The Bitcoin charts are looking pretty bad, aren't they?
I mean, look at this shit, just a few hours earlier it was at near an all time high, and now, it is scraping the bottom of the barrel at its lowest price since the middle of March... Damn Bitcoin, after a month of upward momentum, can't you get your shit together and keep the good times rolling?
Looking at the weekly chart though...
Oh.
Not too bad after all. Besides passing it in February on the way to an All Time High, the last time we were at this price, was at the end of 2021. So, while some people are a bit gloomy it really isn't too bad. And, while there might be that seed of doubt that
this is the end, Bitcoin is dead, long live fiat!
I think we are just getting ready for the first of a couple big runs.
Perhaps we are around this point in the cycle. I am also making the assumption that there won't be quite as much volatility in a short time, so there will be more spread between peaks. But overall, not too worried about where we are at the moment in terms of price.
If the markets are going to be stretched out further now there is more volume coming in from traditional money markets, the highs won't be "significant" until around the end of the year, or 2025. Significant is relative of course, as depending on where you bought, it is significant now.
A few more weeks of pain, then some pleasure?
I suspect so, but it is hard to tell, because these kinds of selloffs are not coming from week hands, they are calculated manipulations and of course, that goes both ways. The price can drive up almost as quickly as it can tumble down. But we tend to forget this.
There are studies that say "loss is felt twice as heavy as gain", which means that losing ten hurts as much as gaining twenty, but I call bullshit on that these days. I think loss has become overemphasized now, which might be down to building a culture of entitlement and victimhood. But I also think this gets coupled with social hype, and then the consumer-driven, instant gratification mindset on top.
We aren't built to lose.
We aren't built to feel pain, as we have been able to build strategies to avoid it, by immersing ourselves into a disreality of content that doesn't really matter. And then, when we do come out of the bubble, things that matter to us like the numbers going up or down, matter even more. We are hypersensitive, and our emotional reaction to the downs is amplified.
Disreality isn't a "proper" word.
But, fantasy doesn't quite fit anymore.
Anyway, it doesn't really matter if I care or not about what the markets are doing right now, because they will do what they do independently of my feelings anyway. But, how about you guys, how are you liking the red - is it a buy opportunity?
Or a cry opportunity?
Taraz
[ Gen1: Hive ]