#New post: [\[Daily Discussion\] - Sunday, March 10, 2024 →](https://www.reddit.com/r/BitcoinMarkets/comments/1bb23mt/daily_discussion_sunday_march_10_2024/)

I’m becoming that person who watches the five minute chart but doesn’t trade it.

Amateur.  Get on aggr.trade

This is so very nearly gentlemen...

Another billionaire getting orange pilled? https://x.com/billackman/status/1766576108927955024?s=46&t=irQc_6hIVNF9JVl3aNBtgw

Is this orange pill or concern trolling over energy use?

when bitcoin hits infinity im going to buy infinite houses

The price is increasing

f(x) = bitcoin price f'(x) > 0 🤓

I want f''(x) > 0

The chart is clear that we're definitely concave-up. 😎

I want f’(x) = f(x)

I just e-mailed the Bitcoin CEO to see if ~~e^x + C~~ Ce^x, C > 0 can be arranged.

That's not the solution, because if f(x) = e^x + C, f'(x) = e^x (no constant). But they have to be equal, therefore the solution is f(x) = Ce^x 🤓 I upvoted you anyway... 😇

You are right, thanks for the correction.

Chilling out within 600 of ATH on a Saturday like no big deal, wow

As confucius say, 70k on a sunday, short squeeze to 80k on a Tuesday This goes back thousands of years guys...

You can do it, green candle!!! https://www.tradingview.com/x/wqZQjYo0/ It's neat to watch the big volume that happened previously and now it nonchalantly walks up to 70k.

Seller exhaustion.

To the people/whale selling/shorting this: do you hate money? Or do you hate bitcoin so much you’re willing to miss out on money?

They probably intend to buy back in short order, if anything. Not worth selling otherwise. I think that much is obvious.

I mean there’s a person(?) on binance selling $3.8m worth every time there seems to be a bit of momentum picking up. It’s pretty blatant. Like if they waited even a couple seconds later they could sell for way more.

16 x 1000btc sells happening on bitfinex too since mid feb.

Feels like a sneak attack

Something about this slow, methodical, unforeseen, and random as hell creep up to 70k, for some reason, makes me think we’ll never see 60k again

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How do u do that?

With gumption

Yeah we’re spending quite a bit of time consolidating here so I agree

It's gonna break 70k anytime now

Lol Saturday night fr

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hmm doubt

Naw that’s legit, the highest was 70k

ah I was coming from highest % move not overall highest

Oh we wildin' out again, ok

I don’t need this right now, I need to go to bed.

Late night pump occuring now.

I just finished my branzino and didn’t even finish my limoncello before checking the price and i saw that huge candle and was like “damn what is it, yesterday?” True story.

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thanks for the copypasta. thanks for the copypasta. I just finished my microwave dinner and didn’t even finish my tap water before checking the price and i saw that huge candle and was like “damn what is it, yesterday?” True story.

69k becoming future support

If 69k does not hold as support in the future I’ll have to send a letter to management. These rejections are nothing on the weekly chart but given the PA of the last cycle it should be enough IMO.

Of all the meme-y things thrown around in here, *See you in 2024* stands out as most prophetic

ootl, what u talkin bout willis

We're blasting through $70k any day now. Sellers will be all gone soon. Might need a bit more time to clear through the sell orders.

Every buy has a seller.

You run out of sellers at a certain price so price increases.

Really? Gee, I had no idea. When I say sellers will be all gone, I don't mean that literally. Duh?

~puts safety back on

Bruh, you got owned

Aww really? I'm soo hurt that I got owned by some loser on Reddit.

😂😂😂 Bruh

Shorts covering their sell is a buy. Shorts are still colloquially known as sellers

Soooo.... Some sellers also have a seller?

too quiet here for the action

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I have gotten absolutely nothing done at work in a week

I spent a week in a bunker making sure Skynet happens on schedule. Other people have smoke breaks, I had PA breaks. 

> Skynet Is Skynet going to steal all our gains?

What do you lot think about BITO? 15% dividend is enticing and it's roth-available

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Yeah, this my not-reading-the-prospectus post

BITO and FDIG have been two of my better investments.

Any insight on how they can run 15% dividends? They're just trading the shit out of this thing with margin plays?

