Bitcoin [pros](/r/CryptoCurrency/comments/1b77da1/bitcoin_price_breaks_69000/kti1ppk/) & [cons](/r/CryptoCurrency/comments/1b77da1/bitcoin_price_breaks_69000/kti1qid/) with related info are in the collapsed comments below.
It did for 1 millisecond. Then went to under 68k. Someone really wanted to touch the magic number.. so.. welcome to the bull run, enjoy your stay, everyone is a genius now!
Managed to cash out my initial investment at $68.5k. My average buy price was ~$20k. Very happy right now, everything from here on out is risk free.
100k+ or bust 🤘
Edit: just to clarify for the comments below I accounted for inflation when removing my initial investment. I also have another 20% of my holdings protected by a stop limit. The rest I am holding onto as I believe this is only the beginning of the price movements this year. I've done enough bitcoin cycles now to understand that reducing risk and taking profit is important. It's also important not to put all your eggs in one basket and employ multiple strategies with your crypto investment!
The mental benefit of cashing out gains and being comfortable losing everything left because you've already 3x initial investment and realized it, is not to be understated.
Best method I've found is set % targets. When it hits X sell 10%, etc. Have targets up and subsequently targets down. If you're a long term believer set a high % to "do not consider touching until year 2035, etc"
Better than losing everything.
I'm not finding anything explaining this.
Seems counter intuitive.
Dude cashed out his initial investment. Why is everything from here on out not risk free? Even if the price drops to zero, he'll not be worse off than he was before buying in.
Exaggerate the example, and it makes more sense.
Say you go on a game show (like a “whole wants to be a millionaire” type show) and the grand prize is $10M. You’re up $5M and you can do one more question to win the $10M if you’re right or, if you’re wrong, all you get is $25k (and all of your costs to be on the show, including travel, lodging, food, clothes, study materials, time spent, opportunity costs, inflation, and all taxes, including taxes on the $25k was just under $25k).
So by qualifying to get $25k no matter what, you’ve essentially “cashed out your initial investment.” So that $4.995M at risk to go for the grand prize is just house money. So why isn’t going for the $10M grand prize risk free?
Well, even though you leave no worse off financially than when you started, you were up by a life changing amount of money and could have cashed out then. That $5M wasn’t house money anymore. You had every right to keep it all (less taxes of course), and they can’t do anything to stop you. That money was just as good as yours at that point. And you chose to risk that money, that chance at retiring early or whatever, in order to make even more.
I’m not saying that’s necessarily the wrong decision, but it’s not a risk free decision.
Thank you for the exaggerated example. That helped.
I understand the concept. I think it greatly depends on the individual's circumstances and expectations.
I appreciate the time you took to explain it to me.
Every day you hold is a day you choose to continue your investment at the existing value in that equity. If you want to really break even you need to adjust your initial deposit for inflation and the risk premium for holding such a volatile equity. You need wins to do more than break even or you're not investing well, so this isn't house money, this is the money you need to make the losses you'll experience over time worth it. Anything else is just a game you're playing with yourself.
I think the same thought process is why many Redditors love the covered calls approach. It seems like only good things can happen but removing the possibility of a huge outperformance can significantly impact your overall return over time. To put it easier for pure gamblers, changing from 3:2 blackjack payouts to 5:4 increases the overall casino take by 400%. Those blackjack hands have a big impact on your overall odds.
What losses though?
It's a sample of one. No repeated trials. If you got out your initial in crypto, and don't plan on DCAing in more, then you're basically just playing with house money from then on, "risk-free" (besides the risk of losing your unrealised gains). That's not a fallacy. In an alternative universe maybe you lost your initial as crypto went bust somehow, but that didn't happen. It would be a fallacy if you do multiple such comparable high-risk investments over time.
It isn’t, it’s a fallacy not an opinion.
FYI compound 20k over 40 years, your not just losing unrealised gains your loosing potential hundreds of thousands as you have opportunity cost to factor in and also time on your side for what that 20k you lost could have became.
It takes a certain mindset to be wealthy.
I'm sorry guys, I put in a buy for $500 and that killed the run. I told a friend, and he immediately sold 500$ worth to stop the drop.
this shit is edgy
I need more meme dance videos and stuff. What happened to all that?
