Predictions, predictions, predictions. Soooo many predictions for this year 2021. BTC is going to $100,000! Wait no, it's $200,000! Wait no, it's $400,000! OMG!!!
ETH is is going to $10,000! OMG!!! DOGE is going to $1! OMG!!!
10x, 100x, 1000x!!! OMG!!!
Name a coin or token, and you will have someone somewhere predicting that it will go up a lot why whatever period of time. Usually that's for the end of 2021. But there is a lot of hype on defi startups that clone pancakeswap claiming outrageous gainz.
When it comes to bitcoin, you can look at the past performance and the previous cycles relative to the halving that occur. This indicates that there are repetitions in the market, at least with respect to bitcoin, and then after bitcoin reaches its high every four years, dealt market booms for a few months, and then everything dies down into a bear market for the next three years until the next bull market starts.
Those predictions have more merit. The past is there to sustain these predictions. You don't need a crystal ball. You just need a history of charts. Right now are seeing the coins stagnating, and the alt coins picking up. ETH is second in the world, I'm not sure qualifies as an alt coin. But it is picking up and seems to be leading the pack now.
But even before ETH was picking up a lot of speed in the past month, it did see a boom with defi and uniswap. But even with that it was going sideways for a while. In the meantime, the number three contender BNB was going crazy and popping off in April.
But going was doing solid in February. It went up to all-time highs, and I think reached its highest in March near $64,000. But since then things have been dropping. Right now we are in a slump. If you look at the charts looks like things are going down. Doesn't look like there's a lot of buying action compared to how many people are willing to sell.
There is a lot of FUD over Elon Musk and Tesla dropping car payments in bitcoin. There is also the FUD over the government threatening to clamp down on crypto in general. There's a lot of negative sentiment in the collective consciousness of society.
With the slump in effect, the question to ask is will it continue? Will things keep progressively going downward? Or is this just a temporary setback until all those predictions about 2020 come true?
All those predictions are based on past cycles repeating. If people believe that that's going to happen, then they gonna buy so they can take profit when those predictions come true and sell at the top. All of this is based on psychological factors. Is it going to happen? That depends on people making it happen. Right now it doesn't look that way. But were only in May, the fifth month of the year. We still have seven more months to go for the ball to get rolling and things to go wildly crazy.