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This particular level ($20K) is actually very interesting. Because it's the top from the previous bull run. And cryptobro TAs everywhere were parroting incessan
by pakitan 4y ago
This particular level ($20K) is actually very interesting. Because it's the top from the previous bull run. And cryptobro TAs everywhere were parroting incessantly the mantra "Bitcoin never falls below the top from the previous bullrun". Well, oops.
- mettamage 4y agoAh, so a dig at TA then? Please do elaborate :) The chart is not enough context for me.
- pakitan 4y agoNot sure what would you like me to elaborate on. I'm just saying that there was widely held stupid belief that it's not possible for BTC to fall below $20K. Hence the "interestingness" of this level.
- layer8 4y ago“Top from the previous bull run” is still pretty arbitrary, from a random-walk perspective.
- ekianjo 4y ago> Because it's the top from the previous bull run. And cryptobro TAs everywhere were parroting incessantly the mantra "Bitcoin never falls below the top from the previous bullrun". Well, oops. So world events impacting the entire economy should have no effect on bitcoin whatsoever? That seems a little reductive.
- piva00 4y agoAccording to cryptocurrency maximalists, the value of crypto should go up relative to fiat in times of uncertainty, it'd protect you from inflation, be a store of value in case of war, help transactions cross-borders and cross-sanctions, etc. All bullshit but that was the peddling going on for years, I don't think it's entirely reductive given how the cult tried to propagandise itself.
- ekianjo 4y agoThat might have been true in theory but since crypto has become a highly volatile speculative asset its the first thing that will be sold in times of crisis therefore bringing its value down.