Hey, what do you guys think is going on?

BITCOIN
#1

What’s your take on what’s going on lately? For a couple of weeks now, we’ve been basically trading sideways up and down alternatively, not shooting up and not crashing. Although, the losses from $12-$13k hurt. Everyone seemed to predict that either a sharp spike up or a crash was imminent. So, what do you think is happening here? It’s not what I can see as historically predictable. It’s outside the box.

We’ve had both negative press and positive press. The market reacts to those but, very slightly compared to what would be expected. I think it’s acting more like a commodity now. It’s more volatile than most but, not as volatile as others. I hope I’m right on the potential downturns and hope I’m wrong on the upside because I’ve bought long all the way. Any opinions would be appreciated.What I mean by that is we seem to have a soft bottom and a hard top. What’s this about with instant transitions from the $10.6k to $10.2k range, back and forth. 4% transitions to up to 10% quickly but stabilizing around sideways.

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#2

I think we are finally out of the bear market. Everyone realized that 3,1k was the bottom and FOMOED in. I guess you could say we found a “stable” price.

#3

Anyone who would claim to know with certainty why things happen in the crypto space is a naive. It’s hard to find reasons for +/- 5% swings, but the macro picture, in my opinion, is that people are HODLing right now.

Everyone is on the edge of their seats. Those that bought late are now sitting on losses, hoping for another rise. Those that bought early may be worried to sell at these prices, afraid to lose on potential upside. Those that want more or to dive in now are afraid the price will drop more so are hesitating loading up.

Any time there is a significant downturn, people tend to think “next time I’m selling when I’m up”. So in short periods after a big decline, it’s hard to rocket up because people are selling as earn, rather than hold and keep liquidity lower (driving up price). It’s also hard to rocket up because people are afraid to buy high, expecting a pull-back.

“Crypto Winter” lasted a long time with horizontal activity. I have nothing against a couple months of sideways trading at these prices. It just means higher lows before the next bull-run.

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#4

Very true. It looked like from recent activity, a sharp up or down was coming. It just hasn’t been the case. At least yet. I’d prefer sideways to a sharp down as well, of course. A couple of months sideways won’t kill for the time being. A sharp down could. But, I’m all in now and going to ride it out. Which, you’re probably right and a lot of people are in that position. At current prices, I can stick it out. It is interesting to watch. Every up has it’s own momentum and characteristics and it just hasn’t been enough to punch through.

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#5

I think hodlers are a lot more confident for one thing. There’s a sentiment, we know this is going to get big, we can just sit on our sats.This time around. And big picture-wise, now that Fidelity and other institutional players are in it seems more doubtful that we’re going to see big dips. Or it could be the other way around!

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#6

Bitcoin faces many challenges to widespread use, including the fact that it can handle just 7 transactions per second, while Visa can handle 10,000. However, if the main miners adopt a protocol update enabling higher volumes, it’s not impossible that Bitcoin will become much more widely used. Today, it is mostly a speculative asset, a tool for money laundering, and a currency of last resort for people in countries with grossly mismanaged currencies, like Venezuela.

#7

Bitcoin is not a good tool for money laundering In my opinion. once someone can link your public keys to your identity somehow in the future, you can get into problems. All the transactions are public on a ledger.
look at what Chainalysis does.

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