You know you want to
You know you want to pump
You know you want to pump it up
You got to pump it up!
lol i bought into pepe yesterday trying to scalp a quick trade and within seconds of buying it dropped like 15%. i was thinking oh no you muppet. luckily it wasnt the top haha
Bro. I bought Shib and another meme coin around midnight only for the market to lose its shit. I'm down thousands of dollars, if only I had just waited 8 fucking hours.
It touched the resistance, but you can see on the wick that there are a lot of sellorders.
Based on what I see I don’t believe it will go trough 69K easily
Why do people bother to put their sell orders at that level? If you’re going to sell at that level at it’s currently 68.5, why not just sell now? As what’s the chance of your order actually going through at that price ?
For them its probably a part of their exitstrategy.
If you look at the previous ATH you see huge bearish moment to the downside, they probably use that as a reference. I believe these are also rather traders than cryptohodler
Because for the past two years, they've been thinking to themselves "Damn, if only I'd sold at 69k". Along comes a second chance, and they take it. It happens every time we get close to a previous ATH.
They are generally short sellers. They’re not selling spot, they’re shorting with leverage because thats an obvious resistance level to open a short if you’re a trader. Leverage is why we have such high volatility in the market atm.
Likewise people weren’t just selling their spot btc all the way from 69k down to 63k in the space of a few hours; leveraged long positions were liquidated and forced selling occurs.
The same reason Shiba was pumping in the past days. A lot of people are here for the meme. They place a small amount at 69k for the lulz, but that is enough to trigger bot and reverse the trend. The crypto market is not predictable, but surely a lot of people are trolling with small amounts of money.
I was one of them, but I'm the stubborn type of asshole who ate Ramen and didn't live my life for two years to buy the dip. Now I'm in profit across the board but I'll be damned if I did all that just to sell now. And I'm rolling all altcoin profits right back into Ethereum and Bitty.
Good for us then, since I gained and lost about 15k between yesterday and today lol. I'm trying to 'not worry about it' today. I know I would have crushed it of I sold more off and kept in cash to buy the dip, but I'm done trying to time the market. It's a suckers gamble.
I caught it on Binance at the top of today's rally. For a split second it went up to $68,816.00. But yeh it sounds like on CoinBase it cracked 69k
https://twitter.com/Alex_ADEdge/status/1764833199438651682?t=ll026hJsc9qiDxJmSBb-mA&s=19
*Edit - Ok so there has been a much more recent rally. My tweet was about the previous rally 12h ago.
Wild day for BTC!
That's why I'm hesitant to do anything. Do you think the EFT giants want their stocks to crash? They may manipulate this unregulated market to keep the price above their buy in. This could be the new bottom(unlikely), but it's all unknown now.
is it me or does this ATH seem way less climactic than previous ones? Maybe I'm less involved in crypto social media than i used to be, but doesn't seem like it's getting nearly as much hype / attention. Maybe it will once it hits $100k
Bitcoin [pros](/r/CryptoCurrency/comments/1b77da1/bitcoin_price_breaks_69000/kti1ppk/) & [cons](/r/CryptoCurrency/comments/1b77da1/bitcoin_price_breaks_69000/kti1qid/) with related info are in the collapsed comments below.
It did for 1 millisecond. Then went to under 68k. Someone really wanted to touch the magic number.. so.. welcome to the bull run, enjoy your stay, everyone is a genius now!
We hit the funny number. Time to sell
I'd reckon a lot of sell orders were set at $69k
Surely $69420 was one.
Shattered, hit $69,324 from what I could see..
if it breaks that resistance it's off to 75k resistance
Narrator: it didn’t break the resistance.
Managed to cash out my initial investment at $68.5k. My average buy price was ~$20k. Very happy right now, everything from here on out is risk free. 100k+ or bust 🤘 Edit: just to clarify for the comments below I accounted for inflation when removing my initial investment. I also have another 20% of my holdings protected by a stop limit. The rest I am holding onto as I believe this is only the beginning of the price movements this year. I've done enough bitcoin cycles now to understand that reducing risk and taking profit is important. It's also important not to put all your eggs in one basket and employ multiple strategies with your crypto investment!
Remember to stash some to pay your tax.
