Hello traders,
First some TA based of similarities in the overall structure and RSI.
Since bitcoin is currently in a descening channel which looks really similar to the last bubble aftermath i wanted to compare the 2.
With TA kinda becoming a self fulfilling prophecy over the years especially in Crypto markets its likely that patterns like these will repeat themselves and at the moment i do not see any bullish indicators besides the havening,which in my oppinion could even pose a risk due to mining costs rising and if bitcoin starts to trade close to mining price and miners wont profit it can get ugly quiet quickly.
With a Stock market bubble of the current size and other looming crisis scenarios like a china virus outbreak or a war in the middle east, do you really think people will hold onto bitcoin in a unstable enviourment?
Bitcoin is a fun stock market on steroids for gambling addicts but it is by no means a save haven asset because it can all get wiped pretty easily if your stuff wont get mined or a power outtage occurs.
Of course this outlook was pretty grim but you got to be prepared for the worst if you want to hedge against a overvalued financial system.
And do you really think if btc will ever pose a risk to the financial stability of the usd there wont be any sanctions against btc traders and hodlers?
From all the scenarios i could think about only one really worries me and that is quantum computing.
From what ive heard there are already debates on how to make btc quantum resistant but the more important thing is that if this is not solved there will be another fork.
If the core developers dont acknowledge the risk this poses in the near future i am more than happy to invest in the fork. With bitcoin being slow as it is it will never get used in day to day transactions in or after a crisis scenario.
BSV or BCASH seem like a better alternative there but im invested in neither.
Another fascinating thing although i do not know enough details but it certainly is a thing to look out for is the story surrounding craig wright and the tulip trust he estabished with kleiman which has like 1 million btc locked.
Im not saying its true because of all the contradicting statements he made in the past, rather i do think his partner was the math genius and he was just like a typical banking guy.
I mean why would he lie in front of court just to keep up the illusion hes satoshi? Id rather get exposed than to go to prison.
Also since kleiman died his brother is suing wright out of half the btc in the fund. Imagine the dump resulting in him getting his hands on them.
Sorry for rambling but i think at the moment there are too many stones in bitcoins way to start another bull market, in the future after these things are sorted out im all in but if we continue to rise now we will just see a even bigger fall afterwards which is ultimatly bad for the market.
please ignore the spelling errors and have a great day!
TLDR Quantum risks will result in a fork and mining wars, blackout will make btc useless and if wright moves the 1 Mil btc its pretty much over short term
First some TA based of similarities in the overall structure and RSI.
Since bitcoin is currently in a descening channel which looks really similar to the last bubble aftermath i wanted to compare the 2.
With TA kinda becoming a self fulfilling prophecy over the years especially in Crypto markets its likely that patterns like these will repeat themselves and at the moment i do not see any bullish indicators besides the havening,which in my oppinion could even pose a risk due to mining costs rising and if bitcoin starts to trade close to mining price and miners wont profit it can get ugly quiet quickly.
With a Stock market bubble of the current size and other looming crisis scenarios like a china virus outbreak or a war in the middle east, do you really think people will hold onto bitcoin in a unstable enviourment?
Bitcoin is a fun stock market on steroids for gambling addicts but it is by no means a save haven asset because it can all get wiped pretty easily if your stuff wont get mined or a power outtage occurs.
Of course this outlook was pretty grim but you got to be prepared for the worst if you want to hedge against a overvalued financial system.
And do you really think if btc will ever pose a risk to the financial stability of the usd there wont be any sanctions against btc traders and hodlers?
From all the scenarios i could think about only one really worries me and that is quantum computing.
From what ive heard there are already debates on how to make btc quantum resistant but the more important thing is that if this is not solved there will be another fork.
If the core developers dont acknowledge the risk this poses in the near future i am more than happy to invest in the fork. With bitcoin being slow as it is it will never get used in day to day transactions in or after a crisis scenario.
BSV or BCASH seem like a better alternative there but im invested in neither.
Another fascinating thing although i do not know enough details but it certainly is a thing to look out for is the story surrounding craig wright and the tulip trust he estabished with kleiman which has like 1 million btc locked.
Im not saying its true because of all the contradicting statements he made in the past, rather i do think his partner was the math genius and he was just like a typical banking guy.
I mean why would he lie in front of court just to keep up the illusion hes satoshi? Id rather get exposed than to go to prison.
Also since kleiman died his brother is suing wright out of half the btc in the fund. Imagine the dump resulting in him getting his hands on them.
Sorry for rambling but i think at the moment there are too many stones in bitcoins way to start another bull market, in the future after these things are sorted out im all in but if we continue to rise now we will just see a even bigger fall afterwards which is ultimatly bad for the market.
please ignore the spelling errors and have a great day!
TLDR Quantum risks will result in a fork and mining wars, blackout will make btc useless and if wright moves the 1 Mil btc its pretty much over short term
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.