I know you guys keep being delusional and don't want the price to go down. But the price must go down. You must endure that suffering. For the sake of communism.
what do you consider a drop in the price from $35k to $17,593?
That's suffering you dumb fuck.
In reality, the same can be said for the drop from $20K to $6K (-70%) which also took 6 months to occur, even though price has now corrected nearly -75%, but this is all besides the point I find.
It's not that I don't want to see the price going down, it's that I'm not convinced that's going to happen anymore, even if my gut feeling is telling me it's most likely, certain data suggests otherwise:
To summarise and contextualise the above data;
1. We've already had bearish cross-over of long-term MAs as per previous market bottoms (Pi Cycle bottom), courtesy of the initial $65K top. Without that, we'd be a long way away from this bottom signal (by 4 months)
2. Based on profit/loss rough calculations, price has already capitulated and arguably has returned to doing so, mainly as many more buyers bought >$30K and sold below than 2018 $6K support level.
3. Price strength is no longer oversold and has instead returned to bearish territory, so this would be the first time ever Bitcoin re-capitulates after leaving (deeply) oversold conditions.
4. Despite falling back below the 200 WMA this week, it none the less failed to act as strong resistance with price reaching +10% above this level for around 4 weeks.
I otherwise remain with a bullish bias due to the following market sentiment;
1. Many/most are convinced PRICE MUST GO DOWN, when instead it could simply bottom out (aka denial)
2. The low will ONLY arrive at the end of the year, when already the 4-year cycle has already broken to the upside (re: Pi Cycle)
3. Future "bearish" inflation/CPI will dump price again, when previously in July price rallied +20%, so is no longer relevant or affects price
4. MtGox coins will dump the price, whereas most
in-depth analysis (see last page) suggests this is very unlikely, as claims have been selling for over a year now
5. ETH 2.0 unlock will dump the price next month -
aka OG's worst misconception ever - as
it won't be possible to withdraw these stakes coins for another 6-12 months after the merge
So personally, I'd prefer to stick with relatively reliable data than emotional market sentiment which isn't based on facts or reality. Until proven otherwise at least
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