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Bitcoin price discussion and analysis

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The pundits are expecting a move for Bitcoin to the $10,000 level and are making a worthy guess.

Smaller set-ups are going bust and their machines are worth not much with higher electricity prices. ARGO and RIOT are being burned in Texas with the big heat. Having to cut electricity usage just when they need to increase it.

The Bitcoin price of around $20,000 means losses and some may have to close down parts if not all of their operations.

Once they have no Bitcoin left they will have to result to any measures to raise cash to survive. Thank goodness some have solar that may allow them to survive as well as those who have diversified.​
 

Data points to a Bitcoin bottom, but one metric warns of a final drop to $14K

The bear market is far from over, but according to Glassnode, several metrics suggest that Bitcoin capitulation already occurred.
cointelegraph.com
“When will it end?” is the question that is on the mind of investors who have endured the current crypto winter and witnessed the demise of multiple protocols and investment funds over the past few months.
 

Crypto firms facing insolvency ‘forgot the basics of risk management’ — Coinbase

Head of Coinbase Institutional Brett Tejpaul, head of prime finance Matt Boyd, and head of credit and market risk Caroline Tarnok said Coinbase had not engaged in the “types of risky lending practices” exhibited by Three Arrows Capital, Celsius and Voyager Digital.
cointelegraph.com
A court in the British Virgin Islands reportedly ordered the liquidation of Three Arrows Capital. Voyager Digital filed for bankruptcy in July, later announcing that its plan to restore users’ crypto could depend on funds from any proceedings with Three Arrows Capital, which failed to repay 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) loans. Celsius also filed petitions for Chapter 11, with the platform’s lawyers using an unusual legal argument to avoid restoring users’ funds.
 
The correlation between Bitcoin and NASDAQ100 broke down on Wednesday as BTC’s recent move higher stalled right around the downtrend resistance coming from the March high.

Although news of Tesla selling 75% of their Bitcoin holdings in Q2 is ultimately what resulted in the cryptocurrency finishing Wednesday’s session lower, BTC had already pared some of its gains after being unable to hold above the key $24K level.

All trading carries risk, but it will be interesting to see how Bitcoin, and the broader crypto market react to this news. Can it extend this run higher on stronger risk sentiment, or will it continue to trend lower over the coming days?
 

A short-term BTC rally or trend reversal? Find out now on ‘Market Talks’ with Crypto Jebb

Wondering if the recent Bitcoin price movement is going to keep moving forward, or if this is just another bear trap? Join the conversation with Nicholas Merten from ‘DataDash’ and get answers about the recent market movements
cointelegraph.com
Wondering if the recent Bitcoin price movement is going to keep moving forward, or if this is just another bear trap? Join the conversation with Nicholas Merten from ‘DataDash’ and get answers about the recent market movements.
 
Crypto reaffirming its risk asset status running hard last night. Nearly a double off the lows now.
 
Despite hitting a new 7-week high over the weekend, Bitcoin failed to hold attempted break above 24k for 4 straight session, paring gains each time.

With crypto is often considered a riskier asset than traditional equities, BTC’s inability to break this key resistance may be an indication that risk appetite is still relatively subdued, and risks to the downside prevalent.

All trading carries risk, but with the S&P500 and ASX200 also currently testing key resistance levels, it will be interesting to see if the rally in July was actually the start of a rebound, or just countertrend rally before the next leg lower.
 

Max Keiser managed to con the dictator of a small 3rd world country. lets see what happens when BTC goes down to 1k when the CBDCs start coming online next year or so. Hope he makes it back to USA before he gets hung and skinned by the locals lol...
 

Michael Saylor steps down as MicroStrategy CEO, company takes $917 million charge on bitcoin​

"At the end of Q2, the carrying value of MicroStrategy’s digital assets (comprised of approximately 129,699 bitcoins) was $1.988 billion, which reflects cumulative impairment losses of $1.989 billion since acquisition and an average carrying amount per bitcoin of approximately $15,326, the company said in a statement."

Was Saylor, one the the highest profile Bitcoin evangelists, asked to step down or did so after being almost solely responsible for a $2 billion impairment loss on Bitcoin speculation? His "oversight of the Company’s bitcoin acquisition strategy" has been a financial disaster for the company yet that is now part of his official role! Amid his arrogance and hubris as the media go to spokesperson for all things Bitcoin, his slow motion downfall from grace will be of little comfort to MicroStrategy investors. MicroStrategy is now a target of short sellers thanks to Saylor's folly.
 

Oxford City football club to accept Bitcoin payments

Fans are able to buy tickets, food and drink with the digital currency following the deal.
www.bbc.co.uk

I'm not sure if this can be accessed from Australia - will look elsewhere.

Oxford City Football Club to accept Bitcoin for matchday tickets

In a first for the sixth-tier English football league, the club will wear the Bitcoin logo on their shirts, and fans will be able to buy tickets with BTC over the Lightning Network.
cointelegraph.com
 
My own guess for Bitcoin is that a base is being formed between $21,500 and $24,500 and there will be a bull run towards $40,000 that will end up running short to about $38,000. Bitcoin miners like Marathon Digital, Riot Blockchain, and Hut8 are gathering strength despite Bitcoin having apparently stalled. Having risen between 50% and 80% on the Bitcoin mini-rally of 25% from its low point of $18,500 or so.
 
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