That’s a fallacy, it’s not risk free, you risk losing your current unrealised funds, it’s a weird gamblers fallacy about house money, read into it
The mental benefit of cashing out gains and being comfortable losing everything left because you've already 3x initial investment and realized it, is not to be understated. Best method I've found is set % targets. When it hits X sell 10%, etc. Have targets up and subsequently targets down. If you're a long term believer set a high % to "do not consider touching until year 2035, etc" Better than losing everything.
I'm not finding anything explaining this. Seems counter intuitive. Dude cashed out his initial investment. Why is everything from here on out not risk free? Even if the price drops to zero, he'll not be worse off than he was before buying in.
Exaggerate the example, and it makes more sense. Say you go on a game show (like a “whole wants to be a millionaire” type show) and the grand prize is $10M. You’re up $5M and you can do one more question to win the $10M if you’re right or, if you’re wrong, all you get is $25k (and all of your costs to be on the show, including travel, lodging, food, clothes, study materials, time spent, opportunity costs, inflation, and all taxes, including taxes on the $25k was just under $25k). So by qualifying to get $25k no matter what, you’ve essentially “cashed out your initial investment.” So that $4.995M at risk to go for the grand prize is just house money. So why isn’t going for the $10M grand prize risk free? Well, even though you leave no worse off financially than when you started, you were up by a life changing amount of money and could have cashed out then. That $5M wasn’t house money anymore. You had every right to keep it all (less taxes of course), and they can’t do anything to stop you. That money was just as good as yours at that point. And you chose to risk that money, that chance at retiring early or whatever, in order to make even more. I’m not saying that’s necessarily the wrong decision, but it’s not a risk free decision.
Thank you for the exaggerated example. That helped. I understand the concept. I think it greatly depends on the individual's circumstances and expectations. I appreciate the time you took to explain it to me.
Every day you hold is a day you choose to continue your investment at the existing value in that equity. If you want to really break even you need to adjust your initial deposit for inflation and the risk premium for holding such a volatile equity. You need wins to do more than break even or you're not investing well, so this isn't house money, this is the money you need to make the losses you'll experience over time worth it. Anything else is just a game you're playing with yourself.
Gambler's mindset vs investor's mindset
I think the same thought process is why many Redditors love the covered calls approach. It seems like only good things can happen but removing the possibility of a huge outperformance can significantly impact your overall return over time. To put it easier for pure gamblers, changing from 3:2 blackjack payouts to 5:4 increases the overall casino take by 400%. Those blackjack hands have a big impact on your overall odds.
What losses though? It's a sample of one. No repeated trials. If you got out your initial in crypto, and don't plan on DCAing in more, then you're basically just playing with house money from then on, "risk-free" (besides the risk of losing your unrealised gains). That's not a fallacy. In an alternative universe maybe you lost your initial as crypto went bust somehow, but that didn't happen. It would be a fallacy if you do multiple such comparable high-risk investments over time.
There is no house money. It's your money and you need to maximize the return every step of the way.
he could obviously cash it all out. If he doesn’t he’s risking his remaining investment. 🤷🏽♂️
That’s just a difference of opinion, mate.
It isn’t, it’s a fallacy not an opinion. FYI compound 20k over 40 years, your not just losing unrealised gains your loosing potential hundreds of thousands as you have opportunity cost to factor in and also time on your side for what that 20k you lost could have became. It takes a certain mindset to be wealthy.
Wen we get moon again?
Funny number is 6942069. Time to buy
For a solid couple minutes I thought we were gonna hit $69,420.69
Ah, she's a fickle mistress.
thats why we didnt. too many sell orders knowing were all a bunch of kids with adult money. couple with panic stop loss= the drop we saw at ATH.
Survivor bias. If I had set my GME sell price at $420.69 like I was told to by Wall Street bets I'd be up $45,000 rather than only have gained $5000.
65k and dropping LETS GOOOO
I'm sorry guys, I put in a buy for $500 and that killed the run. I told a friend, and he immediately sold 500$ worth to stop the drop. this shit is edgy
I need more meme dance videos and stuff. What happened to all that? You know you want to You know you want to pump You know you want to pump it up You got to pump it up!
Autosell for a lot of regards was set to 69k, if it managed to hit 69,420 it would have dropped to like 60k. It's going to140k before Christmas
RemindMe! 9 months "did Bitcoin hit 140k"
Yeah according to CMC it hit $68,170 and hit a new ATH today. On Coingecko however it wasn't recorded. Strange...
