Are we excited yet?

FileNotFound

Nice to see prices on the rise again. Is there anything driving it beyond market demand?

I am not as up to date with crypto news as needs be but always fear false highs now after all the damage Elon tweets have done over the last while.

Suckit

https://www.boards.ie/discussion/comment/117738475#Comment_117738475

A lot of the Chinese rigs were able to re setup in Kazakhstan and U,S, among other places. A few other factors, but that was the main one I think.

massdebater

https://www.boards.ie/discussion/comment/117738475#Comment_117738475

Inflation and other macro trends seem to have more of a lasting impact than shorter term news like elon/china fud. A pullback was needed after a near vertical rise earlier in the year and last year. Hope plenty of you were able to take advantage of the cheaper prices, still a good bit below ATHs at the minute.

Markus Antonius

https://www.boards.ie/discussion/comment/117738712#Comment_117738712

I hope it remains below ATHs for a good while longer. I'd rather strong support at 70%ATH than to have wishy washy volitility at a new ATH.

It is a marathon not a sprint it is 😙

FFVII

https://rekt.news/polynetwork-rekt/

..

https://www.boards.ie/discussion/comment/117738573#Comment_117738573

How does the miners setting up again have an impact on the price of btc?

cnocbui

For some, it could instil confidence that BTC could shrug off and survive a ban by the largest authoritarian state on the planet, in a matter of weeks. That's quite a trick - like the Titanic hitting an iceberg, but the chief engineer just magically zips the great tear shut and the ship keeps steaming towards port with a slight list, slowly righting itself as the pumps empty the bilges.

sparrowcar

My bags of ADA and XRP doing great... Nice distraction from the gloom of late.

massdebater

Crypto market cap back above 2 trillion after being below 1.2 a month ago

Markus Antonius

Fasten your seatbelts lads, things are happening!

fritzelly

https://www.boards.ie/discussion/comment/117750649#Comment_117750649

Lets get 50k by Monday

Grumpypants

I reckon we will get another ATH in the next few months. 100k for Christmas would be nice.

Thargor

https://www.boards.ie/discussion/comment/117750722#Comment_117750722

Feels that way more and more, pity the incompetents have destroyed this place, it was nice having an Irish focused place to celebrate over the last few years instead of Reddit.

The Nutty M

I sold the little bit of BTC I had last night. Waiting for for the plunge to buy back again 😂.

el diablo

https://www.boards.ie/discussion/comment/117750849#Comment_117750849

Did you sell at a loss?

Dohnjoe

Sticking to my "hunch" and sold a portion there. Usual disclaimer, the market could do anything, but personally I think we are tracking 2018 too closely. After that bull run and subsequent crash there was a "rise" for about a month which many thought was a second bull. It lasted around a month, we're at roughly the same point now (a few days off), so I decided to sell a percentage of remaining portfolio. As usual this is pure personal guesswork and speculation.

The Nutty M

https://www.boards.ie/discussion/comment/117760214#Comment_117760214

No. Sold at a 6% profit.

I've the same hunch as Dohnjoe. But as he says. It can go either way.

Potatoeman

https://www.boards.ie/discussion/comment/117760952#Comment_117760952

A balance on a screen doesn’t mean much if you don’t cash in some of it and have it your pocket.

cnocbui

https://www.boards.ie/discussion/comment/117760952#Comment_117760952

Lol.

"past performance is no guarantee of future results."

Dohnjoe

https://www.boards.ie/discussion/comment/117762644#Comment_117762644

This is crypto, it doesn't follow normal market logic. It's not based on any calculable value. A coin can receive good news and plummet, a coin can have a 51% attack and go up 15%. No one knows what's going to happen next, but we had a bull in 2013, one in 2017 and, surprise, surprise, one in 2021. The last one many people called, why? Because when something has nothing to go on but herd psychology, a past pattern can become it's own self fulfilling prophecy. This is why certain alt coins start to move together, because they did it in the past, now it's a "thing". One takes off, the other "related" coins also go up.

And like every other bull we had a sharp crash in prices. Again, no one is surprised by that. Another facsimile of previous bull runs.

Could we have a secondary bull now? Sure, but personally I see that as the less likely outcome, it needs momentum, FOMO, ATH's being broken, crypto in the news cycles, relatives calling asking what "Doge" is, etc. That's a pretty big ask when all that happened just a few months ago. But hey, it's crypto, could happen.

