Have the genius bitcoin shorters taken profits yet?
The original post was from September 6, 2021 and Bitcoin was trading at $52,664. The logic presented in the original post was that Bitcoin has increased in value by 88X since 2016. Maybe it increases in value by 88X in another 6 years?
Bitcoin is up $72,144 on March 11, 2024. That's an increase of 37% over 2.5 years. Not bad, but very short of 88X. You can probably find 50 stocks in the S&P 500 that have bigger gains. And all that logic would be post-hoc and meaningless.
IMO you have to play it both up and down to really win big.
It has also gained 180% in 6 months, 251% in 12 months, and 1,774% in 5 years.. Plenty of ups and downs especially in the last 3 years alone for a smart trader holding 1 BTC at $50k to turn it into 10 BTC (approx 720K today) if they executed good shorts and then bought dips with their profits. The thing is you need to really be glued to this and also know what you're doing.
BTC never makes a big new high and holds. It's a near guarantee that this new ATH - regardless of if it stops today or goes to hit 100k - will drop back to by at 25% to 30% or more within 2 to 3 months or less of wherever/whenever it peaks. And if it climbs up to or shoots up to $120 or $160k, no matter how long it takes, it will drop by a much larger percent.
It's still a gamble either way. There is no skill involved that a normal day trader or swing trader wouldn't already have. It's not so much the volatility it's the difficulty in marking anything useful as a genuine pattern or precursor of the biggest gains and drops. I've tried and tried and I know I have some good leads and deep research done but they never play out in the time frame I expect and it's impossible to nail down. The high general price makes sniping this shit on a quick climb not worth the risk and same goes for shorting unless you're watching it live and catch a glimpse of a jump and have an order ready.
Many other ways to make the $ quicker. With that said, being up $120k Euros in less than 45 days without doing anything and only holding about 4.5 coins is an admirable gain for a long-term holder. I'd be taking 50% of that recent $120k profit today and I definitely would NOT be the least bit disappointed in myself for doing so - even if it spiked to 95 tomorrow.