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RE: Bye Bye to the $7,250 Level on Bitcoin - Next Stop ?
Seems to me there's a lot of money waiting to get OUT of Bitcoin, every time it shows even the slightest signs of life.
But that's probably to be expected... the NASDAQ made a number of "false bottoms" on the journey down in 2000-2001.
Agreed, and if you look at the price move over the past two years. Pattern looks very similar to the Nasadaq back then. Took years for it to recovery, not months. Me may need to be very patient.
I'm going to guess that we have a pretty firm bottom somewhere in the region of what it actually costs to mine one Bitcoin. Anything below that would suggest (at least to me) a loss of confidence not in the market, but in the entire crypto concept.
Unless somehow the entire world production of Bitcoin moves to Venezuela (which doesn't have the electrical infra structure to support such a thing) I'm guessing $4000-ish would represent an absolute bottom, although I don't like words like "absolute," when it comes to markets... people are fickle.
I agree, bull markets last longer than 7 or 8 months, in general.