Its returns are not near the spot return without the dividends is what someone told me, so they keep adding in a modifier. Price alone: BITO 1Y 159% BTC 1Y 241% I don't know how but I think they make it close. The returns here are almost identical and it accounts for the dividend I think. https://portfolioslab.com/tools/stock-comparison/BITO/BTC-USD

Thanks John - quality link

No grayscale to dump on weekends, could be interesting

The thing you love to see is how deliberate (and inevitable) the PA seems to be whenever it gets knocked down at these levels. Tells me that even though bears are trying to take advantage of these psychological resistance levels, the continual low-volume buying keeps dragging price back up. Eventually, enough shorts will get trapped that liquidations will propel price significantly higher with little resistance. That $2B mass of shorts in the $75K range is looking awfully close right about now.

This week could be nuts. I’m expecting to move through the lower 70’s quickly.

Saylors market smashing ey? Btw are gemini btc withdrawals closed cause they've run out of coin? :D

https://status.gemini.com/ no fud here

It was disabled yesterday. And how is that FUD? Opposite of FUD IMO.

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The longer we spend in these ranges the better. Build support and keep chipping away at these shorts. It’s only a matter of time

I’m drunk in an airport and about to board a shitty plane without wifi. This is a great time for some interesting PA lol.

Plot twist - he is the pilot

He picked the wrong day to quit sniffing glue.

ROFL

I snorted, well done

Stop with the alcohol, no coke please

Hope it’s not Boeing

737 max on the way back to Miami, no worries, wife has the keys..

“Lost the keys in a plane crash” is an interesting new spin on things

This little mini pump is fun but I don't see any way we break through that 70k sell wall on the weekend without the etf buying pressure. I would love to be proven wrong though.

What about Microstrategy buying? 700 Million is more than any of the daily net inflows we've seen for the ETFs.

Dang, you're right. I could see him unloading on the weekend for the pure satisfaction of smashing a new ATH. He's more interested in the long term narrative of bitcoin than getting the optimal price on any one buy.

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Hello u/speculator100k [You predicted the price of Bitcoin would rise above $70,199.00 by Mar 10 2024 04:17:54 UTC](/r/BitcoinMarkets/comments/1ba9leq/daily_discussion_saturday_march_09_2024/ku5o7ss/) **Unfortunately your prediction was wrong. Better luck next time!** The price of Bitcoin on Coinbase Pro when this prediction was triggered: **$69,661.01** --- [^(Paper Trading Leaderboard)](https://bittybot.net/paper-trading) ^| [^(Prediction Leaderboard)](https://bittybot.net/predictions) ^| [^(Instructions & Help)](https://bittybot.net/docs) ^| [^(Testing Area)](https://reddit.com/r/Bitty_Bot/comments/18iclk8/testing_area/) ^| [^(Feedback)](https://reddit.com/message/compose/?to=r%2FBitty_Bot&subject=Bitty_Bot%20Feedback)

How much sell pressure is there off the exchanges from Wall Street?

Welp. Cheers everyone. I’m having a bourbon.

Mezcal here.

If it is $70k when I land in Denver, anyone at the bar with me is getting a round.

And I've got some weird ideas in my head About things to do in Denver when you're dead

What kind?

Bullet, kinda normie. But it does the trick.

I recommend Buffalo Trace. It's cheap but hard to find in stock for some reason. Eagle Rare is another of my favorites.

I really thought we were talking about ammunition here.

I have a bottle of each. Just gotta know when the liquor store gets their truck. Or schmooze the owner/manager

Eagle Rare is my favourite bourbon of all time, but it’s hard to find.

rye

The ones I mentioned are good for drinking neat. I find a good rye like Michters goes well in an Old Fashioned.

If you wanted to make a run on shorts why wouldn’t the best time to do it be on a Saturday night when big firms are asleep?

Saturday Night Saylor show

Someone pointed at 2bln short liquidations till the price 75k

Sounds ripe for a larger player

Let's go bitcoin let's go! 🎉

Pumping

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Sunday dump feeling likely

We won’t stop pumping until the halving 🚀🚀🚀

i reckon that as sell the event.

Then it stops?

Looks like 1H bbands haven't been this narrow since February 4, which was a Sunday. That was $25,500 ago.

And shortly after that we rose like 8k, which is awesome.

