Bitcoin price suddenly surges to 3-year high

[R-T-B]

at least he aint suffering from senile dementia.. he he he..

but the coiners will see good things and the no coiners will see bad things..

trog

I always get confused if that's a jab at Biden or Trump, because it neatly applies to both of them (albeit one more than the other. I won't say which).

 

[lexluthermiester]

I always get confused if that's a jab at Biden or Trump, because it neatly applies to both of them (albeit one more than the other. I won't say which).

Both...

But we're dabbling into the accursed and banned topic of politics... We must refrain...

 

[RandallFlagg]

Bitcoin broke down in the last 24 hours. It is continuing on its downward loss of momentum and RSI is solidly below 50 and again declining on daily chart never having broken its downward trend. The 200DMA has held..

FWIW here's my prediction. The most likely target on the down side is around 21K. Should happen over the next few months, but I think this will be a bottoming pattern which is long-winded. BTC is already losing its downward momentum compared to the previous decline, but the momentum is too negative (below the 50 line in RSI) for it to hold at the current price level, the recent rally attempt failed to give it any meaningful upwards push.

Once it gets into that 19-22K range, the bounce up should be significant. I think a lot of people are waiting there to buy, at least I get that impression and the chart shows that the next decline would be equal to the previous decline in that range - meaning it is a common point for a bottom. Bounce up will be quick and violent. I would not be suprised to see BTC at 40 or 50K again by this fall. That could be one big sucker rally, we'll see.

I think this chart is going to be spot on though.

 

[trog100]

Bitcoin broke down in the last 24 hours. It is continuing on its downward loss of momentum and RSI is solidly below 50 and again declining on daily chart never having broken its downward trend. The 200DMA has held..

FWIW here's my prediction. The most likely target on the down side is around 21K. Should happen over the next few months, but I think this will be a bottoming pattern which is long-winded. BTC is already losing its downward momentum compared to the previous decline, but the momentum is too negative (below the 50 line in RSI) for it to hold at the current price level, the recent rally attempt failed to give it any meaningful upwards push.

Once it gets into that 19-22K range, the bounce up should be significant. I think a lot of people are waiting there to buy, at least I get that impression and the chart shows that the next decline would be equal to the previous decline in that range - meaning it is a common point for a bottom. Bounce up will be quick and violent. I would not be suprised to see BTC at 40 or 50K again by this fall. That could be one big sucker rally, we'll see.

I think this chart is going to be spot on though.

View attachment 203093

yes it could be setting up for a dive down below 30K maybe down to 25K or so..

but if it dosnt it does strongly suggest that 32K -ish really is a bottom..

whats driving it i havnt a clue and i doubt anyone else has.. we are talking about the entire crypto market here not just bitcoin.. a lot of money moving about..

I always get confused if that's a jab at Biden or Trump, because it neatly applies to both of them (albeit one more than the other. I won't say which).

it was said (jokingly) in reply to a dig at a much younger looking el salvador president.. he he

lets keep things in the proper context..

trog

ps.. i recon the small drop from 35K-ish to 32K- ish was caused by some people selling just in case... i dont think the big drop is gonna happen..

 

[Chomiq]

In other news:

Colonial Pipeline: US recovers most of ransom, justice department says

The US Department of Justice says it has seized most of the $4.4m (£3.1m) paid to cyber-criminals.

www.bbc.com

FBI "somehow" obtained the private key and recovered 85% of ransom paid in BTC.

 

[trog100]

In other news:

Colonial Pipeline: US recovers most of ransom, justice department says

The US Department of Justice says it has seized most of the $4.4m (£3.1m) paid to cyber-criminals.

www.bbc.com

FBI "somehow" obtained the private key and recovered 85% of ransom paid in BTC.

its also said they have dumped this recovered coin into the market hence causing the recent dip..

these kind of ransom attacks are going to get elevated up to the same levels as terrorism as well..

trog

 

[RandallFlagg]

its also said they have dumped this recovered coin into the market hence causing the recent dip..

these kind of ransom attacks are going to get elevated up to the same levels as terrorism as well..

trog

I'm pretty sure it already is classified as terrorism... 'cyberterrorists'. If these people were found they would likely would die in prison.

