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RE: When to Buy Bitcoin Now Post-Crash and Why

in #bitcoin3 years ago (edited)

8k is just a house number, but since everyone agrees on it, mass psychology will accept it as a support level ;) As to alts, that would mean a further 20% down from here, use the next straight number and better buy BEFORE it goes quite that low.
8000 in Bitcoin is a level that guys like Mike Novogratz have been expecting since before Christmas, so it's where we should expect a few of them levelling in.

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Pretty much, the way I see it at least.

If you have the faintest idea about technical analysis or even just look at the btc price chart, really, you will have no problem seeing where this "house number" comes from.
Which takes away nothing from the self fulfilling prophecy argument. Technical analysis is basically an exercise in mapping out and anticipating trends in mass psychology. Traders get conditioned to respond to the chart, then the chart responds to the traders -- a self-enforcing feedback loop.

Before Christmas, I tried the Fib and found that 9500 seemed to be the most likely house number because the 0.618 landed there - but once the folks behind hedge funds are openly guessing at 8k in a press release, old Fibonacci will likely for once adapt TA. It would be so disappointing if BTC really bounced at nine, because there's many folks here who found the correction too level so far and were even calling for 6k and lower.
8k might be the final line, so that we could now climb up again and start the new year in earnest.