Who could have sold? Those that sold, they think the USD and the global economy will do wonders? They believe in FIAT currencies (this includes crypto) so much they want to buy more?
Did crypto investors that were holding silver, that think we are early in a bull market (they always do thought) just gave up on silver to buy more worthless FIAT cryptocurrencies? It's possible actually.
I'm not saying I am sure silver will go up, but sure trust it more than I trust big ponzi schemes.
Looks like some suckers provided liquidity to big buyers.
You know what's most funny if crypto investors are the sellers? Isn't this how BTC bull market started? 😂
Same conceptual idea as my EURSEK posted today.
I do not do multi year holding, maybe I should, but here I wouldn't want to have alot of capital frozen away, and if I hold a position with leverage somewhere I would pay enormous interest over time. I stick to shorter term, I have a much better experience and mastery of that anyway.
If the price retests the top there will be a buy.
There will be plenty of chances to buy I am sure. If the trend lasts for 10 years, which is possible, there will be plenty of buy trades. It may not trend up for a decade, but it has pretty good reasons to. If it does, people in 5, 6, 7, 8 years will be developing buying strategies. While we have been ready for 2 years, just waiting.
With more people watching it would look different. Like in the 1930s you had 1 John Templeton, in the 2020s you have 100 million clowns that think they are the great visionary that will buy stocks cheap and outsmart every one. Absolutely ridiculous. There are very few people like me that know this and think 1 step ahead. Of most people that try to outsmart others and think differently they're thinking something like "aha! Every one will buy, therefore they are all wrong, I will sell, I am a genius", this is absolutely idiotic.
According to Mike Maloney, silver might have a good chance to have one more (last) good dip before taking off, but he always talks in longer perspectives. Check out his _wealth cycle_ explanation, I'm curious what You think!
MrRenev
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@janfoux, The wealth cycle presentation is interesting. He forgets that stocks pay dividends thought. Bull markets are full of people that were waiting for a dip from the bottom to the top, I wonder if he's one of them.
I don't think he'd be one of them that said. I like how he reminds several time that now one catches all tops and bottoms, nor needs to. Stocks to gold are quite expensive right now still.
An excellent ratio to look at that he did not mention (maybe trying to keep it secret) is the price to gdp I posted a few times (idk if you watched this already or not). Also the debt cycle, price to earnings...
janfoux
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@MrRenev, it's interesting to notice here, what happened in 2000, at the dotcom bubble, and what followed: That 10 years of events could be contracted now to about 1-2 years, as they say everything plays out faster now? You can see at the top, how narrow this peak is today compared to those in the past. Not to mention 1929-1930. Make sense, or we go up again, 2-3 more peaks in a row (with a lot of money printing and a lot of sentiment and FOMO buying), then taper down gradually, so history would repeat itself? What goes up, must come down (especially with airlines and Boeing :D ). I just don't see enough evidence to decide which scenario is more likely. I don't like either of them, but what can U do.
MrRenev
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@janfoux, I'm watching his video on Powell brrrring now, had it recommended for a while but it's 1 hour and I'm lazy so haven't watched yet :p
Nine_Five
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Don’t you think after going up 20 million x should’ve gone to 0 a long time ago? Makes you wonder huh, maybe, just maybe people actually like holding Bitcoin. Does a permabear ever consider such a crazy possibility???
MrRenev
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@Nine_Five, What went up 20 million x? Not silver for sure.
Silver at its cheapest in 5000 years priced in gold. Idk where it is at inflation adjusted or in terms of gdp.
Bitcoin is a ponzi scheme fiat currency that is not money.
I'm so jaded, seeing the same stuff over and over. The same people, the same enthusiasm, the same arguments, the same conviction, the same early doubt, the same regrets, the same capitulation on the upside, the same laggards, the same bears that called an end too early, the same idiots crying hurrah and "the bears were wrong", the same everything, over, and over, and over, and over.
Oh and everytime it's "different". There will be more celebrations for btc bagholders, they will be convinced they "won", and when it will be close to zero none of them will be anywhere to be found.
Nine_Five
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@MrRenev, Good luck getting every single person who bought early on to sell. Why do you still think in terms of USD? Because BTC went up 20 million x in USD terms and you missed out? Come on, bitcoin was used as a medium of exchange at 0.001$ and it will be used at 2000$, if it ever gets there, or 100 000$. Why is that so hard to understand for permabears.
Guess what, if i find something that i believe has value and i find just one other person who believes the same thing, all of the sudden the price in USD terms is not 0.
MrRenev
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@Nine_Five, "Good luck getting every single person who bought early on to sell" Why do you write this? What does it have to do with anything. I'm missing context here.
I personally think that the vast majority of crypto gamblers will hold the bag to zero, but that's maybe a little over optimistic on my part :p
Hey, if the crypto space is growing and the price stagnates and slightly declines, what happens if the crypto space does not grow, or just grows more slowly? It instantly drops vertically to zero? 😊
Nine_Five
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@MrRenev, you live in a backwards world, the "crypto space" (terrible term) is growing and not collapsing. Number of users, holders and speculators are increasing. Also, as the hashrate goes down there will be more people at home mining bitcoin.