@Alejandro_XBT IMO there's only 3 scenarios that could nuke BTC that low (taking out previous bear market low):
1. Binance doing an FTX
2. Financial crisis similiar to 08'
3. QC threats becoming a real thing
Do I think it's going to happen? No.
@PatrikBatCrypto@benjamincowen There's 100x more coins being minted in a single day now than there were in 2017 in total. Not sure why you think 2017 is relevant in this case?
May I add that we should be buying with size if BTC drops all the way down to the oversold area on the RSI (weekly)?
Happened only 4 or 5 times historically and every time it marked the bottom of the bear market cycle.
It means you only had 4/5 opportunities since 2014 to buy into an asset that goes up and to the right when it was truly undervalued.
14/15 bear market lows, 18/19 bear market lows, 2020 Covid Crash, 2022 FTX.
Agree. Nobody even knows how much leverage there is in the system and that's a massive problem in itself. We still don't know the exact extent of the damage those 10/10 wicks actually created in terms of liquidity for exchanges. Been following your work for some time now. One of the very few proper technical analysts out there that are not afraid to publicly post and stand by their opinion. I'm curious to know, what's your base case for BTC.D until EOY? I know it doesn't make a lot of sense considering where we are at the moment, but surely we have to be at least flirting with the idea of it rolling over at some point, if we indeed have a confirmed cycle top on BTC?
Been following you for years now. I've got a lot to thank you for introducing me to DeFi. One of the very few people I follow on this platform that have actually been useful to me on my crypto journey. Ben Cowen being the other one. Congratulations and many thanks from a fellow economist from Croatia!
@kingpickle I feel you buddy. Will never forget the Otherside mint day. Called my mom to tell her I just minted a Koda and we're gonna make it. Oh, well...
@kingpickle Love Otherside and everything Yuga has built over the past few years but if you were "trying to explain to people why they should buy NFTs 4 years ago" and you actually managed to convince them to spend thousands of dollars on it, they likely hate you right now.
@Sykodelic_ Been watching this chart for years. Since you're at it, you probably know where Ben Cowen thinks this goes. Could this be the thing that he gets wrong?
@eliz883 Agree. Kinda funny that on the last 2 major dumps on BTC & SPX we're actually seeing some weakness on the BTC.D chart. I'm not gonna say it out loud but...
@X10Gill@ZssBecker Technically he was not wrong. Every time he said it, prices went down like 20% or 30% on the very next day so it was indeed the last time we've seen those prices. Credit where credit is due.
@torogems What do you mean by "strong communities"? Retards refusing to sell because they're convinced their apes, cats, dogs and frogs are going to the moon?
@DeFiXpace@Ballsyone@ZssBecker If this is your 2nd cycle and you still feel the need to look for advice from influencers and clowns like him, I'm sorry to tell you mate, but you're doing something wrong.