Meanwhile consolidation on Stamp and Finex is not finished yet. You will all left behind when it skyrocks with a breakout upwards
People talking about sky rockets for months.
And no sky rocket so far, only downwards
It was a semi-joke. Not a joke as consolidation in fact has not ended yet, but it looks quite bearish and nothing seems to indicate a breakuout upwards. ~400 is quite likely, ~300 also seems reasonable, and there is even potencial for a further capitulation.
I will say it again, and get mocked for it again:
If btc goes below 340-350, there is no future for btc. We have already lost so many new adopters this year. Expecting anyone with a buy in from 2014 to stick around for a 40-70% drop in value is ludicrous. Long-term growth is based on adoption, not short-term greed. It would be a Pyrrhic victory for the whales who engineered it. (Exponential growth implies exponential adoption, which implies that the vast majority of btc owners are from 2014, amirite?)
Inb4 is btc dead AGAIN, remember 2012, stupid newbie (who has owned coins for 3 years...), there is no such thing as manipulation, this is consolidation, this is is the accumulation stage, etc.
Discussion question: do the vast majority of early adopters believe in btc, or are they trying to get as much money out of the next "bubble" as possible, then run with the fiat? And the follow up question: does evidence from the market support one side or the other of question #1? Scary for those who think, tragic for those who feel.
I am going to drink some Chang draft for the next few weeks, and try not to pray for a crash.
I don't agree.
First let me explain the potencial capitulation aspect. It looks like that over the past years a lot of market participants have developted some very naive kind of market perspective, that implies we top out at some point and after that we have a bear market to 0.3 - 0.25 of the top only to repeat the same pattern until we reach 1,000,000$ and beyond. Now breaking below 340, could effect a cascade of Get-Rich-Quick Holders to unload their cold wallets and we could see a cascade of heavy selling waves forcing a capitulation.
This possible cataclysm has not has to materialize never, but it's far away from delusional bearish dreaming. If we now draw a mid sized cataclysm of a capitulation low to ~220 you really mean this would be the end of bitcoin? I say, no! I say the market only would liberate hisself from exaggerated expectation, and from people who mean they can calculate market movements by counting 1 + 1 = 2.
Regarding your point of new adopters: in this early stage of bitcoin they have no big impact to the markets. They market makers, the ruling traders etc. have an impact. New adopters are like flies smelling shit, they go away when there's nothing to earn, only to come back as a bigger crowd when weather is bettering.
As I said, capitulation has not to materialize, but if it does you should stop kinda thinking that many called permabulls here have. A lot of them (not all - as there are of course some real believers) will sell and than quitle likely beeing trapped. Hold, sell now, buy now, do what you want but don't sell into a capitulation and don't believe capitulation would mean the end of bitcoin, it likely would mean the contrary.
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