Bitcoin Forum

In this coindesk article (https://www.coindesk.com/correction-not-crash-bitcoin-price-eyes-3000-traders-take-profits/), the author writes:


I was surprised by this.  I've seen an awful lot of optimism on the boards lately.  I agree that investment banks jumping on the train with huge purchases would be a sign of nearing a major market top, but that would be the ultimate, long-term market top.  If/when that happens, bitcoin will reach a saturation point, and factor-of-10 price increases will be a thing of the past.  But I think that's much further out than what happens to the recent bull run to $5000.

Do you think the market has become euphoric on the way to $5000, such that this may indicate a short/medium-term top, or do you think this really is just a pullback from which we'll recover over the next couple/few weeks?

It is in interesting point of view regarding reaching euphoria, I think we are actually a long way from that stage. There have been a few major hits to the market in the last couple of weeks but the market seems to have far a large part just soaked it up. A large part depends on where you see btc ending up, if it is to be a success and a mainstay then I think the idea of the price reaching a stagnation point is quite likely, however if btc were to fail for some reason then obviously the only stagnation point is zero.

Euphoria? We're far from reaching one. We'd get there if everyone and their mothers, including those who doubted bitcoin big time buying in the hype train and making the thing overshoot. It's a plausible idea, considering that overall market saturation isn't that big and majority of the coins are still being held by a few rich guys.

$5000 isn't the market top, and we can still see huge gains for the next months or so. Investors are just reaping profits and trying to make as much money they could before this thing takes off again.

It's going to be many years before you see investment banks - A - actually having a vehicle to get on board, B - thinking it's a good idea.

That'll be the equivalent or more of the dotcom bubble. We're nowhere compared to that stage still.

There's been no shortage of euphoria in alts. Perhaps Bitcoin attracted the last gasps of that euphoria before it all goes quiet again for a while.

When the price grows very quickly with very few dips, everyone start expecting a correction - some people though that $4,000 would be a local top, then $4,500, but as we reached $5,000 the Chinese FUD started emerging, and since that price was very high and unstable, the pullback was pretty big. The timing of this FUD also seems suspicious, perhaps the Chinese didn't want Bitcoin to rise so fast, and want some more time to buy cheaper coins. Anyway, the bulls are still strong as market makers fight for $4,000 zone, which is already a very high value if you'll compare it with what we had just few months ago. So, the macro trend is still very bullish. After all, we had a 2 year long price suppression, so there's probably still a lot of steam to keep going for at least 0.5-2 years.

How can it be a euphoria when big banksters are calling it a "fraud" and a "pyramid scheme"?

The only reasonable explanation I can think of -- if the long term top is in -- is that there will be no euphoria in BTC this time around. Maybe all the hype went into altcoins like Ethereum, Decred and Stratis, and ICOs... and Bitcoin was just along for the ride.

But I'll say this much. 320% over the previous ATH and no blow-off top on the weekly or monthly charts? That ain't euphoria in my book. I think most old timers would agree.

Either the top isn't in, or this time really is different.

>20k $ per coin and we will see some insanity going on here and around the world.  ;)

Ok, so it sounds like at least some of you don’t think we’ve hit the euphoric stage yet.  Fair enough.  Perhaps I’m mistaking general bullishness for euphoria.  I didn’t join bitcointalk until after the 2013 $1100 price spike, so I don’t know what the vibe was like back then.  Would you say that people were more bullish/euphoric when it hit $1000 for the first time than they are now?  The price acceleration at that time seemed to indicate euphoria....