At a price of $68.2k Bitcoin flipped silver on the market cap making it the #8 most valuable asset on the planet. Of course this chart doesn't include things like real-estate, derivatives, bonds, fiat, or anything like that, but it does include securities and commodities, which is what Bitcoin is essentially classified as within the flawed legacy system that refuses to give it legal status as a currency.
Do I think that Bitcoin is a currency?
Ah well that's up for debate. Cryptocurrency does have 'currency' in the name. It can theoretically be used as currency but also isn't that good of a medium-of-exchange or unit-of-account thus far. However, these points are largely irrelevant since they have nothing to do with why or why not cryptocurrency would be considered currency on a legal level.
The reason why governments refuse to acknowledge crypto as currency has nothing to do with its properties and everything to do with the legal status given to currency. Nobody wants to allow crypto to be called currency legally because it would give crypto a huge legal advantage in terms of taxation and dozens of other legal nuances.
In fact these same nuances exist when classifying crypto as a security vs a commodity. A commodity, like gold or oranges, is a physical thing that can be mined or farmed by anyone. Nobody can patent a commodity or send a cease and desist order to someone else informing them it is intellectual property of XYZ corporation. Because of this fact, securities laws are much stricter than anything else, which is why so many governments are so keen on stomping their boot on the neck of crypto in this way.
How many cryptocurrencies are securities?
The answer to this is widely variable. I've done dozens of hours of research on this topic and I can safely say that most cryptocurrencies are not securities even if they are completely controlled in a centralized manner with a massive premine. There is a reason why Ripple won their lawsuit. They simply do not fit the definition of what a security actually is even in the worst possible scenarios.
This is a situation where crypto walks like a duck and quacks like a duck, so the SEC labels it a security. They simply don't have the tools, laws, or knowledge to differentiate it as a completely unique asset class. And honestly for the most part this is fine. Just because crypto isn't a security doesn't mean we shouldn't be classifying it as such anyway. Again, crypto isn't currency, commodity, derivative, or security. It's nothing the legal system has ever seen, and yet the legal system is forced to classify it as something regardless.
Rank #8 on the global market cap
Oh how far we've come from our humble floor of $16k in 2022. Now we teeter at all time highs on the verge of supply shock. What happens if BTC pulls another x2? It's going to flip Google, Amazon, Saudi Aramco, NVIDIA, and Apple in one fell swoop. Imagine the type of attention it will get worldwide once something like that goes down. It could happen in as little as 10 days if my theory of a blow-off top is accurate.
Last night when the ETF money printer got turned off and the East hemisphere was in charge we got a nice dump that wiped out the last 16 hours worth of gains in a single candle. This morning when money printer gets turned back on price goes brrr and even pierced all time highs a few minutes ago at $69k on Coinbase. Of course many bears are trying to foolishly short this "triple top" so we are still floundering, but also this fractal is impeccable.
It's perfect even.
Comparing to the 2019 BTC volcano.
The dump that we just got signals to me that we have just entered phase 2. These are six hour candles so if it plays out a similar way we'll be trading sideways for another two days. Struggle-bussing between the $65k-$69k channel while the bears get it all out of their system. They are gonna get wrecked... again.
Gareth, wrecked.
Capo, wrecked.
Cramer, wrecked.
Send it.
2 days
After around 2 days we should pump again and transition from phase 2 pressure to phase 3 pressure. The same type of thing happens with bears moving in trying to crash the market with leverage but they can't do it because the demand is too high and the supply shock is real. After another 2 days of sideways we hit the biggest pump in the cycle with a blow off top.
Notice how the timeline adds up perfectly.
I've been saying March 15 is a key date for a long time now. If we just entered phase 2 pressure. That's exactly 10 days away from peak. Ten days away from now is March 15. What a coincidence. It's possible that I called this thing from a mile away with perfect accuracy, which will obviously be insane if I'm right. Volcano fractal strong.
Day trading opportunities.
The last time the volcano happened in Q1 2021 there was a brief moment in time (maybe 12 hours) where volume dropped off a cliff and the price hung at the peak before dead-dropping into the "Eruption" phase. If we get a clear signal of this happening on March 15 it should be very easy to day trade. Say price peaks at $120k then we expect at least a 17% flash crash down to $100k unit bias and maybe even as low as $90k for max pain.
