Taking a break
Honestly, I haven't taking too much notice of crypto lately. It's very tiresome to constantly obsess over price. Taking a break is definitely worth doing and perhaps the crypto space would be in a different state if there weren't constant price reminders everywhere. Just using crypto like we do on Hive with its many apps is quite enough and it's a very different experience to simply focus on its use cases.
Personally, I have started with WoW again and while that is also perhaps not the best choice to spend one's time in, it has given me a long needed break from the crypto space. I think they really nailed the whole experience and it's both fun and nostalgic to try it out once more.
A bit of red
So, while I didn't actively seek out price action in the market, I did see that BTC hit 67k recently. The only thing I want to share here are my thoughts about why this might be a nothing burger. As a caveat: the main premise here is that there has been overall a trend change in the market starting this summer. If this isn't the case then this idea can be laid to rest. But for now I am going with the chart:
This is because the market action over the last couple of months is very similar to what we saw in 2023 when the market shift happened. We have seen virtually the same movement and the red wick in 2023 is what we might be in right now - a short lived correction before the market uptrend resumes again. If so, price should reclaim 80k very soon and continue this zig zag pattern for the foreseeable future.
While the market has already corrected more than 2023, this is probably mainly due to the NVIDIA affair and the worry of the AI bubble popping. If this indeed does happen (which I don't think so), then it is quite possible for BTC to head back down to lower lows. If so, the market bottom may align once again more with the Q4 of a year.
Conclusion
Taking a break from this space feels good (at least in terms of being stuck with price action). I have enjoyed Hive Grove and the Hive prediction market quite a bit. It's great that Hive actually has some utility. If we can maintain it, I am sure it will pay off in the end...
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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