Expect the unexpected, thats what trading has taught me over the years. I dont know wether that is a rule of thumb or just a sign of the time we live in.
So now i am looking at the all time bitcoin price index by Tradingview and i put the very beginnings of Bitcoin trading, copied the bars, and put them on top of the current price. As far as i can tell this price action if it repeats will lead to a price of around $3M for 1 BTC. Now why on earth would bitcoin experience the kind of price action it did when it first started trading on exchanges in 2011? Well the short answer is because it will be born again. More and more people are starting to use sats to denominate Bitcoin, and you need 100M sats to create 1 Bitcoin. So if we started tracking the price of 1 sat it would be less than a cent, just like 1 BTC was less than a cent one time.
You also have to factor in that the USD must be getting weak and its status as a reserve asset is diminishing, so as USD loses its credibility and status it could also influence price of Bitcoin higher. USD is not the only fiat currency that is seemingly in trouble, but because fiat currencies are so shaky there is alot of noise in price movement. So its hard to tell just by looking at USD pairs which currencies are strong and which are not.
Last but not least the cryptocurrency market has over 1000 different currencies, and the bitcoin marketcap is not the majority of the combined crypto market cap, and Bitcoins share of the total market cap has been consistently shrinking since day1. If this trend reverses, and we start to see Bitcon dominance consistently trending up, this could support the idea of "bitcoin being born again". So thats all i want to say for now thanks for reading. Ps Im obviously a bit crazy so do your own due diligence. Have a nice day.
So now i am looking at the all time bitcoin price index by Tradingview and i put the very beginnings of Bitcoin trading, copied the bars, and put them on top of the current price. As far as i can tell this price action if it repeats will lead to a price of around $3M for 1 BTC. Now why on earth would bitcoin experience the kind of price action it did when it first started trading on exchanges in 2011? Well the short answer is because it will be born again. More and more people are starting to use sats to denominate Bitcoin, and you need 100M sats to create 1 Bitcoin. So if we started tracking the price of 1 sat it would be less than a cent, just like 1 BTC was less than a cent one time.
You also have to factor in that the USD must be getting weak and its status as a reserve asset is diminishing, so as USD loses its credibility and status it could also influence price of Bitcoin higher. USD is not the only fiat currency that is seemingly in trouble, but because fiat currencies are so shaky there is alot of noise in price movement. So its hard to tell just by looking at USD pairs which currencies are strong and which are not.
Last but not least the cryptocurrency market has over 1000 different currencies, and the bitcoin marketcap is not the majority of the combined crypto market cap, and Bitcoins share of the total market cap has been consistently shrinking since day1. If this trend reverses, and we start to see Bitcon dominance consistently trending up, this could support the idea of "bitcoin being born again". So thats all i want to say for now thanks for reading. Ps Im obviously a bit crazy so do your own due diligence. Have a nice day.