Too Many Gloom & Doomers!

[tonmoycrypto]

I still see people panicking and calling for Bitcoin's crash. I believe the Fractals are still in progress. Both Fractal #1 and #2 display an expanded flat a,b,c correction which is likely complete. There is an alternate count for a lower low where the C wave could reach as low as $10k or so. If this becomes the case, then a Zig Zag of 5,3,5 labeling would be justified. There are still a good number of analysts calling for a doom and gloom scenario..

https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-too-many-gloom-and-doomers

[1715089869]

1715089869

[Pursuer]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

[Anti-Cen]

Fees have killed it and unless the developers deal the the mining monopoly then
the "Gloom & Doomers" are well founded and now could well be a good time
to place a stop-loss unless you like walking home instead of taking a taxi

Too many gambling addicts here if you ask me

[HabBear]

Fees have killed it and unless the developers deal the the mining monopoly then
the "Gloom & Doomers" are well founded and now could well be a good time
to place a stop-loss unless you like walking home instead of taking a taxi

Too many gambling addicts here if you ask me

Haha, welcome to the party.

A stop loss would have been appropriate two weeks ago. We've fallen 40% or so off the high...the loss has already passed you!

This isn't new for Bitcoin, we've seen 80% crashes before. Everyone in the media has been expecting "the bubble to pop" and it has now that the price has gone from nearly $20k to $12-13k. So, what's the surprise? Bitcoin will sit at this level while we all wait to see how the Lightning Network implementation pans out.

[junoreactor]

Of course there is a panic, because there is a big hype for months now, and out of control frenzy ever since the price overtook 10k USD.
I am amazed at the number of people with no knowledge at all about Bitcoin and crypto-currencies in general, yet buying and holding, they are the ones panicking at the moment, because they don't understand what is happening. Get some knowledge, try to understand what you invested into. This is not true only for cryptos but anything you invest into.
Make yourself a favor and read this e-book. 

[davis196]

Fees have killed it and unless the developers deal the the mining monopoly then
the "Gloom & Doomers" are well founded and now could well be a good time
to place a stop-loss unless you like walking home instead of taking a taxi

Too many gambling addicts here if you ask me

You forget about something.The high fees/low confirmation time might be annoying and seem like a big problem,but they are intended to stop large price bubbles that grow very fast.This proves that Satoshi was a genius.The "mining monopoly" doesn`t matter that much.Miners can`t exist and can`t make money from btc,if there are no buyers and HODLers.

[Don Pedro Dinero]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

This. We have seen many examples of it on this forum. Too many examples I would say. They might be thinking bitcoin is some kind of magical asset because everybody who knows a little bit about investing, is aware that no asset keeps growing without drawbacks. Also, an asset that goes up very fast, is going to fall faster when corrections come, so what we have seen recently is nothing.

[TERA2]

I dont think there will be any doom. Just a healthy and normal correction to $5500 with a bright future afterwards. We were just at $1000 so $5500 is a very bullish level

[Denker]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

Bitcoin just going sideways for months is a total nightmare for so many noobs and will make them lose hope, giving up.
Not having the patience and unable to grasp the bigger picture of what Bitcoin really is about makes them sell their stash.
This is the advantage of us who are in this space for a few years and where not that much distracted by shitcoins, endless hardforks, and ICOs.
We had the time to study Bitcoin and know how it feels to go through bear phases or just long consolidation periods.

[bitart]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

Bitcoin just going sideways for months is a total nightmare for so many noobs and will make them lose hope, giving up.
Not having the patience and unable to grasp the bigger picture of what Bitcoin really is about makes them sell their stash.
This is the advantage of us who are in this space for a few years and where not that much distracted by shitcoins, endless hardforks, and ICOs.
We had the time to study Bitcoin and know how it feels to go through bear phases or just long consolidation periods.

According to noobs... Yesterday (last year ) a relative of mine (aged 70+) has asked me about bitcoin and the possible investment, where to wire money to buy bitcoin. I've summarized the basics of bitcoin and the whole crypto market and finally I have mentioned that internet and a PC or at least a smartphone is necessary to invest and to track the investment in the future. Also, bitcoin has no physical appearance it only lives inside the blockchain, this is why these smart devices are needed to deal with bitcoin. This was enough for a while, but I was amazed how the news about bitcoin has already reached the everyday people...

[pooya87]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

Bitcoin just going sideways for months is a total nightmare for so many noobs and will make them lose hope, giving up.
Not having the patience and unable to grasp the bigger picture of what Bitcoin really is about makes them sell their stash.
This is the advantage of us who are in this space for a few years and where not that much distracted by shitcoins, endless hardforks, and ICOs.
We had the time to study Bitcoin and know how it feels to go through bear phases or just long consolidation periods.

"sideways for months". i doubt that can ever happen with bitcoin!
the ATH was less than 20 days ago and the rise officially stopped in less than 10 days ago! and this sideways movement has only lasted for this 10 days which happens to also be the end of the year, aka holidays

besides, who cares about people who "lose hope" just because price is not rising. i would very much prefer them to lose their hopes faster and leave the market so we can have a calmer market without their irrational moves.

[Chris314]

Of course there is a panic, because there is a big hype for months now, and out of control frenzy ever since the price overtook 10k USD.
I am amazed at the number of people with no knowledge at all about Bitcoin and crypto-currencies in general, yet buying and holding, they are the ones panicking at the moment, because they don't understand what is happening. Get some knowledge, try to understand what you invested into. This is not true only for cryptos but anything you invest into.
Make yourself a favor and read this e-book. 

