When bitcoin hit 600, it was a bull trap.
Expecting the price to hit 400 or lower in 2-3 weeks.
when price rebound from 400 to 900 that was a bull trap.
the overshoot to 680 and now crash back down to 500 is consolidation.
the big question isn't whether it drops lower, rough limits have been established and tested, you have to have some really distorted market view to think price can easily go much lower.
the question is will another 10X increase fallow this consolidation like every other time...
i've been hearing people say they don't expect 10X this time around, more like 3-5X.
i blame the normalcy bias....
price is gana go 100X this time, can no one see what happening in the world today?
COME ON PEOPLE!
how many times did you say to yourself, if they accept bitcoin this would be much easier, and benefit both me the buyer and them the seller.
now i'm going to figure out how to place an order on alibaba and send money to china without encountering a 25% fee from WU
fucking bank wires across borders, how do they work? and why do they cost so much?
Seems simple enough!
The price drop sentiment come from the fact that many bitcoin holders are the most gullible type of investors. Despite many large scale projects went bust and undelivered ASIC miners, bitcoin investors still pour large sum of bitcoin into something that is "pre-order" and "not complete" in nature.
The most recent such projects are "Neo and bee", which went bust; and Ethereum, which have technical and design issue on bloated blockchain that is still un-resolved.
IPO coins raised this way will eventually need to be sell on the market. If a 3-4k coin liquidation from Ethrerum crowd caused bitcoin to drop from around 600 to 490, imagine what will follow when they liquidate the entire bitcoin holding 20k+ btc in the coming months.
And if I am not mistaken, people still pouring in money to invest into Ethereum project, who know how many coin they will finally raised and subsequently sell.