This flash crash can be as short as 24 hours and if timed properly is one of the absolute easiest places to make money day trading. Just go short for 24 hours and ride the red-candle down like a boss. After 24 hours buy back in at the $90k-$100k range and then sell the dead cat bounce 2 days later... ride that back down for 4 days... etc (notice how the timelines on the volcano eruption expand and get slower/weaker: 1 day, 2 days, 4 days).
Of course making a plan this specific is bound to not turn out exactly as planned... but it's always nice to have a plan in advance even if every little thing doesn't end up going our way. I only day trade this volcano pattern and bull flags. That's it. To me it's like getting AA in a poker tournament. I have to play those cards. I can't fold them. If I lose; so be it.
Conclusion
The concept of higher prices being the solution to higher prices actually applies to the economy and inflation. A higher price of raw materials means a higher price of end product, and in turn a higher price of employee wages to make up for it.
However, with Bitcoin during a bull market like this higher prices are also the solution to higher prices. The hype is real. Bitcoin's market cap is going to flip every single commodity and security on earth except for gold during this cycle (and maybe even gold). As it does, the flywheel will keep building and pulling more capital into the blackhole of this bull run. Be mentally prepared for this; it's of the utmost importance during an institutional run that we stay strong and smart to make sure they don't get the upper hand. Don't let the VCs and hedge funds win.
If you have not already explored the Lightning Network, @edicted, then you may be pleasantly surprised. Set up a Lightning Node as a test and it seemed pretty easy. Saw a vid of a dude in El Salvador buying a few bananas with his BTC Mobile wallet over the Lightning Network. The LN uses atomic swaps. The same tech which Mr. Sun wanted to bring to the STEEM blockchain. It seemed very exciting to me in the early days of his arrival - but that's for another post at another time. ;)
From what I can tell the LN has a ton of technical issues on the backend.
I won't pretend to understand them but @brianoflondon absolutely does.
The biggest problem is that it's only good for tiny amounts and it expects everyone to run their own node or choose a custodian. Even in the best case scenario this makes Bitcoin a better medium of exchange but doesn't help the unit-of-account issue at all: which is the primary tenant of any currency: being able to measure value natively with the currency itself.
And now it's back down below $66,000 as you suggested it might be. I have the feed open on one of my monitors all day and I actually missed the ATH. I'm kind of bummed. I guess the good thing is there will be another one and maybe I won't miss that. With the way Apple is getting hit lately and NVIDIA is on a rocket they might flip flop each other.
Yep I had more success day trading again by going x20 long at $64k.
Closed it after 5 minutes and made $150 lol.
Looking to ape back in on another long if we get all the way back to the flag's midpoint which is $62k.
To me this would signal bears are desperate and about to get wrecked.
It's a bit sad to see it at $63K after seeing it at $68K, but I know it's all part of the process. Good luck on your moves!
That's to say that even hive too will be drag up in pricing by the Bitcoin bull run.
i see the impletantion of crypto as a solution to prevent the hiperinflation but the banks doesnt wanna have something that they cannot control :(
Do you think the Bitcoin ETF is banks attempting to get control of Bitcoin?
I think Bitcoin is something new. It's kinda a currency, kinda not. It's kinda a commodity, kinda not. It's kinda a security, kinda not. I think Bitcoin and cryptocurrency in general is a whole new category of financial things.
It's also kinda 'property' as well which I forgot to mention.
Good point! Property tax on BTC holdings incoming. LOL
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do you think that btc was created a few years ago? ;D
I wish silver, gold and crypto would increase in value like eggs and beef.
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It was surprising for me to see BTC grow past silver's market cap.
That is no joke!
Wait o, in my opinion I will be super happy to see Bitcoin a currency like seriously this days the market is just crazy
Soooo me! Lol
The highlight for me is the fact that all time high before halving has never happened before. It looks like after halving will be wilder
nice trading strategy you've put up here. This could be a game changer for day traders.
Yep, bitcoin will help in all round price surge