Thanks for the link to your e-book, looks interesting, I'll definitively find some time to read those 300 pages.
Yes bitcoin comprehension is a basis before investing. Price now is slowed down with end of the year holidays in many countries and by blockchain congestion (that leads to higher fees).
Trading volumes will go up shortly, but price may go down at start if bitcoin keeps high tx fees.

[arpon11]

I still see people panicking and calling for Bitcoin's crash. I believe the Fractals are still in progress. Both Fractal #1 and #2 display an expanded flat a,b,c correction which is likely complete. There is an alternate count for a lower low where the C wave could reach as low as $10k or so. If this becomes the case, then a Zig Zag of 5,3,5 labeling would be justified. There are still a good number of analysts calling for a doom and gloom scenario..

https://steemit.com/bitcoin/@haejin/bitcoin-btc-evening-update-too-many-gloom-and-doomers

Thank you for this analysis and I think this provide the best views of the current state of bitcoin market   I have been trying to make traders think along this line instead of this doom make around this forum and social media. I think this is a face of another correction after the recent upward movement we have experienced for the past two to three months.

[iamTom123]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase. thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

There was the time when Bitcoin holders were thinking they will be so happy if Bitcoin can reach the $10K level and now that it has consistently showed its resiliency by not going down that level, many are feeling some gloom and doom...there must be something wrong here. Yes, it can be true, people are used to a Bitcoin that is always making a bull run without first analyzing if that can be realistic or not. Just like all of us, Bitcoin can get tired too and it has to take some rest just gathering the require strength for another big race to the top. We just have to be ready for that next big move and not give up what we are holding. The future is with Bitcoin...as always!

[HeRetiK]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

Bitcoin just going sideways for months is a total nightmare for so many noobs and will make them lose hope, giving up.
Not having the patience and unable to grasp the bigger picture of what Bitcoin really is about makes them sell their stash.
This is the advantage of us who are in this space for a few years and where not that much distracted by shitcoins, endless hardforks, and ICOs.
We had the time to study Bitcoin and know how it feels to go through bear phases or just long consolidation periods.

"sideways for months". i doubt that can ever happen with bitcoin!
the ATH was less than 20 days ago and the rise officially stopped in less than 10 days ago! and this sideways movement has only lasted for this 10 days which happens to also be the end of the year, aka holidays

besides, who cares about people who "lose hope" just because price is not rising. i would very much prefer them to lose their hopes faster and leave the market so we can have a calmer market without their irrational moves.

Amen to that. Reading through some of the recent posts one would assume that we are already in the midst of a new crypto winter.

As if Bitcoin is dying just because it stopped growing for a few days. As if Bitcoin has failed just because it's running at capacity right now.

Anyone who believes that Bitcoin's main value proposition lies in ever-rising prices deserves to get shaken off by the market.

[NeuroticFish]

believe it or not all of this drama is because bitcoin stopped rising!

I don't believe this. I think that it's the opposite: since the last ATH a lot of paid posters or just newly created accounts post FUD relentlessly.
Somebody with large pockets wants the price as low as possible for something big.

Of course, the latest correction also helps. And as the others said, losing one month of growth (actually less than that) is not the end of the world.

[J. Cooper]

I think I would be a lot more worried if the price kept skyrocketing like it has been doing the last couple of months of 2017. If I look at the weekly charts all I can see is a very healthy correction that's going to end somewhere in the near future. If you really believe bitcoin can just keep going without a pullback you should question what you're doing here. And I also think this has nothing to do with fees and confirmation times either

[btcone111]

I think I would be a lot more worried if the price kept skyrocketing like it has been doing the last couple of months of 2017. If I look at the weekly charts all I can see is a very healthy correction that's going to end somewhere in the near future. If you really believe bitcoin can just keep going without a pullback you should question what you're doing here. And I also think this has nothing to do with fees and confirmation times either

Indeed I was so glad bitcoin paused for a bit and at least had some correction and took a break from the exponential rise.
Seriously I think there are too many people on this board who just wants to see btc goes up up up up up faster faster faster - so that they could be billionaire by the end of 2018.
It just doesn't work like this!

[DPoS2]

sometimes when an asset goes nuts near the end of the year, people who pay their taxes would wait until new year to sell so they don't have to pay that gain for a full year...  so people game theory that and then lots of folks that aren't in that tax situation will frontrun and sell before the planned dump..  now anyone that was trying to wait till Jan to dump and play nice with their taxman just got screwed out of a lot of gain and will probably just hold now..

at least that is one small part of the wild forces that push and pull crypto around

[richardsNY]

Of course, the latest correction also helps. And as the others said, losing one month of growth (actually less than that) is not the end of the world.

It's completely meaningless. People for once need to understand that if a market can increase a lot in quite a short period of time, that it can also go down quite a lot in a short period of time. In this case, the correction that we experienced was a much needed one, especially because of how unhealthy the market became. I also like how it instantly tamed all those $30-$40k before the end of this year believers. If people think it's worth going nuts for, or idiots spreading fud think their nonsense can get the price to tank deeper, let them do so. This market doesn't care about these clowns at all, and never will. Look at kwukduck for example, he started with spreading fud even when the price was below $500!!