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Cryptocurrency mega-thread

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Evolved1 said:
PA looks ugly here, but we're chopping in a range for now.

The most bullish case is we chop around 38k for awhile. Otherwise you're going to get rekt. If you're holding shitcoins, double rekt. Ada = shitcoin. Doge = shitcoin. Etc, etc.

I hate to be the bearer of bad news, but the market cycle chart for shitcoins looks like this:
View attachment 1133872

I posted the other day that this dump felt like 6k in early 2018. For reference:

WIojth1a
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Still trading and holding over here. Lol

Full bull.. but my situation is different then others.

I’m slightly worried for all the newbies .. what I do know they be out already or fortune follows the stupid or brave as anyone who bought in the last few months be down hard.


Ps eth is pumping 13% up the last hour. :drunk::D
 
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We haven't had a good short squeeze yet. We're at the stage of the market where everyone is likely to get ****ed, including bears.
 
Evolved1 said:
We haven't had a good short squeeze yet. We're at the stage of the market where everyone is likely to get f’ed, including bears.
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I’m hodling and will just continue to put in a little more when I get paid each month. Unfortunately when there is so many new people to the market expecting a bull cycle to continue (I was one of these, but can financially handle a bear cycle too), they’re going to panic at the first sign of red. Dogecoin getting so much attention hasn’t helped in this regard either as it looks like you can just make 100x on your investment within a couple of months. As the scam shows above, plenty of people are not smart with their money.
 
BACCS said:
I’m hodling and will just continue to put in a little more when I get paid each month. Unfortunately when there is so many new people to the market expecting a bull cycle to continue (I was one of these, but can financially handle a bear cycle too), they’re going to panic at the first sign of red. Dogecoin getting so much attention hasn’t helped in this regard either as it looks like you can just make 100x on your investment within a couple of months. As the scam shows above, plenty of people are not smart with their money.
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In hindsight, most of the top signals were the same as in 2017. Bitcoin peaking in the lead up to major news with the coinbase IPO, then BTC dominance dumping.

Some good analysts are expecting a double bull market this cycle, so we may not be done yet.

It's hard to get a read on the market here. Overall things looks pretty bearish in the short term.
 
Evolved1 said:
In hindsight, most of the top signals were the same as in 2017. Bitcoin peaking in the lead up to major news with the coinbase IPO, then BTC dominance dumping.

Some good analysts are expecting a double bull market this cycle, so we may not be done yet.

It's hard to get a read on the market here. Overall things looks pretty bearish in the short term.
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I’m more talking about how much more mainstream crypto is now compared to 2017. Crypto would barely make the news and it certainly would barely rate a mention in everyday chat amongst mates. There are plenty of people coming into the space that do their research like me, but there are plenty that don’t either (I have a number of people I know in this bracket, but luckily all have only put in small amounts for a bit of fun). Some of these new people (who may have big stacks too) would have contributed to the biggest dip in BTC history, it can’t be a coincidence.

Ben Cowen is one of the more conservative analysts and still predicts this bull cycle isn’t over, but it will be bearish for the short term. I’ve found his analysis to be the most comprehensive out of the YouTubers, covers all scenarios. This is a good time for newbies like me to continue researching while it goes quiet and accumulate coins during the many dips we will have for a while.
 

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BACCS said:
I’m more talking about how much more mainstream crypto is now compared to 2017. Crypto would barely make the news and it certainly would barely rate a mention in everyday chat amongst mates. There are plenty of people coming into the space that do their research like me, but there are plenty that don’t either (I have a number of people I know in this bracket, but luckily all have only put in small amounts for a bit of fun). Some of these new people (who may have big stacks too) would have contributed to the biggest dip in BTC history, it can’t be a coincidence.

Ben Cowen is one of the more conservative analysts and still predicts this bull cycle isn’t over, but it will be bearish for the short term. I’ve found his analysis to be the most comprehensive out of the YouTubers, covers all scenarios. This is a good time for newbies like me to continue researching while it goes quiet and accumulate coins during the many dips we will have for a while.
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I personally believe the 2017 cycle was when crypto became mainstream. I remember prices being discussed on abc news alongside the ASX. I thought it was just something used to buy drugs before then. Now I'm a fully fledged btc cultist.

Willy Woo and Tone Vays are other respected analysts who have been predicting a double bull market all along.

Remember though that most of these analysts were bullish at the top. There's always a bullish and bearish narrative, and there's few markets with as much manipulation as crypto.
 
I got hooked last night watching the BTC price gravitate downwards.

Did notice a coin that was getting down to a low point it had only just missed nudging in that April down turn then it's all the way back to March 21 to when it was last that mark.

Set an order at $300 and went to bed.

Woke up to some new KSM coins and something that's actually in the green!
 
Evolved1 said:
I personally believe the 2017 cycle was when crypto became mainstream. I remember prices being discussed on abc news alongside the ASX. I thought it was just something used to buy drugs before then. Now I'm a fully fledged btc cultist.

Willy Woo and Tone Vays are other respected analysts who have been predicting a double bull market all along.

Remember though that most of these analysts were bullish at the top. There's always a bullish and bearish narrative, and there's few markets with as much manipulation as crypto.
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Even though they were bullish at the top, guys like Ben were highlighting that a major correction is likely before we reach ATHs again this bull cycle. The correction was definitely larger than any analyst could have predicted though based on history.
 

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Kram said:
Classic sign of the peak of a bubble when the taxi drivers and hair dressers get on board ;)
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A friend of mine who's a high school teacher was telling me two weeks ago that 5-6 kids in his maths class were discussing their crypto portfolios. That was the shoe shine boy moment for me, the fact that, as he put it, "these kids are holding crypto when they don't even understand basic trigonometry let alone wider market forces".

10 years on still no legal use case for Bitcoin, smart contracts (which will be huge) can and do operate outside of the ETH network, and people keep buying Doge, a coin which has only ever been a literal joke rather than an actual investment prospect.
 
ash_1050 said:
A friend of mine who's a high school teacher was telling me two weeks ago that 5-6 kids in his maths class were discussing their crypto portfolios. That was the shoe shine boy moment for me, the fact that, as he put it, "these kids are holding crypto when they don't even understand basic trigonometry let alone wider market forces".

10 years on still no legal use case for Bitcoin, smart contracts (which will be huge) can and do operate outside of the ETH network, and people keep buying Doge, a coin which has only ever been a literal joke rather than an actual investment prospect.
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Why do you see mass adoption as a bad thing? If school kids are buying crypto, it’s just getting more and more people into the market.

While BTC has been around for a decade, it has only really gone mainstream in the last few years. It is hard for any new tech to gain traction until it goes fully mainstream and is properly regulated. This is starting to happen in crypto, but it won’t happen overnight either.

Werent most of these trading exchanges non existent until about 2016 too?
 
BACCS said:
Why do you see mass adoption as a bad thing? If school kids are buying crypto, it’s just getting more and more people into the market.

While BTC has been around for a decade, it has only really gone mainstream in the last few years. It is hard for any new tech to gain traction until it goes fully mainstream and is properly regulated. This is starting to happen in crypto, but it won’t happen overnight either.
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Kids buying crypto =/= mass adoption. Mass adoption is where crypto is commonly used and accepted in society, which hasn't happened. I've got no objections to mass adoption, and don't see it as a bad thing at all. Bitcoin hasn't gone mainstream, mainstream is where it's crossed the chasm and made it to mass adoption. If you think 2021 is the year of mass adoption, by definition when it has achieved widespread use, then crypto is doomed.
 

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