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Is anyone else starting to become a bit excited?

q85dw7osi4lebg

As per title, have we reached the bottom ?

Don't think we'll see the likes of $3200 ever again.

$5150 at time of posting.

Back in the mainstream media once more.

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Stormington

Lex Luthor wrote: »

except to the few outsiders and weirdos

You on Kucoin? They've made a move to tempt new users by allowing XRP trading. Makes sense as they could grab a *lot* of liquidity and be the main XRP buy-in for people if/when SEC clears or issues a fine.

Edit: if interested, dm for a Kucoin ref to lower trading fees.

makeorbrake

Bob24 wrote: »

Pretty much agree with the above.

I guess it depends on whether people think they are smart enough to time the market and take advantage of local bottoms (I don’t think I am so I stick with my long term outlook which is positive for 2021).

Some people are good at it though, and I respect that. But I also remember calls to offload at various levels since BTC passed 15k, some of which weren’t that prescient given where we are today.

If anyone can consistently time this market, 2020 alone must have provided them with so many opportunities to stack sats. Had conversations with someone locally when we hit 17k but decided I was holding on this time as btc in bull mode doesn't give a fiddlers for any market indicators.

I do have two concerns as we move on - both of them are nothing new.

- Tether. Regulatory screws continue to be tightened. There's a process in place via the NYAG that kicks back into action in January. Other than that, as btc continues to build market cap, it starts to get more intense scrutiny. Neutralising tether wouldn't end btc - but it would lead to it hitting a major bump in the road.
- Conventional market correction. Been waiting for this shoe to drop all year and no sign of it. It could happen next week or I could be posting this warning again this time next year.

Either of these could upset the party.

cnocbui

I see little likelihood of a major market correction while interest rates are zero or lower. This is the thing that Warren Buffet and most major US hedge fund managers didn't seem to get, much to my surprise.

They were all keeping their powder dry while retail investors were taking their savings out of banks and pilling into equities via Robinhood and the like.

Luckily for me, I ignored the sages and piled in early in the year. How banks are going to survive these low rates is beyond me.

Gooey Looey

BTC on the move again....

Bob24

BTC ETF application back on the table: https://finance.yahoo.com/news/vaneck-proposes-etf-bitcoin-once-184028481.html

Previously, a key reason put forward by the SEC to decline applications was the lack of liquidity and the market cap being too small. Curious to see how this one turns out ...

Mucashinto

EagererBeaver

cnocbui wrote: »

I see little likelihood of a major market correction while interest rates are zero or lower. This is the thing that Warren Buffet and most major US hedge fund managers didn't seem to get, much to my surprise.

They were all keeping their powder dry while retail investors were taking their savings out of banks and pilling into equities via Robinhood and the like.

Luckily for me, I ignored the sages and piled in early in the year. How banks are going to survive these low rates is beyond me.

Here he goes again, cnocbui bested Warren Buffet!

Gooey Looey

Cel is up 84% in 7 days and doesn't seem like stopping, 9% in the last 24 hours, sorry I didn't buy a bigger bag

Stormington

Gooey Looey wrote: »

Cel is up 84% in 7 days and doesn't seem like stopping, 9% in the last 24 hours, sorry I didn't buy a bigger bag

Tell me you're getting it for free?

Gooey Looey

Stormington wrote: »

Tell me you're getting it for free?

Yep but I also bought a bag

seannash

Stormington wrote: »

Tell me you're getting it for free?

Tell me how ðŸ˜‚

Stormington

seannash wrote: »

Tell me how ��

Download the app: https://celsius.network/download-app/
Create an account and enter 1562286e66
Deposit $200 of crypto and leave it alone for 30 days.
You'll get $20 BTC bonus and will earn compound interest in your deposited crypto or in CEL (your choice).
E.g. deposit $200 of Eth, you can choose to earn interest in ETH or in CEL (CEL usually has higher rates).

BrandonBay86

Bitcoin ploughing through $29,000, who’d have thunk it..

Stormington

BrandonBay86 wrote: »

Bitcoin ploughing through $29,000, who’d have thunk it..

Wait til 6 figures.

Thargor

Yeah up until recently 100k was just a joke like buying a Lamborghini but Id say thats where its actually headed now, absolutely incredible, hope it drags ETH behind it to 3k.

deathbomber

Expect a correction imminently, unsure what to make of 100k projections but hopefully so, personally i would concentrate 5k increments. I think it may retrace to circa 25k for a while, just my opinion of course

Dohnjoe

Been following this stuff for a long time, and especially closely for the last 3 and a half years, very curious to see how this Jan goes. If we can make it through this month without anything too nutty happening I'd very bullish for this year as a whole.

