The Bitcoin dips will be shallow and bought quick
For those of you waiting on a dip to get into Bitcoin, good luck
Bitcoin has rocketed up these last several weeks with very little dips or pullbacks to speak of.
The first real one happened early this morning when bitcoin dropped all the way down to about $17,600.
So, if you somehow sold the top around $18,900 and bought that dip on the lows around $17,600, you would have gained about 7% on your position, tops.
Hardly the kinds of dips we have seen in the past.
Bitcoin is in full on breakout mode, being lead by fundamentals, institutions, new gateways, and a supply shortage.
Charts like this don't come around that often:
(Source: https://twitter.com/DTAPCAP/status/1328910947507953666/photo/1)
This current wave will likely dwarf the one seen back in 2017 and will likely persist for a year plus as it is being driven by much stronger hands as opposed to the one back in 2017.
Eventually the weak hands will show up in mass, but probably not till the price is multiples of where it is right now.
Retail loves to buy tops and sell bottoms, it's just what they do.
Eventually there will be dips...
All that being said...
Eventually there may be some dips that are more buy-able.
Back in 2017 there were roughly 3 dips that dipped 20% or more during the course of that bull market.
So, it's not out of the realm of possibilities that we get something more along those liens in terms of dips.
However, based on the current price action, it doesn't look like it will be happening any time soon.
The dip from early this morning down to $17,600 was already bought back up to $18,500.
So, as you can see, when there are dips they will be fast and bought right back up just as quick.
Institutions are in now and they have already proven they will be dip buyers along the way to higher highs.
Stay informed my friends.
-Doc
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Agreed, for the past month or so any "pullback" has just been to the 10 day moving average before stepping higher again. I'm going to play that trend till it breaks.
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Bitcoin will have a fun time if it blasts through the $20K level.
I have a bunch of GBTC through a retirement account. Sadly, over the last few weeks, the pullbacks were during the weekends. It is about 3 weeks in a row.
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I noticed that as well. No pullbacks at all on the GBTC chart. A positive benefit of holding GBTC is that the premium has increased over the last several weeks. So you got the btc gain as well a slight premium bump on top. :)
Yes that is true.
The biggest advantage to me is the fact that I can use retirement money which allows me to get into the bitcoin game, albeit not directly.
A lot are negative on GBTC because there is a premium but buy in and it goes up 50%, it is still a 50% gain.
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I absolutely believe that it is being pushed that direction. There is no other choice for it.
Yeah, this run is fully out of control and the market is showing zero weakness. I keep reminding everyone that MicroStrategy buying $425M didn't raise the price. Well, that was just a delayed reaction we are seeing today, along with all the other buyers. I think it's very safe to say that a ton of the people buying today are willing to hold for an entire year at least for those long-term capital gains taxes.
A huge percentage of traders are going to flip bearish to bullish once we break above $21k. They all thought we'd bounce off $20k. Might even see an epic bear trap very soon.
Once $20k breaks, there is literally no technical reason to be bearish, none. Then it just becomes guessing psychological resistant points or total market cap resistance points. Those guesses tend to vary widely and not be nearly as strong. :)
Paypal gobbling 70% of fresh minted BTC and it's only working in US. After New Year they'll open the service worldwide.
Sorry guys, no dips for you.
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Yep we have two American companies gobbling up all the new supply each day. That is a big deal considering bitcoin is a global asset...
Thanks for sharing This information.
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I got in before $10,000 and have double my goal. Wow. Yes this is awesome news. Margins are shortening and the supply is getting sucked up.
I don't think it will drop below ten thousand dollars again. I believe this will never happen again.