Everything since $57k has been a bunch of idiot traders trying to speculate up because of the ETFs. Would be nice to reset back there ahead of the halving, and get some proper price discovery going forward.
Discussion
Thats what i have marked as hopefully the rebounce if not i see 52k
I dont trade just like charts
I’m with you. DCA my paychecks right to cold storage, but find market dynamics interesting. I think the real spot price is actually around $47k. It’s been a degen load up fest since then. Hard to tell what’s real demand baked in there with all the shitcoin noise.
Let er cook, no worries
I’m not worried at all. I just find the market dynamics entertaining and interesting despite being totally meaningless at the end of the day.
What do you use to arrive at this conclusion? I don't disagree, I'm just curious where the confidence comes from that this isn't related to Grayscale outflows.
I just generally track the shitcoins, mainly ETH, relative to BTC. When there is high directional correlation, but an outperformance of shitcoins to BTC, I assume it’s traders getting leverage to trade the whole cRyPtO market, but moving the largest market cap less. Then I look back to see what that started. This makes even more sense as there is only a Bitcoin ETF stimulating demand for one asset. The coattail riding isn’t coming from ETF buyers.
It’s very scientific, and you should base your financial decisions on my analysis.
*when that started
😂 very scientific indeed. I'll sell all of my available dollars for BTC right now.
That is the only sound financial advice I can offer.
It's too late, I don't have many doll hairs left
Welcome to the club. Proud to be a member myself.
Also, if you look at the ETH/BTC chart and go back to 2/11 and 2/12, that was the last local bottom, and that exact same .051 ratio is being vigorously defended three times today. BTC was $49k then and is around $62k when that peg gets defended. Exact same ratio, 27% price jump.
In the end, it means nothing, it’s stupid short term games, but for a dork like me, I find it entertaining for some reason.
Yeah I had been holding ETH that I foolishly bought back in 2020. Sold it over $4000 recently. Glad to be rid of it. Got super lucky on that one. Ashamed and disgusted with myself. 😓
I had a shitcoin phase as well. Definite shame. However, now I just look at it as a proxy to determine when there is actual adoption buying of just Bitcoin vs traders just moving the whole cRyPtO market up and down based on news, the Fed, etc.
Fair