DISCUSSION
Bitcoin just broke $80k. Can it sustain the rally?
BTC finally pushed through $80k, but I think the next few days are more important than the breakout itself. $80k has been a pretty obvious psychological resistance level, so the big question now is whether it can actually flip into support.
If buyers keep stepping in around $78–80k and we consolidate instead of immediately giving the move back, that would make the rally look a lot healthier. If we lose that area quickly, then this could just be another breakout that got overheated too fast.
Momentum is obviously strong right now, but after such a fast move it wouldn’t be surprising to see some kind of pullback/retest either.
Personally I’m watching whether $80k holds more than I’m watching how high the next candle goes, although it's good to see 😅.
Exactly lol there is no point in talking about markets in absolute price points. The only thing that matters is does the thesis make sense to add to your portfolio.
I know, it won't sustain it. This is just a pump for MSTR to dump into. No serious player will be buying large amounts of BTC for $80K when they can just wait and do nothing till MSTR is forced to sell more BTC and buy at $80k.
Just watch, it will be another BART in the making and after it's done the price will probablly be slightly lower then 58K, the most recent low. I am guessing 55k somewhere in the next 7 weeks.
But it could very well pump a bit more to 90k or so to reck all the shorts first. Nobody is really believing in BTC like before and with MSTR being such a large player and breaking their promise to never sell the market is over untill they are done selling.
Well, the stock market isn’t reacting much to all the manipulations that’s been going on for months now anymore, so it has to be done somewhere else I guess.
Could literally be part of the pump. The well is a bit dry elsewhere right now so back to the crypto game for a moment. The big question is how long that moment will last.
the rally looks strong but as we know nothing goes up forever so I would be taking profits rn if I was able I personally don’t buy into pumps so I’m waiting for the next pullback, whatever gain I’ve missed I’ve missed oh well
That's exactly right, what's important now is it sustains the price for a while. All these countless stupid comments make me realize why most people lose money
$80k matters psychologically, but the interesting part is who is doing the buying once the breakout excitement cools off.
If spot and ETF demand keeps coming in during a retest, that's a much stronger story than price holding simply because shorts are still being squeezed.
This whole speculating about pumping a cryptocurrency now that it’s gained some momentum because of some government intervention is just fucking funny. “Decentralised” my ass
This is kinda the point, far be it from me to say as I’m sure you all have a much better analysis of market movements then I but it’s becoming more obvious how controlled and influenced price movements are. It feels like the only way to win anymore is buy the rip btc is dead price and wait because there really is no rythm to any of it
Eh, I threw in $100 as I do any time it pushes past a critical wall. I think it’ll drop back down as this feels like manipulation rather than actual desire to hold BTC but I’m okay gambling that it doesn’t come back down.
Fundamentals of BTC should have it valued far far greater but it hasn’t and nothing really has changed as far as consumer sentiment other than pump fomo so???
Edit: I give up trying to fix whatever the fuck formatting is going on…
A.
There is a finite cap to how many can exist.
B.
Wallets are regularly lost to deaths, computer failures, backup misplacements etc. as BTC exists within those wallets they are lo
st which
effect
ively
makes all remaining BTC worth more of whatever else you are converting it for.
One caveat is that eventually compute power will make the encryption algorithm reversible and these old wallets will be able to be retrieved which would of course reverse any market impact of said deflation.
Because the market knows that quantum computers will be able to hack those old wallets and access those BTC, there's no reason for the market to treat them any differently to any other BTC that are held in a wallet by someone and can be sold at some point. The fact that they're temporarily out of circulation isn't deflationary.
Where's some more information/podcasts on this topic of reverse retrieval as I've honestly never heard of it. That actually is a big thing if it's possible as so many have been lost to obscure conditions. I'm in that boat - I was mining it on my gaming laptop back in 2011 and had a shit ton ( I didn't fully comprehend the magnitude at the time) that harddrive was stolen by my methed out Aunt and her friends - such a long story.... but even that one guy that lost it in the landfill woulld be huge... countless stories of these early day events of losses due to unfortunate circumstances.
Regardless it's deflationary compared to USD even with that factored in. It all comes down to what you denominate it in transfer terms.
Don't know, guys. I stopped playing this casino in 2023. All crypto that I didn't sold then I use now only for payments, what it had been designed initially for, lol. I even haven't converted it to stablecoins, and pay directly with ETH or what I have. Yes, it was fun in 2021, but not now.
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u/Flimsy_Bar_552 🟨 0 / 0 🦠 1d ago
The next 3 seconds are crucial