Bitcoin price discussion and analysis

[mullokintyre]

Christine Lagarde has more Chutzpah than Donald trump.
In the article from Zero Hedge she argues that

European Central Bank President Christine Lagarde has taken aim at cryptocurrencies, arguing in an interview on Dutch television that they’re essentially “worth nothing” as they lack underlying assets “as an anchor to safety” while calling for them to be regulated.

Someone who controls a CB that peddles fiat currencies of various sorts with no assets to back them up is hardly in a position to lecture others who do the same.
Mick

 

[wayneL]

Christine Lagarde has more Chutzpah than Donald trump.
In the article from Zero Hedge she argues that

Someone who controls a CB that peddles fiat currencies of various sorts with no assets to back them up is hardly in a position to lecture others who do the same.
Mick

It's a delicious irony indeed. Unfortunately 90% of people fail to see it.

 

[Trader X]

Christine Lagarde has more Chutzpah than Donald trump.

Let's focus on the merits and context of Lagarde's comments...

“I have said all along the crypto assets are highly speculative, very risky assets,”

Just echoing the obvious (or should be), trading in crypto is pure speculation

“My very humble assessment is that it is worth nothing. It is based on nothing, there is no underlying assets to act as an anchor of safety.”

Crypto has a price so has "worth" in that context, the rest is again echoing the obvious.

“She added that she’s worried about people speculating on cryptocurrencies with their life savings as they may not be aware of the risk.”

To be fair, only investors with a professional mindset properly assess risk. However, accurately assessing the risk of placing bets on crypto would be next to impossible. Crypto speculators focus their laser eyes on getting rich at the crypto casino where they believe with religious fervor the odds are in their favor. I favor crypto speculators having the freedom of choice to bet their life savings on crypto if they wish but with no recourse to socialize the cost of their loses.

“Lagarde said she’s concerned about those “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which is why I believe that that should be regulated.”

Since legal gambling is regulated activity this is probably a valid point. However, this salvo is setting the stage for the introduction of CBDC by an influential CB official. The intention of such "regulation" is to stifle competing decentralized crypto. You don't need to ban crypto, just strangle it with regulations.

The are of course "fiat currencies of various sorts with no assets to back them up" but unlike crypto, nation states have taxation powers and also vast government held or controlled property assets. As Kissinger famously said...

“Who controls the food supply controls the people; who controls the energy can control whole continents; who controls money can control the world.”

The central banks control the money and are unlikely to cede that control to Bitcoin or any other decentralized crypto project.

 

[StockyGuy]

It's a delicious irony indeed. Unfortunately 90% of people fail to see it.

I kinda fail to see it. Don't get me wrong, the comparison between fiat currency and crypto is rhetorically cool - a thought-provoking pot calling kettle black allegation. But clearly it's a bit of a false equivalence - a currency like the euro, even unbacked by gold, is empowered and validated and guarded (no Christine pun intended) in so many ways that a crypto is not.

 

[Garpal Gumnut]

I do wish these Bitcoin billionaires would stop propping up BTC and let the casino lose, get the teams in for a deep clean and let it start all over again.

It reminds me of that Australian trope. " Me call him a bastard ? I never called him a bastard, the bastard".

The price of BTC is a Norwegian Blue hanging in dear death glued to it's perch, A Dead Parrot.



gg

 

[mullokintyre]

I do wish these Bitcoin billionaires would stop propping up BTC and let the casino lose, get the teams in for a deep clean and let it start all over again.

It reminds me of that Australian trope. " Me call him a bastard ? I never called him a bastard, the bastard".

The price of BTC is a Norwegian Blue hanging in dear death glued to it's perch, A Dead Parrot.


gg

Why hold back GG, tell us what you really think!
Mick

 

[Trader X]

I do wish these Bitcoin billionaires would stop propping up BTC and let the casino lose, get the teams in for a deep clean and let it start all over again.

Well gg, imagine you're one of the BTC whales, the manipulation ended and you had watch your billions evaporate into the digital ether. Better to plan for this using a periodic pump and dump strategy to progressively downsize your position. The faithful "strong hand" hodlers will of course hang on to the bitter end and that's what the whales are counting on. Most BTC billionaires will remain billionaires in the aftermath holding that hated fiat instead and moving it into other assets.

 

[Garpal Gumnut]

For a store of value that is said to be run efficiently on technical analysis by many, this descending triangle is quite a good setup.

Usually it moves either up or down with the major volume/price moves within the triangle.

