Cryptocurrency Surge
Bitcoin shot above $40k today, doubling in just about three weeks. When is this madness going to end? Or is crypto the future?
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The same thing happened 3 years ago and after "robinhood investors" got in and lost all their money people stopped talking about it. Can't really be certain if it's the future as everyone keeps on saying but this bubble is going to pop real soon.
HODL
Stimulus checks went out
This is fucking nuts.
If institutions continue to buy it, it could very well become a gold alternative and reach a very, very high price. This bull run is much different than 2017s
Read about grayscale BTC, this thing is not stopping anytime soon
Insanity
Looks totally normal and sustainable.
People post their gains and Bitcoin mines on TikTok. I saw one guy video his Bitcoin mine and said he was making $70K/day on it.Β
Could be the same. It was a different video but also claimed $70K/day so probably the same place.
Doesn't it make you want to build a Bitcoin mine?
Best investor of our generation. Period.
My predictionsΒ
So far, the average surge/boom cyclesΒ seems to last for around 1 year. We saw this from late 2013 to late 2014, mid 2017 to mid/late 2018, mid 2019 to mid 2020. If you remove these boom cycles (from start to stop), it does indeed seem like BTC has some steady exponential growth (easier to see in log, where it's linear).
With that said, I think this cycle will peak shortly, maybe within a month or two, then crash, and maybe settle around $20k - $25k in the fall. The current cycle started aroundΒ October last year.Β Β
As for the price, I think it'll max out (in this cycle) around maybe $100k - the previous cycles have maxed out at around 5x - 10x the pre-surge price.Β
All this is just based on looking at the charts / curve-fitting, as well as trying to predict when things start to normalize w.r.t COVID - so take all of this with a huge chunk of salt, I could be way, way off.Β
edit: Seems like the Tether clusterfuck still hasn't been resolved, so who knows - maybe it's artificially propping up BTC.Β
It seems that you have followed BTC for quite a long time.
Do you think this cycle will be different given more robinhood speculators have the HODL mentality? Also, could institutions catching falling knife mitigate the crashing scenarios?
Here are the factors I believe are contributing this cycle, on top of he regular hype and FOMO:Β
- Institutional investors trying crypto as new avenueΒ for high-yield investments, especially with the interest rate being at rock bottom.
- Regular people (with some cash to spare) trying out crypto, either for investing, storing value, or whatever.Β
- Various factors surrounding COVID; people have more time to explore these things, and more people are probably desperate to multiply their money. Crypto is very tempting if that's the case, given its ridiculous returns.
- Positive news on the use / adaptivity of crypto.Β
But tbh, I think it's mostly whales driving price up and down. Probably lots of sell-orders ready as we start breaking through various thresholds ($40k, $50k, etc.) - which will cause dips in the range of $ thousands. These whales could be brokers, institutional investors, etc.Β
I don't think buying at the dip / trying to catch a falling knife is too bad, if you just hold onto what you're buying. There will be future cycles, IMO.Β
its madness and im too chicken to buy into it now, because the second i do that shits gonna half lol
Let me know when you're about to so I know when to sell.
Word same
This isnβt the same as 2017. Lot more institutional supportΒ
Even once this pops (not if, when), there will be another breakout, and then another, and then another.Β It'd be different if these assets shot up once and then were never heard from again.Β They keep coming back into the fold with stronger support each time which, in this case,Β is coming from institutions.
As George Soros said, if an asset crashes into oblivion and is able to comeΒ back - pay attention
tbt https://www.wallstreetoasis.com/forums/im-in-college-and-a-millionaire-β¦
I remember that, I was in audit and thinking "what the fuck am I doing with my life?" I did not get the last laugh
also the other day someone wrote us on IG: "can we pay you to post pro-crypto memes?"
Ahh, the oleΒ millennial pump nΒ dump... classic.Β
This is really great
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