-Originally Posted by boneil
OOOooohhhh............excellent question...............that'll be interesting to watch too!
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OOOooohhhh............excellent question...............that'll be interesting to watch too!
Watch out. We got the dip from traders taking profits of the run up for ETFs.
F me.........I'm rooting for and trading/investing in bitcoin
Thanos was the hero
Broke a previous swing high from 2 years ago. Hoping to see mid 50s in a few weeks, although it may pull back to 44s first.
I think if it breaks 50 and stays above for a few days, FOMO kicks in and it's off to the races. Then I think it makes new highs relatively quickly. It will be interesting at what price do we get some real selling. It's not like we can put a multiple on bitcoin and say it's expensive or cheap. The only thing that matters is supply vs demand.
I've been buying BTCO but also have BITO Jan 25 $20 call. If we get another dip, I plan to buy some Jan 26 calls.
Thanos was the hero
$52K, off to the races! I expect a pullback after the halving, but wouldn't be surprised to see all time highs this year maybe even into the $80s.
Theres a bloomberg article talking about banks wanting the SEC to change the rules so banks can hold bitcoin ETFs for clients. This has broad support in congress. It won't be long and everyone's bank will be able to hold bitcoin.
Thanos was the hero
I wish they would remove income tax on it on any gains. I don't have a problem with taxing bitcoin ETFs which are strictly an investment, but every transaction you make with bitcoin is a taxable event. Having to keep income tax records for every transaction you make is ridiculous. AFAIK they don't tax you when you exchange USD to other currencies.
Thats wishful thinking.
Thanos was the hero
My stupid thought for the day:
Could bitcoin actually get to $1million? $1mil sounds crazy right? but......
At $1mil bitcoin would have a market cap of $21 trillion. A market cap of $21 trillion for a global, as I call it, savings account. Global debt, all debt is about $300 trillion. Maybe not so crazy
Thanos was the hero
Choo Choo.
Thanos was the hero
I've been following Tone Vays for 5-6 years. His most optimistic high price target is 200K late this year, and 300K in late 2025. I hope he's right! This current upswing is probably in anticipation of the next halving, probably mid April.
Last edited by mossie3; 02-27-2024 at 06:52 PM.
I've been watching InvestAnswers recently, I came across becuase he did a colab with some Tesla guys I watch. I couldn't tell you if he's any good or not or what his track record is but it's interesting. He posts daily about the ETF inflows and the GBTC selling along with other stuff like supply numbers. He makes price predictions based on the performance around the previous halvings, and chart patterns. Consensus seams to be $100K atleast this year and it could be relatively quickly, like within 100 days after the halving.
But, I think the only thing that matters are the ETF inflows. As long as the inflows are more than the outflows, price goes up. If for some reason, we see IBIT, Blackrock's Bitcoin ETF become a net seller, the price will collapse. I doubt we see that unless we go into a recession. And interestingly, I have seen that we get 2 new ETFs from other countries that start trading after the halving.
I do worry about Bitcoin becoming a victim of it's own success. If price goes too high too fast, do people take a step back from it, does rapid price movements leed to skepticism , are people more likely to take quick profits versus a slow steady grind.
Thanos was the hero
Crossed $61K this morning.1 month ago it was $42K. If Bitcoin crosses $65K for all time highs, irrational exuberance could push it to $90-$100K quickly. We need a healthy pullback and some consolidation around $54K, before continuing the runup.
Last edited by mossie3; 02-28-2024 at 09:31 AM.
Once these ETFs got approved the bears lost. BlackRock and Fidelity are gonna make billions from these ETFs. The higher bitcoin goes, the more money they make. They're not gonna let Bitcoin die. More and more banks, and funds are gonna get on board.
I see something today about Morgan Stanley filing some paperwork to start offering or recommending Bitcoin in some funds over in Europe. We will probably see something where Gov't pension funds start investing in Bitcoin. Even if it's 1% or even less than, that would be a big constant inflow.
Thanos was the hero
Predictions are if it becomes common place for investors to have 1-2% of bitcoin in their portfolio, it could reach $1 million USD. Time will tell. Bitcoin ETFs have made it possible for investors to have exposure to Bitcoin, without having to know anything about it.
Not sure I would call it a YOLO, but I'm 100% in bitcoin now. Mostly BTCO but also have some BITO 20,25 Jan 25 and 30,Jan 26 calls. We'll see what happens. If I see enough of a pullback in NVDA or maybe TSLA I might jump in something else. I think Bitcoin outperforms over the next few months.
The question is, where is my stop and what at what price do I start taking some profits? Don't know yet.
Thanos was the hero
nuttin wrong with a little YOLO!
great to see this crazy run its on...........even crazier to think historically after prior halvings, the price kept climbing for a year'ish.....and we're not even to the halving yet.
i'd like to drop another chunk of change into it myself; but waiting for a pullback...............if that ever happens.............then the question is where do i step back in at?...............definitely nowhere near where we're at now, dont want to screw up my average. although...........i feel this post will not age well and i'll look back in a year or 2 and be kickign myself with this last comment.
I added this morning. I was able to convince the wifey to let me have more money to play with.
Thanos was the hero
There will come a point when we run out of sellers, liquidity dries up and the ETFs are still buying. The ETFs will be forced to find sellers at any price. There's gonna be some wild price swings when liquidity is gone.
And at the same time, when we get those price swings, it could scare alot of people and cause a massive sell off. Lack of liquidity might be the bear case.
Thanos was the hero
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nice of the mrs. to let you run wild a bit with some more funds
you bring up excellent points about the lack of liquidity and folks getting skittish with wild price swings. but then i also cant wrap my brain around a price point where people will just stop selling; sure seems like as price goes up............people just get more enticed to sell...........but you're spot on, there's got to be a ceiling to that somewhere
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