LedgerSuck

deathbomber wrote: »

Expect a correction imminently, unsure what to make of 100k projections but hopefully so, personally i would concentrate 5k increments. I think it may retrace to circa 25k for a while, just my opinion of course

Think we've basically all been expecting a correction for most of the year at this stage, like it's just sailed on up the whole way from around May/June onwards. When it was floating between $8-9k around May or so everyone was saying there'd be another dip or even crash, but here we are. Nobody knows what's going to happen really, would be fairly surprising if there's no pullback over the next couple of months though

wotzgoingon

I remember looking at the price when it was around 4-5000 and thinking you'd be mad to buy now as it's only gonna go one way well now I think I'm the mad one for not buying.

EagererBeaver

Before the big crash in 2018, the rolling yearly high had been in January for 3/4 years I think. Let's see how it goes.

Bob24

I have turned very bullish over the past 6 months. And while halving is of course a (predictable) contributor, a key factor for me is something which was not a given a year ago.

Institutions have been joining the party more than ever before and in a way which significantly impacted the price and prevented pullbacks. One obvious and simple illustration is this chart of the GBTC AUM: https://ycharts.com/companies/GBTC/total_assets_under_management

But what has been poured into the market already is a small fraction of the potential institutional money which could come.

So unless they collectively reverse their course of action and decide to disengage, I think there is an upcoming wall of money which will push the price much higher*.

* this is not investment advice!

Whelo79

This all seems too quick. It only broke $20k two weeks ago and is already knocking on the door of $30k.

I'd imagine (going off historic trends) a correction would be incoming. Everyone here is probably well up at this stage and won't mind a correction, as it will no doubt rebound again. But if you want to lock in those gains and possibly capitalise on any correction, trading into a stable coin might be worth a thought. You can buy back in then if there is a drop in BTC price and increase your sats.

Obviously the flips side is the risk BTC keeps on chugging along and you get left behind.

Stormington

Whelo79 wrote: »

This all seems too quick. It only broke $20k two weeks ago and is already knocking on the door of $30k.

I'd imagine (going off historic trends) a correction would be incoming. Everyone here is probably well up at this stage and won't mind a correction, as it will no doubt rebound again. But if you want to lock in those gains and possibly capitalise on any correction, trading into a stable coin might be worth a thought. You can buy back in then if there is a drop in BTC price and increase your sats.

Obviously the flips side is the risk BTC keeps on chugging along and you get left behind.

BTC to dump below 20k, me to open long/buy spot, altszn to begin, then btc mega pump. One possibility.

barneystinson

Whelo79 wrote: »

This all seems too quick. It only broke $20k two weeks ago and is already knocking on the door of $30k.

I'd imagine (going off historic trends) a correction would be incoming. Everyone here is probably well up at this stage and won't mind a correction, as it will no doubt rebound again. But if you want to lock in those gains and possibly capitalise on any correction, trading into a stable coin might be worth a thought. You can buy back in then if there is a drop in BTC price and increase your sats.

Obviously the flips side is the risk BTC keeps on chugging along and you get left behind.

Don't forget the tax cost of doing that though if you believe the trajectory over time will continue upwards, and trading out crystallises a tax liability (and a cash flow requirement)...

LedgerSuck

Bob24 wrote: »

I have turned very bullish over the past 6 months. And while halving is of course a (predictable) contributor, a key factor for me is something which was not a given a year ago.

Institutions have been joining the party more than ever before and in a way which significantly impacted the price and prevented pullbacks. One obvious and simple illustration is this chart of the GBTC AUM: https://ycharts.com/companies/GBTC/total_assets_under_management

But what has been poured into the market already is a small fraction of the potential institutional money which could come.

So unless they collectively reverse their course of action and decide to disengage, I think there is an upcoming wall of money which will push the price much higher*.

* this is not investment advice!

Yep, only 6.3k coins are mined each week, and sometimes GrayScale seem to accumulate double that in a single day

McCrack

barneystinson wrote: »

Don't forget the tax cost of doing that though if you believe the trajectory over time will continue upwards, and trading out crystallises a tax liability (and a cash flow requirement)...

This is not the taxation forum

Dohnjoe

Yeah I cashed out a portion there, just a hedge against any early year madness. Be interesting to see what happens what Paypal opens up crypto to everyone (not just the US).

banie01

I'm only in on one coin currently and unlike lots of the other pots in crypto, it's bloody stagnant!

BrandonBay86

Regarding CGT does anyone know if FIFO applies?

Bob24

BrandonBay86 wrote: »

Regarding CGT does anyone know if FIFO applies?

Yes it does.