The argument for $3,000 Bitcoin


#21

@edwin This is the post you are talking about.

It’s a really long post, I only skimmed through it but got a general understanding. The cartels are manipulating gold, silver and Bitcoin. I remember hearing on this podcast that China is stocking up on gold and oil to diminish the power of USD. So I’m not surprised. It’s also not surprising that China has Bitcoin mining locked up even though they outwardly against crypto.

https://www.theinvestorspodcast.com/episodes/luke-gromen/

Is there a cartel? Probably. But is swing trading the deep dips and selling the rallies helping the price of Bitcoin? No. It will tank the price more as he’s taking profits. I’m not saying people shouldn’t do that, as I am learning TA just to do exactly that. But only the best will profit doing it. The rest will take losses or consider it tuition fees (I think I will be paying).

@DogeMinion The bear whales don’t have to sell their bitcoins to suppress the price. All they have to do is put up huge sell walls that can’t be broken by @TrueRockMarket and people that believe $6000 is a great price for a position. The FUD will push the weak hands to sell their Bitcoins and there just isn’t enough people demanding $6,000 Bitcoin to hold that price, hence price goes below $6k…

@Jimbob The previous Bitcoin crashes were Bitcoin being Bitcoin + Mt. Gox getting hacked. This one has external forces all over it from CME futures to Korea FUD to who knows what’s next? Blowing up Tether might just do it. It is getting up there to where Bitconnect was in terms of market cap (#14 on coinpuffs). Another centralized coin that probably can’t prove they actually are doing what they are supposed to be doing (in this case, holding equivalent USD for USDT). They might not need to use that just yet, but that will be used eventually…


#22

7k to 5k is a bargain…how is 19k to 5k not a bargain… makes no sense… I understand market sentiment differs from nov12 but Nov 12 had an amazing pump on bch that made people fomo and move their btc over just to get dumped on. People thought the flip was happening. So it was a different kind of sentiment but still one of a bearish look on btc.
Edit… not saying that novo would buy again… (he is questionable in the whole space) but there are many other people with fiat sitting in case of a drop at 5k or less.


#23

3k sounds reasonable. But if we turn back time - we can see that prevised ATL ( All time Lows ) after pumps retraced much lower.

2013: Pre pump $100. After pump: $200.

I’m saying if we fall to 3k. There’s no reason why we can’t also fall to 1.5k.

The only annoying thing is that on the way down to those prices, I expect a lot of volatility in the price which may cause people who believe ‘BITCOIN MOON NOW’ to FOMO in and then get burnt hard.

Hopefully I’m not wrong or I’m fucked ;0


#24

During this fall, does anyone know how the top wallets/hodlers are doing? I imagine that the lower it goes, the more concentrated BTC has become at the top? Weak hands sell, strong hands accumulate.


#25

Why sell your future fortune for pennies especially when the public is just getting interested in crypto… 2017 was only the beginning imo.

The big money is still waiting for the regulators to give them the okay. Imagine these trillion dollar pension funds allowed to invest a small portion of their money into crypto. My theory for the next bull run is a stock market decline and search for higher yields leading many to crypto.


#26

@2thdoc Unless Warren Buffet changes his mind and lead the way to invest in crypto, I don’t see any major players coming in to snap up Bitcoin at 5k. Ray Dalio would be another one but I think he’s semi-retired at this point. Maybe Jaime “The FUD” Dimon?

@7UP It certainly can fall to 1.5k. But I’m just using the two most recent crashes of over 80% to come up with the ~$3,000 price point.

If you believe in the research in this article, Bitcoin is still 2x to 4x overvalued, so either one of our price points can be correct.

@MightyMax The top wallets haven’t acculumated any new Bitcoin from my quick scan of the rich list. But if I was a whale, I would rather acculumate in a new address or multiple addresses so you can’t identify me as a whale.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

@DogeMinion Agreed. Although pension fund dollars have restrictions on the asset they can invest in. Regulations need to be changed so they can invest in Bitcoin. Even if that happens in 2018, look for 2019 for actual investments in Bitcoin.


#27

getting tired of people who obviously just want to buy cheap BTC :stuck_out_tongue:


#28

I’m little tired of these huge Bitcoin exchange rate turbulences… Fears of investors are too big to cryptocurrencies break into mainstream. There is a solution - projects like Nebula Network, soon there will be pre-sale. It’s a crypto with rock stable exchange rate separated from Bitcoin. It’s thanks to emission mechanism tied to their supply.


#29

@Crackton, Who doesn’t? If you want to buy $11,000 Bitcoin, I can sell you at 10% discount.

Point of this post is if you are buying Bitcoin today, know that it has potential to drop a lot more so either buy it and forget it for a year or layer your buys using DCA or TA.

@SirTokeno Sounds like a good idea. Just wish they debut two years ago so we can actually be using it today. The name is a bit confusing though, thought you were talking about Nebulas at first.


#30

TBH I’d rather see the price rise :wink:


#31

History repeats itself


#32

We are not quite there yet, but definitely working our way there. Getting ready to buy 2 Bitcoins if it does fall to $3k…


#33

3000 USD is still 3x from January 2017 so why not


#34

This argument is definitely getting more receptive now than when I first posted it back in April 2018.


#35

SO SAD
:tired_face:


#36

What’s there to be sad about? That just how crypto works. After every ATH, the price has to get absolutely destroyed before we can reach a new ATH. It was so frustrating seeing it hang out at $6,000 for so long that I was falling for the argument that it was the bottom when it obviously wasn’t.

I don’t want to sound masochistic, but let’s bring on the pain from this point on and not recover back to $5,000 and hang out there for another 3 months.


#37

You are right. I made a comment earlier about wondering if these were the exact same conversations people were having back in 2014


#38

Is there anyone in the pub from back then ???


#39

No. Just check Reddit or Bitcointalk for those conversations. Or Twitter if you follow OGs like Trace Mayer.


#40

Found some reddit posts. Is very similar rhetoric.