I'm calling a move down to the $25000 level.




gg

 

[CityIndex]

The pattern is visible on the daily chart as well, and with BTC oscillating around the key $30k level for the past two weeks, it may also be indicative of an accumulation.

All trading carries risk, but should be interesting to see which side of the triangle it ultimately breaks.

 

[Stockbailx]

I've got the same analogy on BTCUSD as price remains fixed in a pennant consolidation pattern.

With the Medium-term trend and possibly the longer-term trend lower, you could lean toward this being a potential continuation pattern, I defiantly think it’s essential to wait for a clear breakout before thinking about picking a direction.

European session, selling pressure has ramped up, and we see some solid selling across crypto boards. BTC is now 1.76% lower after trading in the positive earlier in the day.

Short-term support is seen at 29,000. If you’re looking for a lower breakout and continuation, a break of this level is a step in the right direction. ETHUSD also had the same pattern, but sellers look to be on the way to confirming a new lower breakout.

 

[Greynomad99]

i don't follow Bitcoin because, like BNPL, I've always felt it was likely to eventually go the way of the Unicorns (or become mainstream at a much more realistic value). With news of the falling prices I dragged up a chart of Bitcoin only to see a fairly well defined Elliott Wave pattern which might suggest a bottom around $21K - on the basis EW says most tradeable commodities lose 75% of their gains in each cycle. It's not a 'will happen' sort of theory only a 'more often than not' predictive tool.

 

[over9k]

Bitcoin is the most resilient of the crypto's. Last night's moves were not unique to last night.

 

[Trader X]

Bitcoin, Ethereum in Critical Condition​

"The crypto market sentiment went into “extreme fear” again after Bitcoin and Ethereum lost price support over the past 24 hours. On-chain data shows increasing selling pressure, which could lead to more significant losses."

"On-chain data reveals that whales holding 1,000 to 10,000 BTC have offloaded or redistributed more than 30,000 BTC, worth roughly $870 million, over the past 24 hours."

Looks like the whales are starting to bail into this weakness. Will be interesting to see how BTC holds up under the selling pressure with the alt coins continuing to sell down aggressively over the week.

 

[over9k]

Yeah it's the altcoins that are really getting hammered though.

 

[greggles]

It's interesting that the NASDAQ rebounded 3.33% last night but the Bitcoin price declined. It seems that heavier issues are weighing on crypto at the moment. In the wake of the LUNA collapse, there is continuing speculation of government regulation of the crypto space.

The shine has definitely rubbed off crypto for now.

 

[noirua]

5 reasons why Bitcoin could be a better long-term investment than gold

Crypto advocates often refer to Bitcoin as “digital gold,” but how does BTC stack up against gold as a long-term investment?

cointelegraph.com

Crypto advocates often refer to Bitcoin as “digital gold,” but how does BTC stack up against gold as a long-term investment?

 

[DB008]

View attachment 01 Saylor BTC.mp4




.​

 

[Trader X]

Bitcoin's "near-term volatility" will become quite relevant if MicroStrategy faces a margin call on it's highly leveraged Bitcoin position. Literally betting the house on one asset. If BTC did fall to $20k by year end that would mean MicroStrategy's 129,218 Bitcoins would be down over $1.3 Billion at the average purchase price of $30,700! A very "relevant" mark-to-market loss position. Saylor's hubris may yet be his downfall.

Microstrategy’s looming margin call​

" Chief financial officer Phong Le told investors last week that bitcoin sinking below $21,000 would trigger a margin call on that loan, though he stressed that Microstrategy could always funnel more bitcoin into the collateral package. That may be a way off yet, but Jay Hatfield, chief investment officer at Infrastructure Capital Management, expects bitcoin to drop below $20,000 by the end of the year as the Fed shrinks its balance sheet."

 

[noirua]

$30K BTC price has ‘severe impact’ on Bitcoin miner profits — analysis

Can higher BTC prices save Bitcoin miners from a profit crisis?

cointelegraph.com

“If depreciation and amortization charges are included then the cost basis for mining bitcoin is at around $30K, basically at the same level as current bitcoin price.”

 

[noirua]

NASDAQ: RIOT - US$5.47 - M/C US$694m NASDAQ: MARA - $7.66 - M/C $814m NASDAQ: ARBK - $6.02 - M/C $225m​

Bitcoin miners are down 85% to 93% from their high points. Many are forced to cut electricity usage in particular Texas due to high temperatures in the states. Profits on mining are sharply down.​