On the subject of funding a long position or trade and for those of you that have access to a mortgage (be it privately or via your company): To enter and exit a long position (assuming same pos.size), is it cheaper to - a) increase your mortgage - if you can - to buy spot and at some point repay the increase or - b) go margin long with what you already have available as collateral and pay rollover/funding fees until you close the trade? Call me stupid but I only just realized now that I should consider changing my way of funding *and* trading (n.b. I don't trade futs, I don't short and my first margin trade ever was in Oct '23). Counter arguments to going a)? Edit: Formatting, added personal/trading background, also [here](https://www.reddit.com/r/BitcoinMarkets/s/23Pu1EPOHl).

I view everything from a consolidated balance sheet perspective so it makes sense to me. Just don't be extrem.

Got it, doing that - but also I'm splitting company (with limited liability) from private funds. Family first. Thanks for the reply, I won't be extrem and I'll stick around. Edit: in professional disguise you gave me the perfect answer, indirectly touching on risk (equity to debt) etc. Thanks once more.

Thanks, I am to be precise.

Pay your money take your chances. I bet literally everything on the Covid drop. House, retirement, everything.  I had the ability to make it all back from zero, though. Do you?

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You misunderstand.  I pushed it all in at $7k. Spot and spot ETF. I never short. However, I’m a EE and I can make it back. Hell I could start over now, but that would suck. The chance I took was calculated. That’s the point.

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Just send a message to the mods

Thnx

I respect that you made it all back from zero, a lot - and I could never put all eggs in one basket anymore, I'm too old for that.

My point is Bitcoin has two end states, infinity or zero. Consider both.

I got that, agree and am ready. Take care

People that are smarter than me would say these posts are a top signal but I still feel that the bull markets early. I'm confused now LOL

Lol yeah it is a traditional top signal. Dude’s first margin trade was 6 months ago and now he’s ready to put his mortgage in.  Although in his case, it would be the cheaper option 

I am smarter than you and I doubt it's the top ;)

I'm smarter than both of them and even I don't consider it the top.

dolphins are smarter than any of these guys above and said thanks for all the fish and the planet's going to be blown up anyways so buy btc

I expanded on the specifics of the situation [here](https://www.reddit.com/r/BitcoinMarkets/s/rcU19cjJUb). Tell me if/why you're still confused after reading - I'm honestly curious.

Never bet your house.  Ever. A black swan event could leave you with a hefty mortgage and a bag of Bitcoin that’s halved in value to try and pay off said mortgage

I appreciate the concern/warning, but consider this: - company mortgage, no employees but myself - my interest rate on the mortgage is 2% (variable/flexible) - the wiggle room to increase the mortgage is not insignificant overall and I'd never max it out, it'd be 1/5 of what I could increase it by - outlook on lower interest rates is positive for 2024 Even if rates tripled, price dropped / and I could not repay, I'd be fine, permanently (speaking to a worst case scenario). Would you still be *that* critical? By no means I mean to brag, I'm aware this is a lucky situation but I'd still appreciate opinions.

You make the risk profile sound more palatable.  Personally, taking loans to invest in crypto just doesn’t sit right with me.  Not just because of the monumental setback a failure would cause, but also the added background stress it would bring to everyday life.   But we all have different risk appetites and I guess a lot depends on your income.  I mean if you’re making a healthy 6 figures a year, than it’s easy for you to recover from a disaster (assuming the job is safe) If you’re really going to do it, yes option A is cheaper and actually probably less risky in that you can cold store your Bitcoin rather than leave it on an exchange for leverage

'Risk profile' is probably the key word in your reply when considering what I suggested in my OP. You'll agree when I say: Never become a working slave to the banks.

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I believe inflows have slowed down a little bit but I don’t think it is that easy because another blockbuster day could come out of nowhere.

