Not my article - found on the Internet, but I wonder what the community thinks about it.
Crypto markets rise with a roar, die with a whimper.
Crypto Twitter has been oddly quiet. Usually the place is a storm of shills, well-meaning but misguided ‘advisors’, self-appointed experts with several weeks’ experience, scammers and, of course, bots.
They’re still there. Like blockchains, zombies and syphilis, Crypto Twitter is very hard to eradicate properly. But… they’ve been quieter. That’s odd, at a time when bitcoin appears to be challenging its recent lows and maybe even capitulating. Some of the big names on CT are eerily silent, and even the rekt bots have scaled back their activity.
What’s going on?
Here’s our theory. Bitcoin rises with a roar, but dies with a whimper.
In a bull market, everyone is talking about bitcoin. Every ‘expert’ and ‘influencer’, every kid who bought $5 of BTC and every conventional economist and goldbug who thinks they know better. The noise is immense, and it peaks when the bubble does.
On the way back down, there’s plenty of noise left, naturally. Traders getting rekt, wailing about how unfair life is, how the markets are manipulated. Clever commentators telling you to buy the dip. But at the bottom? It’s the reverse of the noise at the top. The opposite of bullish clamour isn’t bearish clamour. It’s silence.
The reason, we guess, is that those who were shouting on the way up are out of the market. They don’t own bitcoin — they sold at a loss — and they’re staying off Twitter after telling everyone to buy BTC when the price was so much higher. When everyone who listened to you has lost money, and you’re looking pretty stupid, you don’t draw attention to yourself. Overall, there’s little interest in bitcoin, compared to the good times. Traders might make money from rising or falling markets, but most people aren’t traders. They’re only interested when the number goes up.
Underscoring this theory we have data from Google Trends:
https://trends.google.com/trends/explore?q=bitcoin. Google searches for ‘bitcoin’ are at post-capitulation lows. Last time there was this little interest was March. Similarly, Bitcointalk traffic is at a 6-month low (excludes December).
Trading volumes are relatively low — not rock bottom, but nothing compared to some of the previous big moves. It feels like capitulation is either about to happen, or possibly under way. The $1k move on 1 April was under the same conditions — but it could just as easily be another $1k down.
It’s at times like this that magic can happen. But be warned: you won’t know whether it’s Light Magic or Dark Magic until it’s too late.
Article by
Moonhub