More on topic though, most people don't know anything about Bitcoin or Crypto. This type of event will introduce them to it as a form of payment used by blackmailers, terrorists, and criminal organizations. Public sentiment which is largely neutral / don't care, will almost certainly become negative. One or two more events like that and you can kiss crypto bye-bye. They will simply make it illegal.

And to that point, I noticed last week Bitcoin and the NASDAQ - which had been moving in lockstep in price action albeit not in magnitude of moves - decoupled. They are going their own way for almost a week now. Before, I think the type of people who bought into NASDAQ tech were apt to buy into Bitcoin - enough of them to make the markets move together. That's changed.

 

[Papahyooie]

Lol @ making crypto "illegal" causing it to go bye bye.

Crypto was built for the express purpose of being "illegal." If countries pass laws to make it illegal, that will be far from enough to kill it.

I mean that from a philosophical standpoint. Meaning, it wasn't built to be "bad" it was built to be "illegal." Those are two different things, so don't take what I said to mean that it was built for facilitating "bad" or "evil" things. But simply "illegal" things.

 

[trog100]

Lol @ making crypto "illegal" causing it to go bye bye.

Crypto was built for the express purpose of being "illegal." If countries pass laws to make it illegal, that will be far from enough to kill it.

I mean that from a philosophical standpoint. Meaning, it wasn't built to be "bad" it was built to be "illegal." Those are two different things, so don't take what I said to mean that it was built for facilitating "bad" or "evil" things. But simply "illegal" things.

it was built to be outside the conventional financial systems.. outside of government control.. a kind of universally usable money not subject to bank or government vagaries..

its pretty understandable why such entities dont like it.. he he..

trog

 

[skizzo]

I'm pretty sure it already is classified as terrorism... 'cyberterrorists'. If these people were found they would likely would die in prison.

one can only hope.....the big problem is they are all cowards hiding behind anonymity which seems to be working in their favor so far unfortunately for us normal people impacted by their nefarious actions. absolutely are cyberterrorists

 

[Chomiq]

one can only hope.....the big problem is they are all cowards hiding behind anonymity which seems to be working in their favor so far unfortunately for us normal people impacted by their nefarious actions. absolutely are cyberterrorists

Exclusive: U.S. to give ransomware hacks similar priority as terrorism

The U.S. Department of Justice is elevating investigations of ransomware attacks to a similar priority as terrorism in the wake of the Colonial Pipeline hack and mounting damage caused by cyber criminals, a senior department official told Reuters.

www.reuters.com

 

[64K]

I admit that I don't know anything much about crypto but it seems like governments could make it illegal to buy anything with crypto and shut down the websites that allow buying and selling crypto. Wouldn't that effectively shut down crypto as an alternate currency except on black markets? Would the average person even want to risk dealing with the black markets?

Bitcoin and Ethereum continue to fall and the Fear and Greed Index is showing it as 13 right now which means extreme fear.

 

[ZenZimZaliben]

I admit that I don't know anything much about crypto but it seems like governments could make it illegal to buy anything with crypto and shut down the websites that allow buying and selling crypto. Wouldn't that effectively shut down crypto as an alternate currency except on black markets? Would the average person even want to risk dealing with the black markets?

Bitcoin and Ethereum continue to fall and the Fear and Greed Index is showing it as 13 right now which means extreme fear.

View attachment 203191

It's illegal to buy/sell stuff with gold but it still has value...and not just for electronics. As a value store.

 

[64K]

It's illegal to buy/sell stuff with gold but it still has value...and not just for electronics. As a value store.

At one time it was illegal to even own gold bullion but what I'm getting at is if the government made it illegal to own gold bullion again then you couldn't just go to a gold trader and convert it to cash.

