[2018-10-07]Is There Actually a Lofty of Demand for Bitcoin & Other Cryptos?

[Vladdirescu87]

Bitcoin (BTC), the number one crypto, has for the last two weeks been frozen up to a movement that an expert analyst says is due to a “chronic lack of demand.”

As per Jani Ziedins, a cryptoanalyst at Cracked Market, the incapability of BTC to shatter the $6,800 impediment shows that there is a fall in demand for crypto.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/is-there-actually-lofty-of-demand-for-bitcoin-other-cryptos/

[coolcoinz]

This isn't anything new. The reason behind a bear market is a falling demand. With demand lower than supply we have more sellers than buyers and price keeps finding new lows. Now after 9 months of bear market they're writing a whole article based on research to tell us that demand went down. Just wow, I'm speechless.
Billions from altcoin sales did not go back to Bitcoin but it also did not go to the stock market. People are waiting for a sign, most likely for the ETFs.

[squatter]

As per Jani Ziedins, a cryptoanalyst at Cracked Market, the incapability of BTC to shatter the $6,800 impediment shows that there is a fall in demand for crypto.

That's a pretty weak analysis. Price has been totally flat -- that implies an equilibrium between supply and demand. If demand is dropping, then so is available supply. You could just as easily say, "the incapability of BTC to shatter the $6,400 impediment shows that there is a fall in supply for crypto."

This is just a low-volume market lull. When I see altcoin charts looking like this, it's more often bullish than bearish. There's no telling when price will finally break out, though.

[odolvlobo]

As per Jani Ziedins, a cryptoanalyst at Cracked Market, the incapability of BTC to shatter the $6,800 impediment shows that there is a fall in demand for crypto.

Jani Ziedins apparently doesn't understand the law of supply and demand.

[buwaytress]

Equilibrium yes, but stabilising price even as new coins enter circulation means that demand is at least keeping up with new mint. When's that a bad thing?

As per Jani Ziedins, a cryptoanalyst at Cracked Market, the incapability of BTC to shatter the $6,800 impediment shows that there is a fall in demand for crypto.

Jani Ziedins apparently doesn't understand the law of supply and demad.

Maybe Ziedins really is a cracked analyst at Cracked then... Or the journalist quoting him did a bad job. Hope it's the latter, otherwise people who know as much as we do are getting paid for telling us what we know better.

[Kakmakr]

The fact that we are resisting at a price above $6000 should prove to everyone that there are still enough demand for Bitcoin to counter the supply of coins in the market.

The miners are still selling their coins at a profit and people are still buying & selling the coins on the exchanges, so everything is perfect in the land of Bitcoin. We should worry, when the price dip below $6000 and when we cannot hold the price above $4000. 

We are still moving forward, looking at the long-term price growth for the last 5 years. 

[Betwrong]

Firstly, I agree with all above posters saying that as long as the price is not dropping it means that demand is not dropping. Keep in mind that we've been getting 12.5 newly mined coins every 10 minutes, and the fact that price has not been affected by this supply in negative way can only be explained by either of two things:

1. Miners are not selling coins, keeping them to themselves, which means the demand on the part of miners;

2. All coins sold by miners are immediately acquired, which implies the demand on the part of other people.

Secondly, I think that the demand is actually rising, but not to that extent to keep up with hundreds or even thousands coins being sold by early adopters or by smart millionaires who bought them below $200.

[alex_gr_cc]

Now the demand for cryptocurrencies is purely speculative. Very few projects currently have a business model that creates a real (forced) demand for cryptocurrency. Most of the projects are at the development stage and cannot refine their ideas, since the majority have funding in the ETH, which has now dropped in price. We get a vicious circle.

[magneto]

Is it talking about short term, or big picture? Because even though prices are low right now, there is still huge demand for bitcoin in a lot of countries where capital control is instated on their local currency which restricts access to foreign currencies.

And in countries like those, bitcoin is definitely still used in order to help these people get their funds out of the country, which is what the demand comes from.

But if it's talking about the short term prices, then I realistically do not see prices rebounding in a major way any time soon. There is simply not enough bullish sentiment within the market, but it's certainly a good price for long term holders to get in at.