The Run Isn't Over Yet as BTC Jumps Over $44,000

in LeoFinance4 months ago (edited)

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I woke up this morning to see a huge spike on Binance. Bitcoin has reached a new all time high of over $44,000 USD. Wow.

So many were saying the run is over a few weeks ago, but it doesn't look like it. It doesn't look like BTC stopped at a 'dead-cat bounce' near $35,000, as a surge of buying this past week or so sent BTC back to the $40,000 range it was at weeks before.

The chart in the screenshot is the 6h chart. You can see that today's rise is the second time so much buying happened in 30 minutes in the past month or so bull run for BTC. The other day was on January 29th, which saw some retraction. And that was for going from $33-$37,000.

Going from $39 to $44,000 is something nice to see. Just when you think the past will be repeated -- that we already saw the twin peaks in early and mid January and that it was downhill from then on out -- well think again! This is human behavior, and it can't be predicted with certainty.

Between the selling pressure from the speculators from the the past 4-5 years taking their profits (and hoping to buy in much lower), and the new mainstream legacy money of investors buying in now, it looks like the investors and winning out over the speculators. At least, for now.

Where will BTC go from here? Is this the top until the next few years create another bull run? Are we going to see BTC go back below $30k for a while? Or is the buying going to continue for a while more? Will BTC go back below $30k again? Who knows :P It's fun to guess and try to predict the future though hehe.

Edit: Apparently this is because Tesla announced they will accept BTC and invested $1.5 billion. According to RT:

The largest cryptocurrency, bitcoin, surged to a record above $43,000 on Monday on the news that Tesla invested $1.5 billion in the digital asset and expects to start accepting the cryptocurrency as payment.

The crypto was trading more than eight percent higher, at $42,581 as of 13:00 GMT, after briefly surpassing $40,000 on Saturday. It is now up 15 percent compared to seven days ago and has closed in on an all-time high reached in early January.

“There will be pullbacks, maybe even to retest the top of the flag as support,” popular crypto trader Scott Melker said on Twitter, adding: “But technically this is a confirmed breakout that should take $BTC to 63K eventually. Disclaimer – patterns rarely reach their targets, but the rules are the rules.”

It is really confirmed? Is it really going to go over $60,000 in the next few weeks or months? Hmmm.

This guy speaks of this as if it's a "rule", as if what we see now means $60,000 is the next target in the short term. Where are these rules written? In the fabric of market history? Well, I don't believe these "rules" are set in stone, but who knows where we will end up. It's certainly possible.

Who is going to win this year? The speculators or the investors? Or a better question might be, when will the sellers overtake the buyers and force BTC to drop drop drop?

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I think ELon has a hand in this recent move. Word got out that he bought like $1.5B

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$Doge - red herring
$BTC - red planet

Hehe doge... I can't believe people buy that. Red planet? What do you mean? I'm trying to think... btc... mars... Musk/SpaceX Mars... BTC on Mars as main currency? LOL... let me know what you mean ;)

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Lol, yeah you got it!
Forget the Moon... BTC to Mars.
This news is yuge!

Ah!!! LOL! Instead of the rocket going to the moon, as the saying goes, with BTC it's even further as we're going to Mars, strapped to the exploding Musk rocket :P

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I bought my first 0.003 BTC today. do you think it will ever be a world wide currency?

I think so at some point. You are getting in at a risky position when the value is at its highest, but in the long run I don't think it's that risky, just hold for a few years.

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I don't think we are going to be seeing too much selling anytime soon. At least not from the accounts that would actually make an impact. You might see some of the smaller holders letting go of a BTC or two, but the ones who have been investing billions of dollars are in it for the long haul. That is my opinion anyway.

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nothing is certain. I would rather hold my shitcoins and hope for the best. However, I think some big players will enter the scene following Tesla move. If this happens then we might see some major price move (my guess). Even those who sold at the high to buy at the low later would h=be having some doubts now. The market is crazy right now, I am just onserving.

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Yeah hold and observe is a good move ;)

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It's only just begun, Tesla bought in now pull back and wait to see next step.

Interesting times...

@tipu curate

I'm going to just say that Bitcoin will be over $100,000 by the end of 2021. I'm not a licensed financial advisor, but there it is. If you want, I'll also practice medicine without a license!

You heard it hear first folks! :P

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They are technical trading "rules" and yes they are written in all sorts of technical trading books all over the place. Certain patterns have certain price targets based on how they have played out in the past. Do they always work out like that? Nope, but they play out a certain way enough times to be slightly better than a coin flip, hence "rule".

And btw, with the amount of liquidity out there and corporations coming into bitcoin, the sellers are not likely to overtake the buyers in a sustained fashion any time soon. Check out my blog some time to get some insights into this.

Well that's good news for people who want btc to stay high hehe, thanks.

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Yes it is. Are you not one of them?

I thank Elon for bumping up the value of my Dogecoin. Lol!

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And to think all my crypto is in the form of HIVE Power. :(

Hehe, that sucks :P Not me ;)

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I do like how all this recent Bitcoin hype has people with zero computer and financial skills but money to burn teaching me about crypto and the blockchain. I can't even get in a word about HIVE because I get steamrolled.

All in all, I quite enjoy listening to somebody that just discovered crypto last month trying to teach me how a blockchain works.

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Obviously they are more "spiritual" and have more "divine" knowledge, that's why they know so much already :P

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Let's Do This !!! @krnel

Right on, lets!

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Bitcoin is such a Beautiful Thing

fuck tesla

fuck cults

And here I thought there would be a dip around this time. Guess I was wrong. Didn't know Tesla was getting into the pot as well, interesting.

I'm going to just say that Bitcoin will be over $100,000 by the end of 2021. I'm not a licensed financial advisor, but there it is. If you want, I'll also practice medicine without a license!

Exciting times we are living in!

Just a matter of time before it lands on $69,420.