"Psychological Threshold" is a term I coined to describe our resistance, aversion, threshold or upper limit when buying Bitcoin. Or any crypto for that matter.
It has nothing to do with the accepted definition. Only just looked it up now. Thought I better check before some one gets upset with me.
The Proper Meaning
“A psychological threshold refers to the minimum amount of stimulation or intensity required to trigger a specific mental or emotional response, perception, or sensation. It is the point at which a person can detect or recognize a stimulus, such as a sound, light, or smell, and is often used to describe the limits of human perception.”
Note: It refers to the minimum.
My Version
We started stacking sats mid 2017, 6 months prior to our first Bitcoin Cycle blow off.
Coinbase was our first exchange. Things were not very user friendly then. It took couple weeks just to get our ID verified before we could start stacking. Then they had something like $200 buying limits for the first week. It increased slowly each week and at 6 weeks we had full access. It was all time lost stacking, as the price seemed, to a newbie anyway, to be climbing vertically.
Our first purchase of Bitcoin from Coinbase was just prior to the 2017 hard fork. We just wanted some free Bitcoin Cash and if we bought before the fork we got a 1:1 deal.
At the time Bitcoin was trading around $3,300 AUD.
We reached our "Psychological Threshold" for our Bitcoin Cycle One of $6,214.84 AUD on 1st September 2017.
Our last purchase was for $5,427.07 AUD on 18th September 2017.
Bitcoin Cycle Two
For most of 2018 we only traded, at first on Bittrex but then we were introduced to the new kid on the block Binance. We were not trying to make a profit but just increase our stack. Remember 2018 was all down hill.
Only used Bitcoin/Altcoin trading pairs. The altcoins were ones we were collecting anyway. We just traded back and forth, between the two. So it didn't matter if a trade eventually got stuck in no mans land, we either ended up with more Bitcoin or more of the altcoins.
It was January 2019 and we noticed some usual movements and realised some one was buying random altcoins causing up to a 300% daily price spike. I reckoned the market bottom had been called by some one with more money than us. So we joined in and started buying again.
These are just some random Bitcoin purchases to give an idea of the price ranges.
The first Bitcoin purchase during Cycle Two was for $4,669.60 AUD on 1st February 2019. This is below our Cycle One "Psychological Threshold".
11th February 2019 Bitcoin was $5,113.45 AUD
24th April 2019 Bitcoin was $7,972.75 AUD
Bitcoin went for a run and was $14,881.10 AUD on 1st May 2019.
We reached our Bitcoin Cycle Two "Psychological Threshold" on 13th June 2019, when Bitcoin hit $17,236.82 AUD
Our last purchase was at 25th October 2019 @ $11,013.92 AUD.
Or at least we thought we had made our last purchase, but thanks to Covid we got a second bite of the cherry.
On 19th March 2020 Bitcoin was $9319.84 AUD, close enough to our Bitcoin Cycle One "Psychological Threshold".
Our last Bitcoin purchase for Cycle Two was on 21st Aug 2020 @ $16691.56 AUD. Damn close to the "Psychological Threshold" of $17,236.82 AUD.
Bitcoin Cycle Three
This cycle didn't really have any plans to start buying any more Bitcoin. But we were still adding small amounts to the stack by exchanging dead altcoins etc. So we started a bit late in Cycle Three.
10th June 2023 @ $38,603.04 AUD
26th August 2023 @ $41,333.31 AUD, which made $40,000 our Bitcoin Cycle Three "Psychological Threshold". The plan being to buy any time it went under $40,000 AUD. Which didn't really happen that often.
Last purchase was on 12th September 2023 @ $39,746.14 AUD. Technically it is possible we may get another bite of the cherry or our "Psychological Threshold".
These purchases were minor in the scheme of things, so not really sure why? Maybe it was a bit of FOMO kicking in, maybe it was the influence from Crypto is Easy.
But the main thing is a new "Psychological Threshold" has been set. Should we get another bite of the cherry this cycle and more importantly for our Bitcoin Cycle Four. A line has been drawn in the sand, which will give us a useful point of reference.
Whats The Point
Having those lines drawn in the sand
- will give you a good buying zone along the bottom of the Bitcoin cycle (crypto winter)
- you get to buy lower
- doesn't require any rational analysis
- it just feels cheap or it just feels to expensive
- in between you just throw every spare brass razoo you have at it
Brass Razoo
"Is an Australian idiom that refers to a non-existent coin of trivial value. It is often used in the expression "I haven't got a brass razoo", which means that I am out of money. (Usually when it is your shout)
The phrase has it's origins in World War 1 and was first recorded in soldiers slang."
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Bitcoin (BTC)
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