Bitcoin Price Crashes Below $20K for the First Time Since December 2020

SO I forgot I set a notification on Bitcoin at the 20,000 alert level years ago now. Even though my portfolio is microscopic to the nth degree even then, So glad I couldn't invest more and I would have if I had the means. There is one positive from COVID restrictions killing our business, but I know millions are stressing this big time. Quite a few entertainment and sports stars put loads of money in crypto and specifically bitcoin

Thoughts ATS ?


#crypto #bitcoin #cryptonews
BITCOIN CRASH: "THE END OF CRYPTO" (First Time in History)

First time Ive ever seen this guy bearish on BItcoin and crypto in general,

Bitcoin price drops below $20K, breaking the crucial support levels at $20,200 some moments ago. Interestingly, the volume currently is recorded as less than that of the previous slump which clearly indicates the bulls stepping away. Therefore, the BTC price is expected to continue testing lower support throughout the weekend, yet the possibilities of a short-term bounce above $20,000 cannot be laid aside.

Bitcoin Price Plunge Could Spark a Drop to $15,000 in the Upcoming Week
It is quite evident tha the Bitcoin price has been a victim of multiple bearish events that occurred within the crypto space in the past month. The drop that began with the Terraform labs emptying their wallet containing more than 80K BTC, is now intensified to reach the lower-most point of defence before the next price action.

a reply to: putnam6

This pleases me as I regard crypto as a financial parasite, guzzler of fossil fuels and serious pollution hazard. It is reallly is old tech. It is to finance now what an Atari is to a Macbook M2.

Even Bill Gates calls it an illusion of sorts and a clown's game. I told people about this years ago, all along in fact. Recently I predicted and warned some powerful people to leave it well alone as it was marked for destruction for being too parasitical and like a vampire upon economic authority of nations. Even the Devil doesn't want it now.

Please, please, please think before you act. Little people like us will never get to score. You have to lick some serious you know what to get even a foot on that ladder. There are no magic formulae or hacks. There is the millions to one shot at lotteries (but I sometimes wonder how legit' they really are).

Crypto is brimming with all the worst criminal profiteering the planet can get up to. It is only benefitting criminals and financial sloths at the top of the pyramid scheme.

Yes, I am pleased as I watch the criminals get all messed up by its destruction. Bring it on. Drop a warhead on it, dudes. Corruption must be dealt with or it will corrupt everything and human life would not be worth living except if you are a monster with sores all over you from the Angels' cup of judgement poured out in full measure.

You could tell by its very name what its nature is. Crypt! Cryptic goes to the crypt now. Ashes to ashes and dust to dust, bitcoin to oblivion.

a reply to: putnam6

I would have flagged you too, but I can't seem to do it. Do I have to have so many posts before I can do that? Sorry, dude.

originally posted by: putnam6
SO I forgot I set a notification on Bitcoin at the 20,000 alert level years ago now. Even though my portfolio is microscopic to the nth degree even then, So glad I couldn't invest more and I would have if I had the means. There is one positive from COVID restrictions killing our business, but I know millions are stressing this big time. Quite a few entertainment and sports stars put loads of money in crypto and specifically bitcoin

Thoughts ATS ?


#crypto #bitcoin #cryptonews
BITCOIN CRASH: "THE END OF CRYPTO" (First Time in History)

First time Ive ever seen this guy bearish on BItcoin and crypto in general,

Bitcoin price drops below $20K, breaking the crucial support levels at $20,200 some moments ago. Interestingly, the volume currently is recorded as less than that of the previous slump which clearly indicates the bulls stepping away. Therefore, the BTC price is expected to continue testing lower support throughout the weekend, yet the possibilities of a short-term bounce above $20,000 cannot be laid aside.

Bitcoin Price Plunge Could Spark a Drop to $15,000 in the Upcoming Week
It is quite evident tha the Bitcoin price has been a victim of multiple bearish events that occurred within the crypto space in the past month. The drop that began with the Terraform labs emptying their wallet containing more than 80K BTC, is now intensified to reach the lower-most point of defence before the next price action.

Doesn't bother me none, I use it for transactions only, no investment. A simple and convenient way to pay for things off the grid. This burst will heal. I've seen it happen before. People are just trying to manipulate the target. whatever. this is why we can't have nice things.

I mined for a coin years ago, not bitcoin, as it was already saturated.. but a fork, and I sold it all before I could have become quite rich... sadly... not a market player, me.. But I did well I guess. now it's more a convenience for me, than an avenue. So to those wishing it's demise, perish the thoughts of a convenient way to collaborate with those who embrace this tech., You'll just have to keep paying the keepers of your money.

a reply to: Tarantula777

Stop babbling rubbish.

originally posted by: putnam6
Quite a few entertainment and sports stars put loads of money in crypto and specifically bitcoin

Fad investing is a fad.

I saw one genius on this site say to hold it until 'whenever'.

a reply to: putnam6

I used to be fixated with checking the BTC price and my other crypto, multiple times a day.
Just a fiend!
These past 3 months, I have probably checked 4 times total.
Its painful looking in there.

originally posted by: AugustusMasonicus

originally posted by: putnam6
Quite a few entertainment and sports stars put loads of money in crypto and specifically bitcoin

Fad investing is a fad.

I saw one genius on this site say to hold it until 'whenever'.

FOMO is a MOFO....

If you look at the historical price data, this was bound to happen. It’s called a SALE, and the price will go up to record highs again by the next halving event. The trick is identifying your best entry point.

a reply to: putnam6

originally posted by: Edumakated
FOMO is a MOFO....

Oh, I think they'll be missing out on their investments.

the hard thing about investing these days is being broke.

