Cryptocurrency mega-thread

[mouncey2franklin]

 

[BACCS]

Yeah, on second thoughts. Looks corrective.

It looks like we hit about 31.5k BTC at 130am for a few minutes, and it has bounced since then to 34.5k

 

[Evolved1]

It looks like we hit about 31.5k BTC at 130am for a few minutes, and it has bounced since then to 34.5k

Possible W shaped bottom. Asian whales and miners are doing most of the selling.

 

[BACCS]

So some very interesting news about the crash:
The majority of Whale wallets that caused this crash were 1 week to a month old
These wallets were then setup to buy back in at the dip, with the majority of buying in the dip done by wallets of at least 10k BTC
The majority of buyers came from the US

 

[kaiserchief13]

Will BTC go lower than 40k AUD?

 

[BACCS]

 

[burge13]

Wasn’t holding link. But can’t resist at this price.

$20B fully diluted MC. Bargain

 

[juss]

Big discounts again. Unfortunately I spent my investment budget already so don't have any spare cash to buy more at the moment. Gonna have to just ride it out and reassess my position in a few months.

 

[maryjames]

For the people who survived 2018 crash the covid crash now this crash have big kahunas..

Just saying. Lol

Long term always wins.

Worst 2 week candles in bitcoin history. Over 40% down. Never happened before.

 

[Angus Young]

Hopefully more blood to be spilt.

 

[Evolved1]

Will BTC go lower than 40k AUD?

It went under 10k USD last night on bithumb.

 

[Evolved1]

Hopefully more blood to be spilt.

 

[ash_1050]

Unless there is a dramatic fall overnight, where we are now appears to be the bottom.

For the record you called the bottom on 23/05/21 at US$35,137.

I'm calling the bottom at half that, US$18k.

 

[Bostonian]

Big discounts again. Unfortunately I spent my investment budget already so don't have any spare cash to buy more at the moment. Gonna have to just ride it out and reassess my position in a few months.

Sell some of the least productive stuff to use funds to CA the better ones?

 

[Evolved1]

If Tesla and Micro Strategy capitulate, we could go below zero. Do you remember how oil prices went negative last year? Yeah, now imagine people paying you to take their bitcoin.

 

[Bostonian]

$20B fully diluted MC. Bargain

Put in a limit order for $16 which it hit overnight and now it's back up to $21.

Take the profit, wait for the dip.

 

[BACCS]

 

[BACCS]

For the record you called the bottom on 23/05/21 at US$35,137.

I'm calling the bottom at half that, US$18k.

The bottom during the crash on 19/5 was US29k. I stated that it appears to have consolidated in that range (low 30s), which it has at this stage. It hasn’t dipped below 30k again, yet.

 

[Evolved1]

I wouldn't take anything Justin Sun or cryptowhale claim too seriously. They're both considered scam artists by many in the cryptosphere.

 

[BACCS]

I wouldn't take anything Justin Sun or cryptowhale claim too seriously. They're both considered scam artists by many in the cryptosphere.

I have heard that a few times now. However, a consolidation period of a month or two before the bull cycles resumes seems to be a universal prediction from a few of the crypto analysts. Does the news about the dump coming from less than one month old Whale wallets align with your theory that the dump came from mostly miners in China?

 

[maryjames]

Is that all this crash has got... piss weak.

Meh

 

[Evolved1]

I have heard that a few times now. However, a consolidation period of a month or two before the bull cycles resumes seems to be a universal prediction from a few of the crypto analysts. Does the news about the dump coming from less than one month old Whale wallets align with your theory that the dump came from mostly miners in China?

I think the dump was related to fear about crackdowns on mining and crypto trading in China. Chinese traders and miners are deserting the market while they can.



I dont know anything about the new wallets. Where did you get that info from?

 

[Evolved1]

I have no idea where we're headed in the next months. 50/50 as to whether the bottom is in afaic. A lot of people are trading the dip back up to around 38k, so we may turn back down from there if not sooner.

 

[BACCS]

I’m so glad I was here for the biggest 2 week drop in BTC history during my first 2 weeks in crypto

 

[BACCS]

I think the dump was related to fear about crackdowns on mining and crypto trading in China. Chinese traders and miners are deserting the market while they can.



I dont know anything about the new wallets. Where did you get that info from?

That info came from BitBoy crypto’s latest video (has been trading since 2012 and largest YouTube following, so must’ve built up some decent insider contacts). Given that China has threatened to ban many times before, why was this dump more severe?