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Bitcoin Falls Below $20k

coindesk.com

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Re: Bitcoin Falls Below $20k

#41

Post by mettamage »

csydas wrote: post #38
mettamage wrote: post #20

Earlier quoted context omitted.

I hope it continues to evolve too! But c’mon, lower than 20k? Not newsworthy IMO, not with an attempt at a strong analysis behind (e.g. some on-chain analysis of outflows/inflows)

While I get what you're saying, it is important that it has dipped a significant amount because I think it questions the value of BTC as a store of value and it allows a lot of discussions on the level of volatility, and likely invokes a lot of emotions in people who do believe in the goals of BTC as an alternative store of money. One of my colleagues is from north Africa and worked in Europe to send money to his fam…

Well, your comment is certainly interesting :)

Re: Bitcoin Falls Below $20k

#42

Post by pakitan »

mettamage wrote: post #37
pakitan wrote: post #28

Earlier quoted context omitted.

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.

Ah, so a dig at TA then? Please do elaborate :) The chart is not enough context for me.

Not 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.

Re: Bitcoin Falls Below $20k

#43

Post by layer8 »

pearjuice wrote: post #31

Everything seems to be underperforming. Most tech stocks are at their 2020 levels or headed towards it. Almost all tech IPOs in the last year are down. With everything being down, how is Bitcoin's performance an outlier?

Bitcoin is not supposed to behave like a stock.

Re: Bitcoin Falls Below $20k

#44

Post by layer8 »

pakitan wrote: post #28
mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

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.

“Top from the previous bull run” is still pretty arbitrary, from a random-walk perspective.

Re: Bitcoin Falls Below $20k

#45

Post by wil421 »

pearjuice wrote: post #31

Everything seems to be underperforming. Most tech stocks are at their 2020 levels or headed towards it. Almost all tech IPOs in the last year are down. With everything being down, how is Bitcoin's performance an outlier?

Tech stocks are down about %40ish and some IPOs I tracked are half or less. Bitcoin has gone down from $70k to $20k in a year, that’s close to 350%. Not to mention it’s down 500% since the $100k high.

Re: Bitcoin Falls Below $20k

#47

Post by ekianjo »

wil421 wrote: post #45
pearjuice wrote: post #31

Everything seems to be underperforming. Most tech stocks are at their 2020 levels or headed towards it. Almost all tech IPOs in the last year are down. With everything being down, how is Bitcoin's performance an outlier?

Tech stocks are down about %40ish and some IPOs I tracked are half or less. Bitcoin has gone down from $70k to $20k in a year, that’s close to 350%. Not to mention it’s down 500% since the $100k high.

Not hard to understand why. During a crisis the assets that are considered the most risky are the first to go, and crypto assets fall in that category. Then it becomes a spiral, where new lows bring new sellers until it reaches an equilibrium at some point.

Re: Bitcoin Falls Below $20k

#48

Post by ekianjo »

pakitan wrote: post #28
mettamage wrote: post #5

I am a long-term cryptocurrency bull. I love the ideals of cryptocurrencies. To be fair, I am also very cynical about the current price of bitcoin. With that said, given the glut of cryptocurrency articles on HN that have a very similar nature, I wish I could downvote this submission back to 1 point. Lower than 20k? Alright, that’s not interesting from a technical perspective. It’s also not interesting from an econom…

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.

> 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.

Re: Bitcoin Falls Below $20k

#49

Post by Eddy_Viscosity2 »

layer8 wrote: post #43
pearjuice wrote: post #31

Everything seems to be underperforming. Most tech stocks are at their 2020 levels or headed towards it. Almost all tech IPOs in the last year are down. With everything being down, how is Bitcoin's performance an outlier?

Bitcoin is not supposed to behave like a stock.

Exactly this. If the great promise of crypto was that it would just be another market asset, then the comparison with stocks is fine. It's that all the great promises of crypto being different, better, than the 'fiat currencies' and centralized stock exchanges. If you called bullshit on it they condescendingly accused you of just not getting it. This crash shows that it was all bullshit and still is.

Re: Bitcoin Falls Below $20k

#50

Post by jmillikin »

wil421 wrote: post #45
pearjuice wrote: post #31

Everything seems to be underperforming. Most tech stocks are at their 2020 levels or headed towards it. Almost all tech IPOs in the last year are down. With everything being down, how is Bitcoin's performance an outlier?

Tech stocks are down about %40ish and some IPOs I tracked are half or less. Bitcoin has gone down from $70k to $20k in a year, that’s close to 350%. Not to mention it’s down 500% since the $100k high.

  > Bitcoin has gone down from $70k to $20k in a year, that’s close
  > to 350%. Not to mention it’s down 500% since the $100k high.
That's not how percentages work, and your Bitcoin price numbers are wrong too.

If an asset drops from $70k to $20k, that's a 71% drop. If it went from $100k to $20k, that's an 80% drop.

For Bitcoin to drop 350% would mean that someone who purchased it lost more than their initial purchase cost.

The all-time high for Bitcoin is about $61k, not $100k.

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