I sold my last 6 BTC @ $200 (after it dropped from over 600) to pay bills.
Watching it climb to over 20k, then keep going, really hurt.
Now its dropping again, and I do expect it will go back up- but thanks to the cycle of life I'm just as broke today as when I sold my BTC that time, probably for the first time since I did it.

Difference is I have a bunch of other crypto this time... was worth over 30k two years ago, about 7k now... and I'm not selling it now, even if I can't pay bills. Cheaper to pay interest on debt than miss out on the next cycle.

a reply to: putnam6

On the way up a lot of people leveraged themselves in Bitcoin. They used the bitcoin they had as collateral on more bitcoin they were going to buy. If it drops below a certain price depending on the arrangement, they get liquidated to cover the loan. This is happening across the board.

The most notable is Michael Saylor/MicroStrategy, a multi billion dollar company holding around 130,000 bitcoin. Should they get margin called, we're likely to see another huge slide.

When the price starts getting below $20K it becomes unprofitable to mine. No miners then no nodes to process transactions. The dedicated nodes will make transaction costs astronomical. The only direction the price of BTC can go is down.

a reply to: Skepticape

Only 750 days left to the next halving!

Which sounds like forever to paper hands but for diamons.
Just another stint in the crypto pen

originally posted by: Tarantula777
a reply to: putnam6

I would have flagged you too, but I can't seem to do it. Do I have to have so many posts before I can do that? Sorry, dude.

No worries, Im not concerned about my Above Top Secret social credit rankings.

a reply to: putnam6

In the wise words of the President of Ecuador,

Buy the dip!

When he tried to average down from 60k to 50k, that was the dip. Then 40k, then 30k. Remember all the 100k by the end of 2021 bitcoin price predictions?

I love how people rationalize what the dip is, the bottom, especially when they base it off of "supports" and symmetrical lines on the stock graphs. They use stock market patterns for crypto too, like flags, head and shoulders, etc when none of it really applies to crypto in the same way as stocks. Every jump sells off hard and it inevitbly goes lower because everyone is flipping it for a quick profit and no one has faith that the thing is going to start going back up. Whoever sells first, wins and the insane part is that there's always someone or something, a computer on the other end to buy it at the top of the spikes, only to lose their money.

Crypto graphs do what they want. I'm calling "the tape" a graph. And also, crypto exchanges have always allowed rampant shorting with leverage up to 100x until more recently they started limiting leverage, but its still insane. The stock market at least tries to keep shorting in check. Anyone could've been shorting along for the ride during this crypto crash. I've seen days where a crypto or a stock gets beat over the head so badly that it cant move up regardless of any level of investment volume. It's like playing whack a mole.

I'm fortunate to have had the foresight to use my bitcoin to invest in real coin and greenstocks when NM went recreational last year.
Actually it wasn't my foresight, thanks Mr. Guggenheim for the warning. Pay your money, take the ride.


BC should start a rebound about Xmas.

a reply to: olaru12

I've never held a crypto longer than a day. Buy dips and sell rips as they say. The price never stays constantly rising and there's always opportunities to repeat this regardless of how expensive the crypto or stock has become.

Buy 100 of them, it goes up $1, you sell at the top and make $100. Then attempt to do that over and over again unlimited times because there's no limit to day trades in crypto. This is what many, many people do and what causes crypto and stocks for that matter to rise and fall. In the stock market, you have to have $25,000+ in your account or else you're limited to only having 3 day trades per week.

The goal there is to work your way up past the limit and have unlimited, then you can do what anyone can with crypto. In stocks, theres also a rule where if a stock ended the day below 10% negative, the following day shorting is restricted and harder to do. No such thing in crypto, you can literally drive it into the ground.

A "swing" is when you hold it for a longer period of time. Ever since crypto became highly valuable in the past 2 years, anyone investing in it long term was an unfortunate fool buying at the top because it was popular only for the flippers and shorts to make profits and bring the price down.

Whoevers holding it in the end loses, unless it ends up being something like Amazon or Tesla of course. Whats the point in buying shares of those companies now though? You'd probably end up like the people who got burnt on bitcoin.

originally posted by: AugustusMasonicus

originally posted by: Edumakated
FOMO is a MOFO....

Oh, I think they'll be missing out on their investments.

One guy said he put 80% of his NFL Salary into bitcoin, and it tripled his salary, loads of players, entertainment, and celebrities dumped their disposable income into it. No doubt some got slammed, and no doubt some have financial managers who pulled a fast one.

Pretty soon guarantee we start to see celebs' sob stories, think Madoff and Kevin Bacon on steroids. Somebody posted on another message board, that rappers and social media influencers are likely getting drilled and were woken up by their alerts.

I find Wall Street Journal's take interesting...cause that is what Im really concerned about. How will this affect the traditional markets, or more specifically the economy? Maybe even more importantly I wonder how this is hitting China, India, Russia, and eastern Europe?

www.wsj.com...

“It will be a lot of pain for a lot of investors,” said Yuya Hasegawa, a market analyst at Japanese crypto exchange Bitbank Inc. People will lose confidence in the crypto market as a whole, but seasoned crypto investors and those who believe in its long-term prospects will see an opportunity to buy at discounted prices, he said.

Bitcoin’s slide from its record high of $67,802 in November has contributed to a roughly $2 trillion wipeout in the broader market. Crypto’s total market capitalization, which peaked in November at nearly $3 trillion, stood at around $840 billion Saturday—its lowest since January 2021, according to data provider CoinMarketCap.

a reply to: putnam6

And every company that accepts bitcoin, ethereum as payment for goods and services just got wrecked. Companies in the future will be even more less likely to start accepting it.

Hopefully for their sake they converted it into dollars after every sale, lol.