Bitcoin: Looks like the major target is coming after all

Bitcoin is dropping toward the major support target

My “I won’t speculate in Bitcoin (BITO) until…” point is the 10,000 to 12000 range (preferably with ole’ Tommy boy having removed those stupid lasers from his eyes), per NFTRH’s routine updates in the Currencies segment.

But recently, per this weekly chart I’ve thought that it had a good chance to bounce from lesser support. Well, instead we may be looking at a tank job by the Bitcoin price to the original projection as an already crashed market has tanked another 24% this week. Oh and Tommy’s still got the laser eyes. I just checked. *

bitcoin (btcusd)

* Pretty sure it’s a paid promo that he can’t get out of yet. Why else would he continue to embarrass himself that way?

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This Post Has 6 Comments

  1. MikeC

    I know this can also be said of gold, and the USD and pretty much any other currency, but what’s the underlying value other than staring at the chart, that would make you speculate in the 10k-12k range?

    Meaning, gold has 5000+ years as a store of value, good companies have decades of earnings and strong customer bases. The USD is the reserve currency and can be said to be backed by the government, military, land, people, etc.

    What actually underlies Bitcoin other than belief it is worth something?

    I understand the exact same thing can be said of gold. But Bitcoin has only 13 years of history. Seems much more likely to go poof.

    1. Gary

      The chart and the fact that the herds have thundered out of the play are the ONLY reasons I’d speculate here. And it’s really not at all a priority. Not at all.

      1. Paul

        Hey Gary, if you can share publicly, how do you intend to buy bitcoin at or below the target? Myself, I’d rather buy a fraction of a real bitcoin, not a crypto etf — but I’m also lazy and reluctant to open a cypto exchange account because, ya’know, Eye of Sauron. Thanks.

        1. Gary

          Hi Paul, if I were not so lazy I’d be buying actual Treasury bills rather than money market and T bill funds. ;-) Although I may finally do that.

          As for crypto, I don’t believe in it so I would not invest in it. The reason I don’t believe in it is because I am not very knowledgeable about it like the BTC promoters pretend to be. It would just be a spec and frankly, there may be better specs out there for me at the time BTC hits 10k.

          1. Paul

            Yeah, I hear ya. I knew about bitcoin way back when it traded for $1.00. Still kick myself for not throwing $100.00 at it back then, would have made a real difference if I had had the stones to hold on.

  2. Bengt Løyer

    Bitcon — by all means invest in a few electric charges in a computer memory that confer zero claim on anything with tangible value!

    On a side note I noticed that “Bitcon Gold” and “B2Gold” appear to share the syme ticker symbol BTG.

Comments are closed.