However, if I had to guess based on 8 years looking at this every day, then I'd lean towards a drift into a bear market. As such I planned on selling a portion at just under the one month mark if we tracked the past, we've hit that mark, so I sell that portion.

Indeed past performance is no guarantee of future results, but when you have an irrational market with nothing else to go on, sometimes it's the only thing the traders and the market can guess with. Keyword: guess.

deadduck

https://www.boards.ie/discussion/comment/117762778#Comment_117762778

You obviously have plenty of experience with watching markets, so thanks for that post.

I’m quite new to this, and am quite possibly talking nonsense, but has the crypto space not matured a little bit, where ‘plummeting’ isn’t likely (even though I suppose that depends on your definition of it, I.e, could mean 30% to one person, and 75+ to another.)

From the bit of research I’ve been doing, it seems like financial institutions, and the finance sector in general are starting to take crypto seriously, and I heard recently that in Germany, at least some financial institutions will be allowed hold up to 20% of their assets in crypto. These kind of moves make me think that the demand is going to explode (over the next good few years) for crypto. It might not be the cryptos that are hot stuff now, but I just don’t see the genie going even remotely back in the bottle.

But, like I said, I’m very new to all this, so feel free to pull the above apart 😀

GooglePlus

https://www.boards.ie/discussion/comment/117762778#Comment_117762778

Does it make sense comparing previous trends in crypto to now considering the external environment is completely different? Do external factors not have more of an impact?

Dohnjoe

https://www.boards.ie/discussion/comment/117763471#Comment_117763471

In my opinion yes. The FOMO frenzy for BTC in 2013 is the same as the one in 2021. It's just that now people have increasingly easier access and crypto has demonstrated it's not just a "one trick pony" like Dutch tulips. Buying in 2013 was a nightmare, buying now can be done in a few taps on a phone.

In my view it's still the same underlying herd psychology, it's just that many more people can access the casino, which is also much bigger.

jmlad2020

Anyone else have a hunch that the market cycle top is the end of this year/early next year? I predict huge FOMO in the coming months and price rises that will surprise people.

I intend to sell around 150k and I have a peculiar feeling we reach that (or higher) in the next 6 months. I will consider selling my ETH after it surpasses 10k, which could be this year.

Dohnjoe

https://www.boards.ie/discussion/comment/117763429#Comment_117763429

I work in Finance, there's always been interest. Primarily in the tech; blockchain, distributed ledger, smart contracts, etc. Secondly as a kind of insane anything goes "Wild West" speculation market, which is growing so large it's getting harder for financial institutions to ignore as an investment option (for underlying investors). DeFi is pretty cool also.

Regulation is the big unknown, but so far it's been alright. Will BTC and Eth hit higher points over the next 10 years? I would presume so. My only interest is making as much margin out of it was possible without selling everything. After quite a few fuckups in the past, I've hit about 2,000% return on average (**** 2018 alts). If prices drop low enough again in a bear then I would be buying again, at the moment, personally I wouldn't be buying. The usual advice applies, don't take advice on crypto from anyone, no one, including me, knows what will happen next. The only thing I tell my friends is that they need about 4 years patience for this market, if they don't have that, then don't bother :)

jmlad2020

Bitcoin current price Vs 2013 chart. Note the similarities

Dohnjoe

https://www.boards.ie/discussion/comment/117763530#Comment_117763530

BTC didn't have two big bull runs in 2013. It maxed out at Xmas at around 1k USD and it took 3 years to hit that mark again. Likewise it maxed out at Xmas 2017 and took over 3 years to hit that mark again. Any two charts can be overlaid and similarities found, the context is all important.

For example, look at the 6 months after the 2013 bull peak, then look at the 6 months after the 2017 bull peak, now look at the situation (currently 4 months in) after the 2021 bull. If I jumbled them up without the price points and dates, most would have a hard time telling which was which.

deadduck

https://www.boards.ie/discussion/comment/117763521#Comment_117763521

one of my main sources of info has been crypto Guy on coin bureau, and he seems to think we’re not far off the end of this run, but the big news that has come out recently and is coming over the next few months will sustain things for a while yet

fritzelly

https://www.boards.ie/discussion/comment/117763601#Comment_117763601

Checkout Invest Answers

jmlad2020

@deadduck

Maybe. I'm watching things closely. If we finish the year sub 100k the market top will likely extend well into 2022. If we shoot our load early and reach 180k by December we're in for a massive drop.

All options cannot be ruled out.