@Jack Dorsey
"We are still fairly early" in #Bitcoin
"I want a currency that is standard and sound - for (use on) the Internet"
@CathieDWood@ARKInvest
"#Bitcoin is a global rules-based system. [Scarcity and store of value means] purchasing power WILL go up globally around the world" with Bitcoin
@jack
"I think that having sound money that is separate from the state and corporation is the idea - separation from the corporations and states is what gives it strength. #Bitcoin is precious, and it is unique."
Paraphrased
@elonmusk "Lightning is doing well in some small countries. Bitcoin by itself cannot scale to be the monetary system for the world - at the base layer. But with a second layer, that is possible."
Assume in February 2020, at the height of markets before the Covid crash, you knew the crash was coming, and had the option of putting your entire portfolio into S&P 500, GOLD, SILVER, or BITCOIN.
Which one would have fared best to today?
S&P 500 from pre-pandemic highs to today:
-32% 2020 crash
+107% 2020-2021 rally from bottom
+43% 2020-2021 Feb to top
-25% 2022 correction top to bottom
+18% from Feb 2020 to today
GOLD from pre-pandemic highs to today:
-5% 2020 crash
+36% 2020 rally from bottom
+28% 2020-2021 Feb to top
-19% 2020-2022 correction top to bottom
+21% from Feb 2020 to today
I wrote out a long thread on this and hit the [X] on the tab instead of the tab itself to share the conclusion, and lost my draft.
So, here's the final image without commentary #bitcoin
I'll say this. Pearson's R of ~0.95 is pretty key.
Some images borrowed from mathisfun.com
This trendline approximates normal distribution where the average price where 50% of data is above and 50% of data is below the trendline.
#Bitcoin and TOTAL #crypto market 1Q charts -- each candlestick is 3 Months
What does this tell us about the market? Let's dive in - following tweets.
1/9
The current 3M candle (1 day until close) is in the form of a BULLish "Long Lower Shadow".
Long shadows (wicks) especially without a wick on the opposite end (I'll touch on that) often mean trend reversal. 2/9
Taking a look at the prior candle, it also formed a long-shadow, but in the opposite direction. While the close was higher than the open, it still formed a BEARish Long Upper Shadow. 3/9
The #BTC 200D MA (200-day moving average of price) is an important level for understanding #Bitcoin.
I think the $BTC 2Y MA and its 5x multiple are more valuable long-term, but mid-term the 200MA is worth paying attention to.
Here's my perspective 👇[THREAD]👇
From #Bitcoin's introduction in 2009 until its first halving, $BTC stayed above the 200D MA period until its first bear market period. The 200D MA served as resistance, but breaking above it led to prices higher than the 200D MA breakdown the previous year, signaling new 🆙trend
In the next #Bitcoin era, the first after the halving at the end of 2012, $BTC rose rapidly and parabolically, blowing off early and testing the 200D MA for support to continue the bull run. (cont)
... her toaster wouldn’t accept her bread. She held the slice in front of it and waited for the screen to show her a thumbs-up emoji, but instead, it showed her the head-scratching face and made a soft brrt. She waved the bread again. Brrt.
Not too long ago, people said that another blow-off top was inevitable for Bitcoin.
Then, people said that because so many people believed it, it was unlikely to happen.
Now, fewer and fewer people believe in a blow-off top.
Based on above logic, this makes a blow-off more likely
@TechDev_52 -- in ref to some comments back and forth we've had lately
Reading some of the responses to this ... Logic might be hard for some of you. Studying it would be valuable for your life. en.wikipedia.org/wiki/Stoic_log…