Crypto

Bitcoin 100 days myth.

Historically after Bitcoin has stayed above a certain price range ie 10k for 100 days it has never dropped below. Many people have stood by this and stuck to this as a fact of Bitcoin.

Well Bitcoin was over $30k for well over 100 hundreds days and has just recently went to 29k, it has rebounded of course though.

What’s everyone’s thoughts on this topic and just people reading into bitcoins graphs too much ?

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7 Comments

  1. It’s so irrelevant. People who claim to know what btc is going to do are consistently wrong…. Btc does what btc does. It’s uncharted territory and not subject to classic TA. If you understand the tokenomics, all that shit is just noise.

  2. I don’t know where you got that “100 days” claim from, but that’s certainly not true. BTC went below the price level of 100 days prior many many times. i.e. BTC was over $4k from mid 2017 all the way to end of 2018 and it went down to $3k later. BTC was also over $4k from 2019 to March 2020 when it dipped down below $4k.

    The only thing I can remember is the 200 week moving average being the ABSOLUTE floor and that was tested a few times in the history of bitcoin. Right now 200 week MA is around $14k.

  3. Never heard the theory but I can tell you it’s wrong.
    Look back to 17/18 when it topped out in the 20’s and then dropped back down to 3,500 before climbing back up.

    So many people think they can find a particular trend for bitcoin but it just does why it wants when it wants to.
    HODL

  4. Stop refreshing your portfolio every god damn second. “Invest only what you can afford to lose” does not only mean that you should be ok with losing what you are investing, it also means that you have to willing to really part with it. You have to stop thinking of it as your direct cash money. Otherwise you will never be able to hold for a long enough time and you will miss out on the opportunity of a lifetime.

    Take your investments out of your day to day ledgers completely. Consider it not your money any more. Go on with your life without it. It is the only way. Godspeed!

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