Because a B wave was finishing. C wave now down to low 20's or even teens for the buying opportunity of a lifetime.
celcius accidentally doxxes all of its customers, in turn uncovers its top execs withdrawls before they suspend all customer withdrawls https://www.coindesk.com/business/2...s-cashed-out-17m-in-crypto-before-bankruptcy/ bnb chain suspended after 400mil hack, only mamages to drain 100mil before shutdown https://www.coindesk.com/business/2...ed-bnb-price-falls-close-to-4-on-hack-rumors/ just another day in crypto
I know we see a lot of these charts that try to superimpose emotions onto market cycles, but it's also worth considering what sentiment is actually driving those emotions. This is captured well through typical change-management models for businesses, imo. Asked previously where I think BTC is going, well I can only draw from a history of other emotionally charged bull cycles that I have taken part in (let's say x10 across Silver 2010/11, Stocks multiple years, and Crypto's 2014 insane shitcoin boom). If I look at the chart below and consider my decision making processes it fits pretty well with how I felt at the time. It will also help in future to recognise the dominant driving emotion experienced at different stages of a cycle and develop a system (i.e. written document) that can guide the decision making process. If bitcoin recovers from its current position without passing deeper into the territory of negative emotions (likely to be reflected in price) to complete the cycle, then it will be an extreme outlier from my point of view. The fact that it's met my expectations so far, tells me that it's more likely than not going to be a textbook example of a typical cycle, given that the publicised attention cypto gets both in the media and real life, the sample size to observe this phenomenon is so much greater than any other asset boom in living memory. The fact that the crypto bull of 2021 was so 'hyper' means that it was influencing a large portion of the global population. I'll wager that plenty of those invested had a completely transformed vision of the world and their future through what crypto is and has been promising. I think this frenzy of emotion is going to take a while longer to simmer down than people want to realise. Don't forget the seductive feeling of 'being rich' that a lot of inexperienced traders would have experienced and are still chasing that high. In the meantime, it's clear that the institutions are ready to get into crypto but there are a number of regulation hurdles that need to be worked through. Cryto pundits seem to think this is 'just around the corner'. In my experience that means not even fkn close. In reality it's probably going to be a staggered process of regulation slowly getting passed through that will open the gates to different levels of risk as institutions trickle in the rate of which will need to be assessed constantly. For that reason I think regardless of price action from here it's worth averaging into major Cryptos (top 5 or 10 and any 'speccies' that you would in a stock market punt). I wouldn't be prioritising any of that over 'getting your house in order' first either. You could argue that what I've just described is just as much wu-wu as technical chart analysis and to that I say fair call too! Respected 'chartists' like Gareth Soloway also expect 12-13k btc to be hit prior to the next run.
Anyone buying at the moment? I'm waiting to see what the next 2 FOMC meetings bring for crypto, stocks and gold. I'm buying nothing except alcohol at the moment. Edit to add: I've read $17k bottom in Dec.
@heartastack, that chart is equally applicable to managing change in our personal lives as well. Getting hung up at the "fear", "anger" and "frustration" stages are an all too common phase we go through as we age. Can you send me that image without your annotations?
its all gambling at this point, question if btc will decouple from tech equitites but btc has actually reached its most stable stage with low volatility over the past 6 months.
The entire crypto markets becomes more and more bearish. And now during crisis times, paying the bear necessities, buying food becomes the priority. It's a slippery slope downwards for cryptos. What no-one ever sees or asks themselves about cryptos: - a bunch of these are being mined, generated by an algorhythm, WITHOUT any economic need/backing behind them - inflationary cryptos also have a mere speculative algorhythm, which works like a ticking money-making roulette, which generated the coins either randomly or, through time, WITHOUT any economic sense or requirement, whatsoever (normally, inflation makes sense, because some inflation is needed - just that this comes as an economic requirement exactly at the time it is needed/or as a result of economic processes - but with inflationary cryptos, they just create more and more, just to have more coins) - inflationary coins keep inflating and it's their inflation rate and staking mechanisms that slow them down and drag their long-term value down (behold: null-inflation Bitcoin was actually a better idea than Cardano or Stellar?) - the creators of many coins keep meddling with them constantly (they keep changing the rules, they meddle with the inflation rate... just so that THEY MAKE MORE MONEY) - there is no single coin that made any breakthrough adoption (nor Bitcoin, Ethereum, Cardano... none of them... there are a bunch of projects, conferences, talks, plants for the future and speculations, but nothing serious... perhaps Bukele was closest to creating a real environment where Bitcoin actually becomes real, recognized money, but the creation of the "Bitcoin city" was a childish utopian dream) - there is not enough fiat money to cash these cryptos out (has anyone ever wondered?) Michael Saylor, Charles Hoskinson and Elon Musk are very quiet now. Kiyosaki doesn't seem to understand much about gold, silver, even less about cryptos. He's pretty much the same as always, he quickly became a big fan of Bitcoin, since it become so popular. All permabulls disappear once a severe "correction" or ride to zero comes. I think, the longer this financial-currency-trade-food-energy crisis continues, the longer the "low tide" will last.
