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RE: All Eyes On Bitcoin - $17,000

in LeoFinance4 years ago

It would be incredibly stupid to take profits right now except to buy back after a correction.

I go by PlanB's cross-asset stock-to-flow model. I'm not going to bet against it. I've been told PlanB is some Dutch fund manager who does quantitative analysis for a living. Bitcoin seems to be on its way to an extremely high price, which wouldn't be surprising because of its small market cap and the weird macroeconomic situation we're in where money printing has increased drastically from an already high level from before the pandemic.

We know from experience that BTC's bull market cycle tops have far exceeded its price predicted by the S2F model indicating irrational exuberance.

There's still quite a bit of disbelief among the public. In Google Trends the search term "bitcoin" is nowhere near where it was three years ago. Retail investors are still not paying attention.

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It is interesting that Bitcoin is about to equal its all time market cap high even though it is a few thousand below the individual token price high.

I do agree that this party is just getting started. The more I watch, the more I believe people who have bitcoin should just ignore it and come back in 10 years. The numbers reached will likely be higher than most are predicting.

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I would love to get to a point where it spikes, dumps back and I buy a bitcoin or two and then snap them right out of the market to store it for years in the future!

Yeah that is what all hope...the question is if we can catch the spikes and dumps.

Bitcoin can be fast moving and the worst thing is to get caught dumping and the price runs before one can get back in.

It is always a challenge.

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I too am expecting the pattern to play out again.