You could secretly own crypto but what could you do with it? If you couldn't convert it to cash or buy things with it then what good would it be?

 

[ZenZimZaliben]

Well they can't take the blockchain down and they can't get private wallets. So other than exchanges on US soil what recourse do they have?

 

[Outback Bronze]

governments could make it illegal

Not if they Tax it which is what has happened here down under. Just more revenue for them which should be a win for governments in my book.

 

[trog100]

well bitcoin seems to be holding just above 32K with no big dump below yet.. just like the last time.. i recon i was right about 32K being the bottom..

if i was it will start to go up again from now on in.. he he

trog

 

[Papahyooie]

If they made it "illegal", then sure it wouldn't have the mainstream appeal that it does now. But there are plenty of people who are ideologically inclined to participate in such activities, even if they aren't doing "bad" things. There are entire towns in America engaged in "black market" activities that include turnips and textile, instead of drugs and guns. BTC is tailor made for these things, but when it comes to freedom, you have to take the bad with the good.

But @Outback Bronze hit the nail on the head... they won't make it illegal. It's a minor tax revenue stream now (at least in America).

 

[dorsetknob]

There are entire towns in America engaged in "black market" activities that include turnips and textile,

Is this Town Called Baldrickville

 

[Papahyooie]

Is this Town Called Baldrickville

Likely, lol.

But for real, there is an entire political philosophy based around the idea that the black and gray markets are the only moral markets. And veggies bought and sold outside the eye of the tax man are just as "black market" as the devil's lettuce is.

Samuel Edward Konkin III - Wikipedia

en.wikipedia.org

 

[lexluthermiester]

For those who were claiming that cryptocoin can't be "tracked" and that the government can't touch it...

Crypto Markets Crash Again After DOJ Seizes $2.3 Million Bitcoin Ransom

The market plunged more than 11% Tuesday morning.

www.forbes.com

..you were saying?

 

[ZenZimZaliben]

For those who were claiming that cryptocoin can't be "tracked" and that the government can't touch it...

Crypto Markets Crash Again After DOJ Seizes $2.3 Million Bitcoin Ransom

The market plunged more than 11% Tuesday morning.

www.forbes.com

..you were saying?

Yeah that seems like total BS. Hackers that were skilled enough to perform the hack, demand ransom, and then just let it sit in COINBASE on US soil.

 

[R-T-B]

For those who were claiming that cryptocoin can't be "tracked" and that the government can't touch it...

Crypto Markets Crash Again After DOJ Seizes $2.3 Million Bitcoin Ransom

The market plunged more than 11% Tuesday morning.

www.forbes.com

..you were saying?

No one with sense ever claimed it couldn't be tracked.

Yeah that seems like total BS. Hackers that were skilled enough to perform the hack, demand ransom, and then just let it sit in COINBASE on US soil.

That is rather amazingly pathetic.

 

[80-watt Hamster]

Likely, lol.

But for real, there is an entire political philosophy based around the idea that the black and gray markets are the only moral markets. And veggies bought and sold outside the eye of the tax man are just as "black market" as the devil's lettuce is.

Samuel Edward Konkin III - Wikipedia

en.wikipedia.org

(The below is not directed specifically toward you, but your post makes a decent reference point.)

Let's be careful not conflate "legality" with "morality". They are VERY different, almost entirely separate concepts, even if related by the nature of laws.

Something else useful to remember: in a free state, any action is legal until it is declared illegal by statute, precedent or case law (gigantic oversimplification alert ahoy. Also "free" as opposed to "totalitarian". Not trying to start a debate over whether Nation X is a free state or not).

 

[ZenZimZaliben]

Anyone can track any wallet, that is the beauty of the blockchain - Complete Transparency. But the holder (actual person/entity) of that is anonymous, unless they ID themselves in an exchange on us soil. Which I have a really, really hard time believing.