Sorry I just want to vent for a little bit. I got into crypto about February so im still pretty new and trying to learn as much as I can, but im definitely more of an investor than a user of blockchain. My biggest % of my portfolio is ETH, so I obviously believe in…
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I just wanted to check and see if others are having this problem. I had locked in 2 ETH to make passive gains using the DYDX platform while Coinbase wallet had the option to do so. Recently, Coinbase wallet removed my DYDX balance from their UI which instantly set off an alert for me to…
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Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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https://preview.redd.it/q4zsq3m7gsj71.jpg?width=620&format=pjpg&auto=webp&s=5342ffa9691e0e328b7b0ac4d6387d0468b88bde Iconic screenshot: someone in 2010 thought they were late to the party with "only" 600 Bitcoin. In April 2013, Bitcoin crashed 83%, and people thought Bitcoin was done. Back in 2017/2018 people thought buying Bitcoin at $20k was a mistake and it would never recover. In early 2021 people thought they have done…
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Bitcoin has been moving sideways during the day after an increase in selling pressure brought back to mid-range of its current levels. The first cryptocurrency by market cap trades at $47,394 with a 5.4% profit in the daily chart. Despite the cool off in the crypto market, sentiment has turned bullish. Managing Director of Midas Touch Consulting Florian Grummes recently supported the optimism thesis for the long term. In an interview with David from Kitco News, Grummes reiterated his prediction on Bitcoin and claimed that the cryptocurrency will continue into uncharted territory in 2021. In that sense, he expects BTC’s price to rise above the $100,000 mark in the next six months on the back of fresh capital coming into the market. Financial institutions could have bigger motivations to jump into BTC. The cryptocurrency is amongst the best-performing assets of the decade and, as Grummes said, there is “a lot of pressure” on these entities to show good performance on their investments. The Managing Director for Midas Touch believes that Bitcoin was designed to perform well under the current economical conditions. He said: (…) lots of institutions still have to catch up there, and I think this was all implemented in the game theory of Satoshi (Nakamoto, creator of Bitcoin) and it’s playing out wonderfully. In the short term, Grummes acknowledged that BTC’s price saw a “good” bounce over the past weeks. However, the bullish sentiment generated by this price action might be turning into “greediness”. Therefore, he recommended caution to those looking for an entry and added: I wouldn’t buy here on these levels. I’ll be waiting for a pullback, I’m pretty sure it will come towards maybe $34,000 to $38,000 something around that range it’s going to be interesting again. Bitcoin Rallies Against The Odds, On Track To $1,000,000? This potential pullback will provide more information about future price action. Grummes didn’t rule out a revisit to the yearly open around the $20,000 levels if BTC’s price is unable to hold support at $35,000. On the contrary, if support holds at the mid-area of those levels, “$100,000 will happen within the next 6 months”. Speaking on the factors driving the bullish price action, Grummes referred to the BTC miners’ migration from China. Despite a great portion of the network was “eliminated”, the cryptocurrency continued in a demonstration of “what doesn’t kill you makes you stronger”, the Managing Director said. If Bitcoin does manage to climb to $100,000, it will be business as usual with high levels of volatility as people FOMO into the market. This could lead to another 50% pullback, and a return to previous highs, a similar scenario to the past months. Eventually, the first cryptocurrency by market cap could trade at $1,000,000, at some point “during the next decade”, Grummes predicted. However, this will depend on the monetary policy adopted by central banks. If these entities keep “printing money”, Bitcoin could absorb it to drive its price much higher. Short-term holders and FOMO are the two main factors that could stand in the way of a fresh rally.
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