Make your vote, Bitcoin will hit 18K now?

[Golden Fleece]

It is ominous that the price of Bitcoin is declining even on days when the⁤ stock markets are not open.

Bitcoin is now down over 72%. Meanwhile, gold is still⁣ doings its job as an asset that holds its value during tough financial times. It⁢ is still up one percent this year, while most other assets have lost value. So,︀ much for Bitcoin acting as digital gold.

 

[JohnnyDoe]

there are so many variables, like hashrate, operating costs including hardware, electricity etc. The rock bottom‍ should be around $3k, but there are plenty of newcomers for whom anything below $30k⁠ results in a loss. These guys will close operations, with obvious consequences for the price,⁤ like it happens with any commodity.

 

[369]

$13k and automatic bounce to 18-20k and after that we will create a channel high‌ probably between 15k and 19k

 

[boomy]

It went to 18,4K this morning but is up now 19,8K

 

[Martin Everson]

I saw it bottom out around $18,085 on coinmarketcap today 😀.

 

[clemens]

yeah now it is back 20K+

 

[369]

either it will go to $12-13k this week or end of august

 

[Golden Fleece]

Bitcoin will bottom whenever the stock markets bottom, the timing of which is very unclear‌ at this time because our masters at the Fed must decide whether to kill inflation‍ or have a recession. Those are the two options. There is probably less than a⁠ one percent chance of a soft landing.

 

[aage]

Why do you believe this week or August? what is the sense behind‌ it?

 

[Martin Everson]

Seems Celsius still blocking peoples funds. But I guess its users would have understood this⁠ all had they read the Term of Use.

https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6

Anyway the question now with BTC⁤ price hovering around 20k is whether it has hit the bottom or will fall further.⁣

 

[RealDude]

Compare the graphs of BTC and ETH from yesterday. Is crypto trading purely computer driven?‌

 

[CoinMaster]

it is slowly going up!!

 

[Martin Everson]

That's just correlation. They nearly all go‍ up an down at same time anyway. As of right now bitcoin is up so⁠ nearly all the top 100 cryptos are up on coinmarketcap. When it goes down they⁤ will too..lol.

 

[troubled soul]

Forget about Up and down. There is hugh arbitrage opportunity between ETF,ETP,Future, option and spot.‌ Try luck there . You can make Hugh money If you know the "Things"

 

[ImKing]

I don't know the things! What's the prediction now, anything to wait for before buy‌ BTC again?

 

[backpacker]

Yes, there is a lot to wait for!‍
Do you really think that it is a good idea to invest into anything which⁠ is highly affected by rising interest rates. A vicious cycle of rate hikes has just⁤ started and is not limited to the US. In this environment it is financial suicide⁣ to invest in crypto.

 

[JohnnyDoe]

Unless it is not. Don’t try to pick the bottom.

 

[Golden Fleece]

There is no need to pick a bottom for Bitcoin, mostly because you can't. Its‍ bottom will depend on macroeconomic fundamentals that have not yet played out, plus it has⁠ a very limited price action history. As backpacker already stated, just wait for the vicious⁤ cycle of rate hikes to bludgeon the stock markets, wait for the stock markets to⁣ bottom, and then buy Bitcoin on the price upswing. It is now correlated with stocks.⁢

When people are so disgusted by the mere thought of buying stocks (or crypto), then︀ that is the time to buy. We are not even close to such a market︁ sentiment capitulation. People are still talking about "buying the dip" or "buying the bottom." There︂ are still plenty of bull traps to navigate.

 

[369]

of course they are algo driven

 

[fortunespeculator]

Yeah although me and Golden Fleeces approach probably differ a lot and there is lot of︂ analysis here( and i dont like to dish out too much blah blah)-but this is︃ bang on.Bear market isn't over yet -neither in stocks nor crypto - it aint over︄ till the last Bull capitulates.There is going to be even more pain forward.