Agreed, but not immediately. Each step it increases, we see consolidation and a lessening of the trade volume. Then volume spikes and we get another step up. I think we will stay in this 8500-8900 trading range well into next week. If it;s going to make a move IMO it will be late in the week and we should get a spike above 10k then return to approx 9000-9500.
Agreed, late next week, is what I was thinking…
Looking like we may get some early action. Spike above 9k, then quick drop to 8.5k. Will see if vol starts increasing
looking like we may get a bit of a pullback. May retrench to about $6.5k. Not a bad thing. Allows those who trade to consolidate gains and sets up next run.
Bitcoin is gold 2.0 , if you want to make money, get into crypto, mining stocks are dead, i made up all my loss from MDMN in crypto, and much more to come.
Not there yet for me, but well on the way. Im not trading crypto, too volatile for me right now and I don’t have the time to monitor. Been mining for a long time and have expanded my capacity. Used profits to expand (two new machines due in August), and looking to get into a GRN1 miner nearer to October.
Not sure why I’m even bothering commenting on this, clearly too much time on my hands today, but some things are too difficult/obvious to ignore.
You set this discussion up at the top of the bitcoin bubble (literally Jan 2018) when prices were around 20k and proudly claimed:
“Goodbye everyone, i sold everything, i am going full Cryptocurrency, there i can make up for my MDMN loss and more, much faster than waiting here, i don’t know how long, i will still check you guys from time to time, good luck with the new MDMN, wish you a lot of gains.”
The recent bounce in cryptos has been impressive but you would have lost 85% on your investment from the Jan 2018 highs while you waited.
I admittedly take solace in your other claim: “gold is dead” from May of this year (a recent low for gold at $1250) as you seem to be a flawless contradictory indicator. Keep up the good work.
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Bitcoin 11K, I’m saying this, because selling my MDMN for Crypto, has been the best thing I ever did, also, I didn’t keep my crypto in the bear market, I sold them at the death cross, and bought back in Mars, Now I’m well positioned for the next bull market, even with the crypto bear market, Bitcoin has outperformed about anything by a wide margin, and ATH is not that far.
Been a while, great time to be in crypto right now, Bitcoin is surely looking great.
Bitcoin and crypto are doing very well these days.
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Yeah, been mining a bunch of ZEC. Been pretty good as well. See a much larger swing into blockchain as adoption of the technology in back offices continues. With Paypal now accepting BTC, you should start seeing more mainstream adoption of cryptocurrencies. BTC will most likely rise first and drag the other ALT coins with it. There has been a lot of accumulation of BTC in the HODL hands. I hope to see a slow and steady rise from here!
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Will we see $20k BTC before EOY? I haven’t traded anything in a long while but wish I’d moved some altcoin money to BTC over the last year or so.
I think it will consolidate around $20k. There definitely will be selling pressure when it reaches $20k, but more and more BTC is going into long term hands. You should see it bounce around a bit, then, move up from there.
RE moving into BTC, IMO it’s too late now unless your comfortable with the volatility and being negative for a while. IMO it’s better to keep mining BTC, then price irrelevant.
Also, as stated above, IMO a lot of the altcoins have greater upside than BTC right now. As BTC continues to grow in value and be accepted regularly, you will see the altcoins grow as well; but, altcoins have a higher ceiling. For example, ZEC hit its all time high of $800 per coin around the time BTC hit its all time high of $20k back in 2017. BTC is now back at its all time high while ZEC has risen with BTC this year and is trading in the 80’s right now. The potential gains in ZEC outweigh the gains in BTC over the near and long term; however, I feel it’s going to take BTC’s continued stability, calculated growth, and continued adoption to push altcoins higher. If BTC fails and falls back to $10k or lower (which could be possible), you will see a rapid and deep fall of altcoins as well. BTC drives the market for all coins IMO.
Either way, I’m a big believer in mining for the coins, not necessarily buying or trading them. The volatility is very high and I don’t have the time to day trade it.
If your interested in mining, here’s a good link to the various mining machines available and their profits earned. Be aware the profits on this page are not absolute, but a guide. The profits will depend upon the mining pool to which you attach you machine. I get significantly higher profits on my Z11 machines than what the website states using slushpool.com. You have to do your digging on the pools before you jump right in.
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holy electricity!
