great analysis. Does the fact that it broke out of the log range scare you that a correction may be in the cards?
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Hi Phil. Really good vid.
I've been a fan of your youtube channel for a while. In fact before I even knew what steem was.
May I ask, do oyu mind if i reference your video in a post im writing? It has to do with your bullet points near the beginning.
cheers
Thank you so much for the kind words!!! I would be honored if u reference my work! Send me a link when u do so I can check it out.
here ya go buddy. you inspired me today :)
cheers
https://steemit.com/steem/@toblerusse/phil-knirck-woke-up-the-hamster-in-my-head-today
Good analysis... but unlike previous bubbles the BTC rise has been fairly stable... I don't see the price crashing 50% at $2400. I agree with you it has more room to go but I think it has a LOT of room to go. Wouldn't be surprised if the BTC bubble lasts for another few months with prices going well beyond $3-$4K. When alt coin bubble pops there will be a lot of $ coming back into BTC. If consensus is actually reached BTC price will rally. The rising transaction rate and coinbase users indicate real growth unlike what we've seen in 2013. I think BTC will still need to have a boom and bust cycle... a slow and steady rise for the last year isn't much of a boom.... although price doubled in 1 month I think the top of this bubble will be more clear after we see much larger weekly candles
Great analysis. Following. Agree with you also.