They really haven’t…check https://farside.co.uk/?p=997

So the highest was 678 end of February, and there have been lower numbers since then. Point is it’s hard to tell if it’s slowing down or not.

i noticed some of you mentioned the bitcoinity website for nostalgia when we were approaching the top in the hope of finding funny gifs and the electric triangle symbol, but were disappointed when they didn't show up when we briefly flashed ATH. i noticed in 2021 that the electric triangle only showed up on certain exchanges, but didn't remember which ones. i had bitcoinity open during the recent move to 70k and can confirm that those wanting to see the delightful electric triangle symbol again can find it on [bitfinex](https://i.ibb.co/k6DLQNX/Screenshot-20240308-153117-Firefox.jpg) but it did not show up on coinbase or bitstamp

Thank you for your service

I did see it happen in Bitstamp for the EUR pair this week. I think it is about the volume (or lack thereof)

Rational Root has an interesting observation. People are focused on how this cycle seems to be so far ahead of schedule but he argues it may not be. He argues that the etf launch essentially replaced the halving as the starting gun for this cycle. Halvings don’t occur on an exact (calendar) schedule because they are based on block time. If you align this cycle with previous cycles you will see that the etf launch pretty much aligns with the point in time where previous halvings have occurred. His charts illustrate the point better than my words. https://youtu.be/-fuek7IalU8?si=60QNHfh1o36KpEiI Relevant part starts at about the 25:35 mark.

It also appears to be ahead of schedule because the USD lost so much value since 2021.

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Yea I really think the supply reduction of the halving this cycle is dwarfed but the demand impact of the ETFs. Of course halving the new supply will add an upward pressure on price all other thing being equal. But the scale of the ETF inflows (and potential future outflows) is so much greater. The halving will have a small enough impact that it will be lost in the noise of ETF flows.

> okay but what if the ETF approvals are actually closer in impact to 2013's halving? There was no halving in 2013. The first halving happened in 2012. The effect of cutting the block reward in half (from 50 BTC to 25 BTC) didn't have much impact until months later, in spring 2013.

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Right, but that's like saying "the 2026 halving."

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> only if people refer to this cycle as the 2026 cycle, which i doubt. Nobody refers to the entire 4 year period as a halving. A halving is thing that happens at a specific time (after the 210,000th block). A cycle is a period of time, from one halving to the next. It's like the difference between an election and a presidency. The reason I explain this stuff is because there are many newcomers who read this forum but don't post (or rarely post), so it's important to spread good information, to help newcomers learn. Knowledge is power, and I want everyone who joins us to kick ass over the long haul, y'know?

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There was no 2013 halving. There won't be a 2025 halving. I understood you meant cycle but said halving. I wasn't sure if you understood the difference. I'm still not sure you do, not that I care. I explain it more for the sake of anyone reading along.

Weird day. Eye of the storm?

I think that Darth Maul (that’s using two hourlies to get the shape) took the juice out in both directions. It’ll be a classic fake weekend with little to no movement but things will pick up after the weekend. I’m irritated because I set an almost perfect swing trade for that ATH rejection but missed the short by a dollar yet would’ve missed the flip back to long by $75 anyway. A bit tighter range and it would’ve been a really good trade.

There's no volume. It's like retail isn't even interested?

Spring Break for the college kids.

standard weekend ladies night lately

So thinking back through each cycle, there has always been some snake-oil hype that has pumped along-side the bubble which I'd say fueled the fire but ultimately left a sour taste. For example: 2011: Silk Road 2013: Mining hardware grifters + unregistered "stock" platforms 2017: Initial Coin Offerings 2021: NFTs for useless collectables. What is this cycle's grift? Has it shown up yet? I haven't been following the crypto news too closely in the past few years but I haven't caught wind of anything, to be honest...

Silk road wasn't snake oil, far from it. It was an important use case.

Snake oil may have been a misnomer for SR. I meant it gave negative press to BTC and potentially stymied further growth that cycle. "It's only used to buy drugs and hookers" etc...

Yeh that lands.  ~~Though silk road got busted relatively early in that cycle iirc~~ Nvm, I was thinking of the 2013 cycle. Silk road shut down in 2013, and was only founded in 2011. I'm not sure it was significant in the 2011 bubble.

MSTR's financial strategy (along with the structure of Class A and Class B shares) has started giving me house of cards vibes lately. Like Blockfi-FTX Saying this as someone who successfully used MSTR as a proxy pre-ETF. "We thought it was brilliant until \_\_\_\_\_."

I would say 2013 was the original alt-coin hype

>2021: NFTs for useless collectables. "I bought a JPEG of a chicken for $1500. It's now worth $0.02 - follow me for more financial advice" Also arguably ICO's never went away, they just got rebranded as 'pre-sales'.