While scrolling through Twitter earlier this morning I found some interesting comments from Khal(
I have commented on his posts and one of them is related to so many individuals calling for $5k BTC lately.
These people, as mentioned in my comment from the screenshot above are probably the same ones that were calling for $1k in the past bear market.
The psychology of the masses is so easy to read, they get convinced quite hard that "the uptrend is over" and when it's actually time to hop on a new uptrend and crypto is on such a discount, they keep on waiting for "their absurd targets", until it's too late.
The bottom might be in...
Yes, I have started to think, after BTC pierced through its 2017 ATH and touched $17,500 that we might have reached extreme panic, some of that being reflected by these lending platforms such as Celsius freezing their customers' assets, and all of this might be signal of a bottom.
11 years ago today Bitcoin was $0.01 and we're now panicking over a $20,000 BTC. That's outrageous I'd say, but the ones panicking are actually those who have probably bought BTC all the way up to $69,000 who now believe they have lost everything.
The crypto fear and greed index is another metric that I like checking up on once in a while and this one might be a bottoming signal as well. Just about a few days ago, when BTC hit $17,500, it has gone as low as 6 out of 100 points signaling extreme fear. This extreme fear level has been holding since the beginning of May.
Do you remember Nouriel Roubini?
This man has been a reliable bottom indicator for the past couple of cycles and he's at Bitcoin yelling once again PROBABLY signaling a new bear market bottom for BTC.
Oh and in case you didn't know that by now already, Bitcoin is dead. It has had its 455 death lately and according to google trends, the searches for bitcoin dead have reached a new ATH.
You can't have a bottom without some proper China FUD though and here we have WeChat, a Chinese messaging app, going after accounts linked to NFTs and crypto-related shit.
China never ceases to kill Bitcoin...
OK, so we've talked bottoms for the third time in the past week here and I still can't guarantee anyone that BTC is certain not to go under its purposed $17,500 lowest low for this bear market. Also, even if this was the lowest low it doesn't mean it's up only from now on.
We might trade sideways for months ahead. The real deal probably starts in 2024 or something around that year when Bitcoin is going through another rewards halving.
What do you think, have we kissed the bottom already?
Thanks for your attention,
Adrian