Yeah, the elec cost is the big one with mining. You have to have a good elec rate or make sure you have a profitable coin to mine. I mine ZEC. I have one small BTC miner which normally would be unprofitable, but with BTC up, I have it running now. All of my machines run at my office location where I pay a flat fee for elec! So for me mining makes the most sense. It’s all profit! 
I stopped my GPU mining a while ago because the profit levels tanked after the ASCI mining become more profitable. Now I just use the old cards in machines for my kids or if a friend needs a GPU. I was way, way in the black on the cost of the cards anyway.
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Worth it to jump in right now or is mining it consistently going to become less profitable?
Crypto mining always has “halving” built in. It’s how they can maintain a finite amount of the crypto for each algorithm. As each coin is mined at certain levels the reward for mining (maintaining the block chain) is cut in half. This most times also results in an increase in the price because the reward has halved (but not always). Cyrpto mining is analogous to real mining. You would expend money, diesel, man hours to extract dirt which is refined into precious metals. Sometimes you do well (high oz per yard refined) othertimes you do poorly (low oz per yard). If the price of the precious metal never changes, you would stop mining on some ground or open a closed mine if the precious metal price has risen. Cypto operates in the same fashion. YOu expend money in the form of elec to operate a mining machine. If the price of the crypto is high, you will get high rewards. If the price low you get low rewards. If the price turns negative, you can shut off your machine and wait until the price increases. Crypto mining also has difficulty adjustments. If everyone jumps into mining the same coin, the difficulty to earn a reward increases. This keeps only the more profitable miners in play. If mining rate (hashrate) falls, the difficulty will decrease, increasing the the reward frequency. Crypto keeps balancing itself to maintain a level playing field. Overall, though, the longer you can mine the same coin the more profitable it will become for you as a miner. Similar to dollar cost averaging in stocks. The more you mine when the price low, the more rewards you get when the price turns more profitable. Most miners will take you on average 8 to 12 months to pay back the cost of the miner (with a steady price coin). With prices looking to jump, it may take less time. But then people will charge more for the miners. In any event crypto mining is a HODL proposition. You get your miner(s) and you run them hell or high water. Whether the price is up or down. You just ignore them and let them run. Then look at what you have a year later. You will then smile!
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BTC about to touch $40k. Incredible!
Yup. I mentioned previously mainstream adoption of crypto would continue to push a rise, and, IMO, this adoption has been occurring and will continue to occur. It will take the banks, hedge funds, and other large financial holders to purchase BTC (and other cryptos) to hedge their portfolios to continue to sustain the rise. Again, IMO, this type of purchasing has been occurring.
Now just like any investment, I do expect and hope we get regular pull backs and profit taking. IMO this type of market behavior is good for any investment. You saw it recently. BTC cracked $34k, then pulled back to $27k, then continued to rise, passed $34k again, and stayed passed it. I would expect this trend to continue. I would also expect another price crash at some point. At some point a couple of big whales will decide they want to cash out. Is that price $50k, $100k? Who knows. but once that whale drops 10,000 BTC you are going to see the price tank. That’s a boatload of money. Any stock would tank if suddenly an sell order appeared for $500M to $1B dollars. But, IMO a sale like that will drive the price down and drive BTC into the hands of more HODL’s. The price will then recover and continue to increase in value.
Those tracking it say approx on 20% of all BTC is actively traded and liquid in approx 11% of all wallet addresses. The balance of BTC and the balance of wallets generally don’t transact on the blockchain. These people/businesses are HODL (hold on for dear life). They won’t sell.
Everyone needs to decide for themselves their own risk/reward RE crypto. I am taking the long approach by using mining. I do NOT trade crypto. I have balanced my risk/reward of slow and steady. I do not want to determine my end result on how well I can time a crypto buy or sell while trading.
I will say you will continue to have volatility and potentially large volatility; but, crypto is here to stay and the value will continue to rise over time. How much? I don’t know and I don’t really care. I’m not trading it, I’m HODL.
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Congratulations on your success jak. I have to say I was absolutely wrong so far in my thoughts about crypto. I still can’t bring myself to be involved as I don’t understand it enough to be comfortable and honestly am not motivated to change that, but I am happy to see “regular folk” prosper from anything. I have one friend who got into bitcoin early who became a millionaire when it hit $30k and I’m very happy for him.
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