The way sentiments change will always be fascinating. Around this time last year, the idea of $30k Bitcoin was somewhere around worst-case scenario and would certainly not be a reason for optimism.
These days, Bitcoin has been hovering around the $30k mark and for obvious reasons, it is cause for some optimism and positive sentiment in the market. This is a result of recent events that have completely changed the landscape of the crypto market.
A series of cataclysmic events lined up to crumble the crypto market. Virtually everything that could go wrong in the crypto market occured and that has brought the market down to its knees, which is where we are today.
Despite the situation, many projects like Leofinance have remained faithful to their users and even add extra features that look like they will stretch the network. So, the point is, if you're invested in a project that aims to bring a functioning product that creates value for users, the market sentiment should not matter.
These days, people are waxing lyrical about Bitcoin trading at $30k. One Twitter user even talked about Bitcoin entering Bull season as if to trick the market into agreeing with the statement or something.
Not Pessimistic
Hopium is a very addictive drug that could blind one's eyes to reality. At the same time, unhealthy levels of pessimism will Keep you 'safe" but the issue is you will miss out on opportunities in the process.
Perhaps the talks about Bitcoin being at the cusp of a rally are based on local trading patterns rather than a holistic view of the asset. The very very raw and unprocessed data over the past five years shows that $30K bitcoin is not the reason for bullish sentiments but I could be wrong.
Perhaps I need to fix my goggles and stop seeing the market with my 2017-tinted lenses. Perhaps we're at a stage when face-melting bull runs are no longer going to be a thing and instead, we will be seeing slower runups like we see with gold and other precious metals.
Some stability will make the deeper pockets more interested in Bitcoin and cryptocurrencies as a whole. However, from my perspective, I'd hope that we see some crazy upward volatility in the coming months before this said stability kicks into gear.
There's a tendency for humans to believe that things will always remain as they are and plan accordingly. So, when things are good, you feel they could get better and with the crypto market as it is, there's always this feeling that things could get worse but this could be pessimism blinding me from reality.
It is possible that reality may not be as bad as I think it could be and that my feelings are grounded in the aforementioned point about the human mind. At the end of the day, I guess like everything else, time will tell but to protect my mind, I'm not getting drunk on hopium.