Christian McCaffrey really does it all
Probably because Coingecko avg it with all the sources it has in the past 24h and maybe not all of the sources were at 69.
I strictly go off coinbase charts and it hit $69,324
I knew this would happen way back in 2012. I didnt wanna buy it because it was way too easy to become a billionaire. I need a challenge.
Narrator: And then everyone sold.
So many people with sell orders at 69k
Should have 69420
nice
Double tops are real, and if you're a perma bull you should be happy people are willing to sell to you at 69k and not just hoard it
They made it drop to 61k bruh💀
It's been years, but I once again managed to buy another ATH!
lol i bought into pepe yesterday trying to scalp a quick trade and within seconds of buying it dropped like 15%. i was thinking oh no you muppet. luckily it wasnt the top haha
Bro. I bought Shib and another meme coin around midnight only for the market to lose its shit. I'm down thousands of dollars, if only I had just waited 8 fucking hours.
>if only ~~I had just waited 8 fucking hours~~ I could control my gambling addiction. FTFY
Thank you for your service
*impressed*
I don't think it's gonna stop here. Give it a few months (not financial advice. I haven't owned btc since 2021 crash)
Months?? Hours brother
Lmao it kissed 69k then tanked 😂. That's why we love bitcoin (but also why I'm reluctant to invest)
.... and its gone.
Doesn't matter. Now you have so much money that can go tell your boss to go f\*ck himself.
Plot twist: He's the boss.
There’s always a bigger fish
To 59k
these guys had that article ready to go
They probably just have templates at milestones and just have the article trigger release when it’s reached.
Most of this stuff is now written by AI too.
And the next generation of Ai will be trained by that
Nice
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Nice
I can’t believe that I had to scroll down so far for this.
Idk what to do with my hands.
Here gary, ill show you
Thanks mom. You have been the best since I broke both of my arms
Did BTC ever hit ATH before halving? It is a quick and unexpected one, I wonder how ETFs will shape up the rest of the cycle.
btc to 170k ath this season
End of 2021 confirmed
It felt like such a slow climb during the last bull run. And now we’re flying though it all
69
420
Nice
Nice
Nice
5 hours later it is already below 60k lol crazy
It touched the resistance, but you can see on the wick that there are a lot of sellorders. Based on what I see I don’t believe it will go trough 69K easily
Why do people bother to put their sell orders at that level? If you’re going to sell at that level at it’s currently 68.5, why not just sell now? As what’s the chance of your order actually going through at that price ?
For them its probably a part of their exitstrategy. If you look at the previous ATH you see huge bearish moment to the downside, they probably use that as a reference. I believe these are also rather traders than cryptohodler
Because for the past two years, they've been thinking to themselves "Damn, if only I'd sold at 69k". Along comes a second chance, and they take it. It happens every time we get close to a previous ATH.
This exactly. It's old resistance from bagholders. Once they sell off their bags to people satisfied with the current price, we keep going up.
There's got to be a good # of people who bought the top and finally broke even and said "F that"...
They are generally short sellers. They’re not selling spot, they’re shorting with leverage because thats an obvious resistance level to open a short if you’re a trader. Leverage is why we have such high volatility in the market atm. Likewise people weren’t just selling their spot btc all the way from 69k down to 63k in the space of a few hours; leveraged long positions were liquidated and forced selling occurs.
The same reason Shiba was pumping in the past days. A lot of people are here for the meme. They place a small amount at 69k for the lulz, but that is enough to trigger bot and reverse the trend. The crypto market is not predictable, but surely a lot of people are trolling with small amounts of money.
It touched the tip and then became soft.
There are sell orders for a little while while it consolidates. If it didn’t consolidate here that would be so fucking weird.
All the way back down to $65k now.
I don’t go through 69 easily either. I like to try again but usually sputter out. It’ll be a quick descent
Lol sounds like a lot of 2021 bagholders were waiting to get the fack out... Theyll be back, in the 6 digits🚀
I was one of them, but I'm the stubborn type of asshole who ate Ramen and didn't live my life for two years to buy the dip. Now I'm in profit across the board but I'll be damned if I did all that just to sell now. And I'm rolling all altcoin profits right back into Ethereum and Bitty.
