This post is almost prophetic, given the fact that it was posted yesterday, and we've corrected down to the early $11,000s.
I expected the SEC to be banging through my door this morning when I saw the price drop.
I don't think it's going to be the same tomorrow but today at 1pm BST I got a message to say I was still up 1% over the 24 hours...
I think that the OP is talking more so about a short term adjustment, as opposed to a longer term sink down to another bear market.
To not be a fakeout we kind of had to fall a bit. I don't expect the market to keep going up. It'll probably go sub $10k again, and in 2015 it fell down to more than it had in the past rise so I'd expect about $5-6k if we get a repeat of then but we have gone up much sooner than I anticipated so this may be completely wrong.
But you do raise an interesting point about the halving. I think that what is interesting about this bull market is that it has gained so much steam in a short period of time, despite the halving still being a year away. It could be a result of institutional investors, as others suggest, but I think that there may be more to it than that.
The greatest effect of the halving is normally found after it has happened although, looking at a coin like litecoin, it has broken the tend it had previously so bitcoin might do the same too (I pulled out at the exact peek there and I'm not sure howI I did it).
Jet Cash, great to see you still here. Haven't seen you post in quite some time.
he's been hiding in politics.
I won't watch anything that involves technical analysis. Unfortunately that's really all that crypto has, since there isn't much else to analyze except for rumors and news--both of which can be extremely unreliable. It all comes down to market forces, and those patterns you see can easily turn out to be nothing.
I find a lot of stuff pretty funny when it comes to TA.
The only thing I actually thing probably works out somewhat if looking at the averages of the price and predicting what it might be based on that. I've watched a bull flag that has just sunk back to the start of the initial pole and was glad I didn't trade that one (as I was considering it)...
A lot of the TA guys look for a copule of indicators and most of them said that a raise of 20% made us really oversold, we can't keep going up otherwise it gets dangerous when we stop...
