Is Bitcoin Headed to Zero?

[taxfreelt]

 

Charlie Munger is Berkshire Hathaway's co-chairman, and on April 30 at the firm's shareholder meeting, he said:

 

[bitcoin] is stupid because it's very likely to go to zero.

 

Berkshire Hathaway chairman Warren Buffet also expressed a negative sentiment toward the cryptocurrency.

Bitcoin's recent price action appears to support the views of the two billionaire investors, at least at this juncture.

Here's a CNBC headline from the evening of May 9:

 

 

Bitcoin dips below $30,000, drops more than 56% from its all-time high

 

Keep in mind that just days ago, the cryptocurrency was trading north of $40,000. The last time Bitcoin traded below $30,000 was last July. As you might imagine, many crypto investors were quite fearful then.

Indeed, a July 9, 2021 Bloomberg headline captured the sentiment of the global chief investment officer of a major financial firm:

Learn more about this rare chance to test-drive the Global Market Perspective for only $9 -- which means access to the May 2022 issue -- by following this link

 

My opinion - bitcoin will fall to the area of 10,000 There is a good technically pattern of 3 peaks and a doomed house . On a large time frame very often works. It implies such a drop

 

[samesheet]

Well we had many times when crypto markets erased 50% or more from their market cap and then recovered and it's natural to be bearish after seeing a deep fall. Retails are always lagging in their expectations

[⭐ mindvision25]

It will go up to 33K to 34K to trap longs and then next stop will be 23K.... wrong if it go above 34 to 35K

[samesheet]

It will go up to 33K to 34K to trap longs and then next stop will be 23K.... wrong if it go above 34 to 35K

 

I also bearish long-term view on Bitcoin because regulation becomes increasingly tighter and public interest to crypto decreases as well which is seen in falling daily trading volumes. A rise to 34K would be a good opportunity to sell, imo.

[⭐ mindvision25]

It will go up to 33K to 34K to trap longs and then next stop will be 23K.... wrong if it go above 34 to 35K

 

Thank me later

[taxfreelt]

 

Thank me later

 

Today BTC was 21.000$ I still think targets at least 10.000$

P.S. Prechter elliottwave.com still valid free access to Forex service Normally costs 420$ a month

[samesheet]

Crypto market needs low interest rates, clearly its rally in 2020 was fueled by loose monetary policy of global central banks as well as Pandemic that forced people to stay at home and gamble with stimulus money. Now this time has gone and it is pretty obvious that crypto projects (not blockchain) doesn't generate profit or dividends and their intrinsic value may be close to zero.