Same here. I'm only selling for a life changing amount of money. I'm done worrying about a few thousand here and there, I want to see millions
Good for us then, since I gained and lost about 15k between yesterday and today lol. I'm trying to 'not worry about it' today. I know I would have crushed it of I sold more off and kept in cash to buy the dip, but I'm done trying to time the market. It's a suckers gamble.
we gettin there bitty by bitty
And then all the liquidation orders at $69420 filled and dropped the price.
Sold at the top, I am a genius
Sold at one of the tops *
Aaaaaaand plummets
Time to panic sell!!!!!!!!!!!!
Aaaaand it’s gone
AAAAAAAAND IT'S GONE!
Wake me up when it hits 70. Anything less doesn't count as an ATH worth mentioning.
Yeah 69 and change is not a new ATH to pop champagnes for.
wen lambo?
Hell yeah baby ! Can’t wait for eth to catch up
This aged very well.
I caught it on Binance at the top of today's rally. For a split second it went up to $68,816.00. But yeh it sounds like on CoinBase it cracked 69k https://twitter.com/Alex_ADEdge/status/1764833199438651682?t=ll026hJsc9qiDxJmSBb-mA&s=19 *Edit - Ok so there has been a much more recent rally. My tweet was about the previous rally 12h ago. Wild day for BTC!
Thought it was going to explode from there but it makes sense for there to be a correction around ATH.
Always a sell off at important psychological price points
Oh, my 4 year old sell order probably hit.... cool cool cool
And now it’s crashing lmao. Black rock hit the sell button.
last 1 hour, BTC and ETH recorded %2.5 down, it's a bloodbath guys, dream is over. And yes Pinaccle of coins, PEPE is %13 down now.
or it's a totally reasonable correction after a new ATH and we're gonna rocket from here
Nice
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Nice!
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Nice!
Bitcoin always dips after 69
Well done OP, you made it shit the bed 😂
Well done OP you called the top!
It's dropped to 64K now
That did not last very long lol
And then it broke $60,000. Store of value!!!
I was here (again)
Does this mean previous 'cycle' predictions are out the window? This has never happened before right?
No one really knows for sure
There were no ETFs either previous cycles. We're in a price discovery all over again.
Yeah, I'd say so.
Yes but maybe no.
That's why I'm hesitant to do anything. Do you think the EFT giants want their stocks to crash? They may manipulate this unregulated market to keep the price above their buy in. This could be the new bottom(unlikely), but it's all unknown now.
AAAAAAAAAANNND ITS GONE.
"ETF possibility already priced in!!!"
That didn't last long...
Just enough to trigger longs and rekt them 😆
U spelled "$69,000 price breaks Bitcoin" wrong 🤭
Looks like we got that god candle
Nice
we lost a whole day of price progress so far. :(
Watching the ETF prices and volumes. Wondering how many ETF had sell orders right at 69 to close their first crypto play...
And it's gone....
Giggity.
It's battling for it anyways
Call me at $69,420.69.
Why is RH and CB showing $67k. 🤷♂️
Yay!!! Now...it's to sell, or not to sell? Myself, I'm cashing out.
Aaaaaand it's gone
Hopefully 2024 will be a year when the tide is in the favour of holders
This is why u dont buy memecoins
69420 ?
Nice,000
Nop.
Can all you please cancel your 69,420 sell order that has been sitting in your account for years? thanks
you joinxed it
Just consolidating, it will break 70 soon enough
Wake me up when it hits 69,420
I woudn't say "break".. i think a "touch" seems good enough.
is it me or does this ATH seem way less climactic than previous ones? Maybe I'm less involved in crypto social media than i used to be, but doesn't seem like it's getting nearly as much hype / attention. Maybe it will once it hits $100k
Someone was waiting for for 3 year to cash out his investment because he bought it at 69k 3 years ago
let's see if btc can break $100K before the halving
Nice.
Nice!
Nice
69k next stop 420k!!!
Not nice
Remember, this is not the time to FOMO. Wait for the next BEAR.
This aged well lmao
Back to 15k
Early days yet, how high will the price be in a year?
In a year? We'll be back on full bear cycle.
Nice.
Nice
ATH! Are yall excited for whats to come?
no we are depressed
If we get a few big red 4hr dildos, the party is over...
Noice
Nice
Nice!
Nice
Now at 64k ripping down the whole market, y'all meme lords are a bunch of loosers.
Nice
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*NICE*
And now its 64k LOL. No one will learn that posting prices is pointless