Bitcoin below 31K - how far will this go?

[backpacker]

And up it already goes, it's soon hitting 31K again, people just need to stay calm.

Never act shortly before or on a weekend.
Stay calm, wait (and look for a safer investment in these uncertain times).

 

[Golden Fleece]

A Friday price close is important, although not nearly as much as a monthly close. If the price had closed above $30k, then a $30k support level would be more likely. But because it closed below $30k on a Friday, which is a big round number, a $30k resistance level is now more likely -- although certainly not guaranteed.

 

[JackAlabama]

A Friday price close is important, although not nearly as much as a monthly close. If the price had closed above $30k, then a $30k support level would be more likely. But because it closed below $30k on a Friday, which is a big round number, a $30k resistance level is now more likely -- although certainly not guaranteed.

It may or may not be

 

[JohnnyDoe]

It may or may not be

Usually if it moves up it’s more probable that it continues to go up unless it starts going down. In any case TA is not that precise: you should draw thick lines and consider prices “around” them

 

[JackAlabama]

Usually if it moves up it’s more probable that it continues to go up unless it starts going down. In any case TA is not that precise: you should draw thick lines and consider prices “around” them

Yes, especially right now with ultra tight liquidity. TA is even more voodoo than under more normal circumstances.

 

[aage]

let's hope it is going up very soon. I would love to see it grow again.

 

[RealDude]

I hope it still falls properly, would like to buy as cheaply as possible.

 

[JohnLocke]

Ones hope is the others bad - wish you both good luck.

Maybe this is a good read for you:
https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-predictions/

 

[Golden Fleece]

Ones hope is the others bad - wish you both good luck.

Maybe this is a good read for you:
https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-predictions/

Experts? One of those so-called experts predicted $307,000 by October 2021 (time now passed).

On the other hand, what does one of the greatest all-time investors in the world say about crypto?

When Buffett was asked about cryptocurrency at Berkshire Hathaway’s shareholder meeting Saturday, his answer was sure to be interesting. And the 91-year-old investor, whose personal net worth runs around $124 billion, delivered.

“Whether it goes up or down in the next year, or 5 or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t multiply, it doesn’t produce anything,” he said. “It’s got a magic to it, and people have attached magic to lots of things.”

Buffett further illustrated that if he was offered a 1% stake in all the farmland or apartments in the United States for $25 billion, he’d write the check immediately. His logic? These assets both produce gains – rent from the apartments and food from the farms.

But Buffett said he wouldn’t do the same for Bitcoin, despite its current valuation of $38,000 per coin. He described his views as “the difference between productive assets and something that depends on the next guy paying you more than the last guy got.”

https://www.forbes.com/sites/qai/20...ytpo-doesnt-produce-anything/?sh=7c359c8f7ee6
Just to be clear, Buffet is not opposed to technology that can actually turn a profit and produce income. In June 2021, Berkshire Hathaway invested $500 million in “Bitcoin-friendly bank” Nubank in a Series G IPO funding round.

 

[JohnnyDoe]

On the other hand, what does one of the greatest all-time investors in the world say about crypto?

whatever he says, he missed a +500,000% market. This doesn’t make him a great investor.
Out of all the people who started investing in stocks in the 50s, it's not surprising that at least one of them turned out to be among the richest people in the world and kept getting it right every year.
If you have enough people throwing coins, you're going to get some people who keep getting heads over and over.

 

[Golden Fleece]

whatever he says, he missed a +500,000% market. This doesn’t make him a great investor.

He is widely acknowledged as one of the greatest investors who ever lived. So, you are objectively wrong.

The fact that he missed a +500,000% market, means that he is not a great speculator. But he has never claimed to be a speculator. And most pure speculators eventually go bust.

Out of all the people who started investing in stocks in the 50s, it's not surprising that at least one of them turned out to be among the richest people in the world and kept getting it right every year.
If you have enough people throwing coins, you're going to get some people who keep getting heads over and over.

Actually, the manifestation that you described is far more likely to result from a pool of speculators than to a pool of investors. Most pure speculators eventually go bust while a few will stumble into fabulous wealth.

I highlight the word "pure" because most investors engage in some level of speculation, typically with less than ten percent of their investable funds.

 

[JohnnyDoe]

He is widely acknowledged as one of the greatest investors who ever lived. So, you are objectively wrong.

The fact that he missed a +500,000% market, means that he is not a great speculator. But he has never claimed to be a speculator. And most pure speculators eventually go bust.


Actually, the manifestation that you described is far more likely to result from a pool of speculators than to a pool of investors. Most pure speculators eventually go bust while a few will stumble into fabulous wealth.

I highlight the word "pure" because most investors engage in some level of speculation, typically with less than ten percent of their investable funds.

You didn’t read “fooled by randomness”, evidently.

 

[Golden Fleece]

You didn’t read “fooled by randomness”, evidently.

You didn't read "The Techniques of Clear Writing," evidently.

 

[JohnnyDoe]

It must hurt so badly when you miss the opportunity of a lifetime

 

[Golden Fleece]

It must hurt so badly when you miss the opportunity of a lifetime

When you successfully learn how to make money, there is no need to worry about stumbling into the "opportunity of a lifetime." Those are the same types of sad, hopeless people who buy lottery tickets.

 

[backpacker]

When you successfully learn how to make money, there is no need to worry about stumbling into the "opportunity of a lifetime." Those are the same types of sad, hopeless people who buy lottery tickets.

Even though I rarely agree with your opinions, this time I have to agree.
Crypto is a hype, it is the modern dot.com-bubble.
Of course, the technological advances it has brought to finance are obvious and are here to stay. Perhaps BTC will survive with some enthusiasts. But the rest of the market will be eaten up by banks & governments. Something like "The Revolution devours its children".
And that comes from someone who rode this crazy crypto bull-hype but then jumped ship because of having seen what happens to markets that go parabolic (Asian Tiger crisis, dot.com-bubble, housing crisis .... - at the end it's all the same).

Note: Equities pay a dividend - well, at least ten good ones do. What does crypto pay (not talking about these unsustainable Crypto Lending companies)?

 

[aage]

whatever he says, he missed a +500,000% market. This doesn’t make him a great investor.

he is known to not be a fan of crypto at all, he use his power to put it down. I don't believe a single word of what Warren Buffet says about crypto !

 

[Golden Fleece]

he is known to not be a fan of crypto at all, he use his power to put it down. I don't believe a single word of what Warren Buffet says about crypto !

His main point is indisputable: "the difference between productive assets and something that depends on the next guy paying you more than the last guy got." Of course, you could make the same argument about gold, but gold has had intrinsic value for all of human history.

 

[bubbledouble]

Some believe in Jesus and some believe in White Cows , Santa and even Elephants.

@Golden Fleece I believe your biggest fan in the financial world is Warren Buffet

 

[Golden Fleece]

Some believe in Jesus and some believe in White Cows , Santa and even Elephants.

@Golden Fleece I believe your biggest fan in the financial world is Warren Buffet

Not at all. I disagree with most of Warren Buffet's comments about issues outside of the financial world. In fact, in the past he has partnered with the evil Bill Gates.

But he is a proven financial genius, producing an average of 20% annual gains since 1965 -- a period of more than 55 years! That does not happen by dumb luck or sheer coincidence.

It is the crypto people who have created a religious cult housed in a temple built on a foundation of sand. Who knows what will happen when the slightest tremor occurs?