Bitcoin $50,000 - $60,000. Next, Will It Be Worth $0...?
Updated
Bitcoin did not fall on Friday, February 16, 2024, as expected from the Litecoin pattern, and looking at it from a different angle, I realized that the growth targets for Bitcoin are very close to their completion. Attempting to short it now seems like a mad idea since one could constantly hit stop losses all the way up to $60,000 per Bitcoin, and then, when the last short seller falls, the real drop will begin :)
BTC #Bitcoin #BTC
I enjoyed a video from YouTube and the meaning it conveyed:
🎥 From a video I watched today, here's the translation:
• If you were analyzing Bitcoin as a new project, would you invest in it knowing that 15 out of 19 million coins in the market are held by major players? Imagine yourself as a miner in 2009 when the price of one Bitcoin was $1. In 2013, the price reached $1,000. Wouldn't you have sold?
• Bitcoin has entered new growth cycles after each fall, meaning someone was buying the coin knowing it could be launched upward again and again, even when 99% were completely disillusioned. Who do you think was doing this on such a scale? Each time, revving up this train, where many passengers board, becomes more expensive (advertising, market making, social media warm-ups) = all this costs money.
• Why do it? If they, and perhaps even we, had already had enough time to sell all our assets in the $40,000 - $60,000 range. Moreover, Bitcoin mining has already been banned in many countries, and more miners are realizing that this business is more like gambling.
🔍 What is Bitcoin today?
A digital asset - technology changing people's lives or just a gamble and hope that every four years we will earn hundreds of percent in profit?
In an era of energy crisis, we're spending thousands of kilowatts of electricity to mine blocks that were worth $5,000 yesterday and $48,500 today.
📊 What will happen after the Bitcoin crash?
Bitcoin won't collapse in one day; it's a gradual process that no one should realize was a game with very few winners and many losers. There will be growth after the halving, but it will be insignificant, and then you'll see.
🌍 Two major Bitcoin mining pools:
Are now concentrating about 27% of the hash rate each, meaning together, they control 54% of the Bitcoin network. They've also noticed ordinals and BRC-20 spamming Bitcoin = something it wasn't designed for. They're clogging the mempool during a bear market, so it's possible that Bitcoin Core will move to censor to officially sanction the creation of similar precedents, otherwise, during a bull market, this could significantly slow down Bitcoin transaction validation.
Is Bitcoin really the most fundamental and reliable crypto asset?
In conclusion, Bitcoin is no longer of interest to me. It's better to look for entry points in altcoins and wait for the alt season. In the next review, I'll analyze Bitcoin's dominance and where we might expect its dominance to decrease.
Currently, I've bought Toncoin, which I believe has interesting potential for growth considering the army of users and future crypto users of Toncoin.
BTC #Bitcoin #BTCI enjoyed a video from YouTube and the meaning it conveyed:
🎥 From a video I watched today, here's the translation:
• If you were analyzing Bitcoin as a new project, would you invest in it knowing that 15 out of 19 million coins in the market are held by major players? Imagine yourself as a miner in 2009 when the price of one Bitcoin was $1. In 2013, the price reached $1,000. Wouldn't you have sold?
• Bitcoin has entered new growth cycles after each fall, meaning someone was buying the coin knowing it could be launched upward again and again, even when 99% were completely disillusioned. Who do you think was doing this on such a scale? Each time, revving up this train, where many passengers board, becomes more expensive (advertising, market making, social media warm-ups) = all this costs money.
• Why do it? If they, and perhaps even we, had already had enough time to sell all our assets in the $40,000 - $60,000 range. Moreover, Bitcoin mining has already been banned in many countries, and more miners are realizing that this business is more like gambling.
🔍 What is Bitcoin today?
A digital asset - technology changing people's lives or just a gamble and hope that every four years we will earn hundreds of percent in profit?
In an era of energy crisis, we're spending thousands of kilowatts of electricity to mine blocks that were worth $5,000 yesterday and $48,500 today.
📊 What will happen after the Bitcoin crash?
Bitcoin won't collapse in one day; it's a gradual process that no one should realize was a game with very few winners and many losers. There will be growth after the halving, but it will be insignificant, and then you'll see.
🌍 Two major Bitcoin mining pools:
Are now concentrating about 27% of the hash rate each, meaning together, they control 54% of the Bitcoin network. They've also noticed ordinals and BRC-20 spamming Bitcoin = something it wasn't designed for. They're clogging the mempool during a bear market, so it's possible that Bitcoin Core will move to censor to officially sanction the creation of similar precedents, otherwise, during a bull market, this could significantly slow down Bitcoin transaction validation.
Is Bitcoin really the most fundamental and reliable crypto asset?
In conclusion, Bitcoin is no longer of interest to me. It's better to look for entry points in altcoins and wait for the alt season. In the next review, I'll analyze Bitcoin's dominance and where we might expect its dominance to decrease.
Currently, I've bought Toncoin, which I believe has interesting potential for growth considering the army of users and future crypto users of Toncoin.
Note
Liquidity zones from which Bitcoin could be turned upwards. I'm not buying it myself and see no point. Once the correction is over, I'll be purchasing more altcoins.Note
Intraday (Feb 20, 2024)Note
UPDATE: Feb 20, 2024For Bitcoin, the strategy for today is such that the goal is to return the price to $52,200, followed by a decrease towards the first correction target of $50,000 ±. I believe a second correction wave will occur towards the price of $47,300 - $48,000, from where we will anticipate a rise to $60,000 ±. For altcoins, targets will be specified in Chain Knights Premium.
Intraday:
Week:
Note
Ok 🤔.Note
Hmm, interesting on the 12-hour timeframe according to RSI. Will we break downward?
Note
Stop losses could possibly be triggered above $53,000... Shorting Bitcoin is always risky :)Note
BTC #Bitcoin — Bitcoin Correction Continue... 💰Hello everyone. The price of Bitcoin continues to correct.
➖ On the first chart, the 12-hour timeframe confirmed a breakout of the trend line on the RSI.
➖ On the second chart, the stop losses of long traders are marked in the area of $48,000, which is where the price is expected to go.
Upon reaching this price, one should look for entry points to buy altcoins.
What's next for Bitcoin 🏴☠️?
I think the price could be driven further up to $60,000, but again, I wouldn't risk testing this. It's better to work with altcoins in this case.
Note
On Binance, a significant wall at $51,500 has been set to drive the price down. Let's see... I would like a swift drop in Bitcoin to $48,000...Note
UPDATE (Feb 22, 2024):Bitcoin continues its games... Okay, I'm just happy 🚀. All in on altcoins.
Time frame (30m):
Time frame (1H):
Time frame (4H):
Time frame (1D):
Note
Yesterday, market makers executed deceptive maneuvers, definitely A+ level. ✈️Today, it was even scary to go long on altcoins... But now, all is well. Holding onto the rocket. 🛫🚀
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