Previously no recession, that's why when bitcoin drop, it will rise even higher.
Now with recession, everything changes. Who will pump bitcoin this time.
Now with recession, everything changes. Who will pump bitcoin this time.
1
- Joined Dec 2019 | Status: Member | 505 Posts
You don't know? The Crypto "revolution" is over! Bitcoin is a failed experiment. Blind believers, smart speculators, scam operators and other interested will continue to support the "dream" for many years. You will see more ups and downs on the way to zero. BTC failed as a currency. Failed as a store of value. Impractical for mass use. The blockchain technology is very complicated, energy intense and highly dependent on network. Therefore unreliable due to lack of options for further development and upscale. Offline use is impossible anyway. Ca$h...
Since 2013, BTC has made 2 85% drops from highs, each one recovering with a 1500% - 2000% gain the the following years. This is nothing new. If we get to another 85% drop, we are looking at a 10-11K USD value BTC. Plus, you have to remember, this is only the USD value of BTC anyway, which is totally irrelevant.
If people were buying BTC only to one day sell/convert it back to USD, they never really understood what BTC is in the first place, and I can't feel sorry for them
TIME is the most valuable commodity 
- | Joined Nov 2021 | Status: Member | 61 Posts
{quote}
Saying that "it is only the USD value of BTC, which is irrelevant" is completely foolish, and let's just say that statement doesn't reflect reality. Like any investment, the valuation over time of that investment is actually a bit important (duuuuh!). Only a few with tinfoil hats bought BTC actually thinking the USD would somehow collapse and disappear from this world, and we could finally buy unicorns with the beloved cryptocurrency.
A little fear and geopolitical instability quickly brings (lucid) people back to reality, and puts over-valued instruments at their right place.
- Joined Dec 2019 | Status: Member | 505 Posts
{quote} "If people were buying BTC only to one day sell/convert it back to USD, they never really understood what BTC is in the first place" - You have to be really naïve to think that... Like, 99,9% of the people who bought BTC did it in the hope that it would gain value.... against the USD (or whatever currency it's evaluated against). People don't buy BTC in a vacuum, they buy it in the hope it gains value.... against the USD. Which is kind of ironic, if you think about it: the valuation of bitcoin is based on a currency that it's supposed to...
Hey Oliver Twist, thanks for your reply
Yeah, I know it does seem a little extreme to think now that Bitcoin could replace the USD as the major global currency, but I wouldn't say it a totally foolish concept. But I totally respect your opinion. I like having bitcoin as part of a mixed bag of investments, and will hold it until retirement. Will it be a useable currency by then? I have no idea, but I like being involved and fully accept that one day it may all be gone 
TIME is the most valuable commodity
- | Joined Apr 2021 | Status: Member | 72 Posts
{quote} You are right. As I see every cycle is drop at 85%, then rize 20 times. -85% of 65-67k is about 13k. And then next bull cycle will start. {image} As you see we have only -74.15% reached on BTC yet, but last was -83.59%.
Howdy, Ryuryu
Nice Observation. You Finaly figured it out!
What was the formula for your arrived conclusions?
- Joined Apr 2020 | Status: Member | 1,522 Posts
{quote} Howdy, Ryuryu Nice Observation. You Finaly figured it out!
I don't play chess with pigeons, so I just posted last 3-4 cycles observations and they are the same. Current cycle can be different for sure, or can be same too.
But since I don't trade crypto in long term (only algo scalping) it doesn't matter much for me.
For me crypto is just an instrument for speculations. It just have real volume, API and much better volatility. If compare with forex it is at least 3x times less risky (or if you want 3x times more profitable).
Observer effect
