And just as anticipated, the asia open send #btc down to $54k. Price cannot withstand negative news, regarding apprehension as to what Mt. Gox customers will do with their 10 year old btc, once they receive it (most likely sell, as they already made BANK like no one else...) and the messy chart, that shows a double-top. I'm short and "hope" for new lows, for the summer at least. A good opportunity to then shuffle in... Fall will be most likely bullish, espec. when Trump wins. Actually its clear what to do ...
But Tom lee says 100k by end of 2024 And some even predicting $1,000,000 by end of 2025 so it has to move up... Between equities, bitcoin, housing prices, art work, exotic car auctions and everything else, it's just one big inflated bubble.
Except they got the cash equivalent of the 2014 value. The real question is, what happens with the extra money?
After a 10-Year Wait, Mt. Gox Bitcoin Is Finally Being Returned https://www.wired.com/story/after-a-10-year-wait-mt-gox-bitcoin-is-finally-being-returned/ ............ In a highly atypical turn of events, Mt. Gox customers actually stand to profit financially from their involvement in the bankruptcy. Because only a limited amount of bitcoin was recovered, customers will receive only roughly 15 percent of the bitcoin they held on the exchange. However, the hundredfold increase in price in the intervening period means the dollar-value of the coins will far exceed the worth of their original pile. In all, around $9 billion worth of bitcoin will be returned. “I’ve seen the crypto universe rise, die, and rise again,” says Daniel. “I’m watching the bitcoin charts daily.”
Ok, let me understand this trading model... You are shorting (which we all know is dangerous as fuck here), and in the very same sentence you are relying on "hope".
Since October 20, 2021: (using yahoo and a btc etf) Number of bitcoin daily performance below -8%: 15 (worst -20%) Number of bitcoin daily performance above 8%: 16 (best 22%) Shorting is not that dangerous.
If I do trades, I look out for short setups. Atm, I am not into anything with bitcoin. Yes, short term I am bearish, definitely. Midterm, I hope for new lows, a consolidation, to the end of the summer. (for new opportunities) What is hard to understand? Btw: Why is shorting "dangerous as fuck here"?! It's just as dangerous as with any asset; or is there any 'specialty' btc holds, that makes it shorting a special thing?? To my knowledge none. Espec., since all trades are more transparent with btc than with any other asset class...
Shorting is only dangerous when the trend is long and strong, which should be obvious to most. All symbols all markets all the time.
You sound almost verbatim from James Cordier, just before he blew up his hedge fund on short strangles with high-vol commodities.