I think there are a whole load of stop losses that big players want to match up to buy orders below 20k so 18k seems likely to me. Lots of small investors selling off in fear too so wouldn't surprised to see it go lower. I think around $12k is the likely floor of this bear market.
Looks like the Crypto market is in complete meltdown today -- as firms stop transactions, values plummet, and multiple firms announce staff cuts. https://www.google.com/search?q=crypto+market&source=lnms&tbm=nws
When you, Tsingtao or Treefrog come over to the trading forums usually a bottom or top is close. How much do you 3 jackasses get paid to post?
It's getting down to where a pivot may occur soon. I called the top in first post of this thread at 43k on jan5. I was looking for inverse btc ETFs but didn't find one. Not calling a bottom yet, but if I see 3 sequential up days > 20 I'm likely to buy. Currently btc 19k on june 18.
Some of the crypto evangelists on here can get on your nerves sometimes but we are getting to levels were lives are getting wrecked. A friend's colleague took a $300k hit and dropping, going big on ETH when he thought BTC was basing at $30k. Celsius going insolvent and Tether depegging could really slam crypto even further. Watched a MeetKevin crypto YouTube video on how Celsius might have ponzi up its leverage using SETH/ETH. Complex and scary, this house of card looking ready to tumble. Stay safe.
I'm not being calloused here but bfd, sh*t happens in the markets. Put $300K in one basket, and you should probably know the risks. Pretty simple. Honestly, I don't know why everyone makes such a big fuss about crypto. It's just another thing you can trade. I mean for most people. Pull up a one year chart. It went from 34K to 19K. 44%. I mean that sucks, but dozens and dozens of tech stocks dropped that much and more. Friggin' Twilio went from $400 to $80 something in the same time period. I mean even Boeing went from $250 to $136. Uber- $42 to $21. It's the game. Welcome to it. All that matters is percentages. Period. I don't understand this ongoing bitter war between the the crypto bulls and the rabid anti-crypto cult. Who cares? It's like you all seem to gravitate to one side or the other and then have at it. It's so enigmatic of our greater culture it would seem. Divided. Pick a side. Now there are some, like @johnarb here, and perhaps @Baron and few others, that believe BTC will go to $500K or whatever in a few years. But the difference between them and most of these people that bought the hype and are now crying about it, is that they understand it, and they aren't in the game to get rich quick. John knows the risks, he's said it many times here. "It could go down, I don't care". This is like the 3rd time I've mentioned this guy this week, but Peter Lynch wrote that he bought many stocks that dropped substantially after he bought them, but he knew their story and he understood the company. Same thing with Berkshire Hathaway and Buffet. So are the crypto bulls right? I have no idea. If they are, than yeah, you'd be hard pressed to find a stock that trades at $19 today that will be $500 a few years from now. But other than that, this constant obsession with its moves--- like going from say $22K to $19K--- christ, who cares?! I can pull up a dozen stocks that went from $22 to $19 percentage wise in the last two weeks. If the market bounces, they'll go right back up to $22. Why don't they make the front page of every financial media outlet in the world? And yes, I already know the answer to that: because BTC and the other cryptos are an alleged world changing monetary "concept", for lack of a better word. But so are self-driving electric cars, and AI, and robotics, and CRISPR, and a dozen other things. Technology has put us on the brink of many world-changing "concepts". The blockchain and cryptos are just a few of the many. Elon is going to Mars, Moderna made a vax in 9 months. Cars are driving themselves. Whatever. So from where I sit, the only difference between BTC and any other stock is that it has 3 zeros at the end of its price, a great many people think it can go much higher, and just as many people think it's worthless. Might as well be TSLA or GME. In the end, it all comes down to the percentages. Making money, using money. Why waste time arguing over the vehicle used?
Bitcoin hit what $3 k in 2020 . It’s still up 6 fold . In 2020 the ath on the S&p was 3200 . That means means the S@P from 2009 to 2020 ran from 666 to 3200 ish . Yet people think a drop from 4800 to 3680 is earth shattering . The fed was responsible for 70% of the bull mkt run . Their taking it away now . Why can’t we fall to 2000 and go sideways for a decade ? This might not end until people hate the stock mkt . The hang over is hell . For the first time in 30 yrs the fed can’t manipulate stocks up .I’ve counted 3 times in last 5 months Cramer saying bear mkt over . Tom Lee , Jeremy Seigal , and Marko kolanovic have been calling dips this year great buying oops since 4500 . This feels like until all these guys are discredited and embarrassed it doesn’t end .This feels different and it just started .
People have been waiting for markets to correct back to 2008 values... but the Fed kept pumping QE into it to avoid gravity. We still are on borrowed time.
So your take is that more falling to come? Idiots believe that a thing can go up FOREVER. That belief is being tested right now. Hey, before we release it to the masses we should stress test it, right?