re: Official CryptoTalk Thread

I agree with you, Hateradedrink. The herd in Japan and the herd in the US both overreacted with typical herd panic selling. I used to get irritated at this behavior. But I capitalize on it now. But still, I hate to see people who don't understand Bitcoin buy into it, and then panic sell low, only to see it recover well above their initial buy point. Bitcoin definitely knows how to shake newbies out of the market.

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ETH here seems like a no brainer too

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I bought a bunch at $2200. Definitely a no-brainer.

Market probably won’t fully recover until the Iran/israel situation has reached resolution in the near-term

BTC back up to 59k which was the bottom of the descending channel.

A weekly close above 59k would be incredible given the volatility this week.

Need help from my fellow ETH nerds. I'm finally ready to create my own node. Anyone done this? Did you use something like dappnode?

So what does all this volatility mean for BITO?

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So what does all this volatility mean for BITO?

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BITO roughly tracks Bitcoin at 1X just like the Spot ETFs. So BITO has been going up and down this week and last week just like Bitcoin and the Spot ETFs. This has been perfect for my strategy and is definitely the kind of volatility that I like to see, Ie multiple consequetive pullbacks that recover quickly. I've been steadily accumulating more BITO. I still can't time every trade perfectly, but I trade on pullbacks and dips and that sets my reverse price trigger point and that tells me when to reverse my trades. I hope Bitcoin continues to have this kind of volatility but still keeps going up sky high.

I agree. Seems like Bitcoin should at least be at $100K right now. It will get there sooner or later. Ever increasing adoption by institutions and countries plus accumulation by retail means those who are selling are going to eventually run low at some point. Demand will eventually overwhelm supply, and any number of catalysts can cause Bitcoin to blast off.

Macro environment.

It will explode soon, I think. Mining reserves are lower than they were right before the last run.

Just a matter of time.

You would have thought the OG holders would have gotten out in 2021 or earlier this year if they were going to get out. Right now seems like an odd time to dump huge piles of BTC if you made it this long.

I wonder how much of the short and intermediate term price is controlled by algorithmic trading.

I’ve accepted that Bitcoin does the exact opposite of what I think it’s going to do from a trading perspective. I would have bet money that it would have rallied today if we got the ho hum CPI report that we did.