Taproot lock-in FOMO is coming(?)

[BrewMaster]

for those under a rock who don't know there is a soft fork coming to bitcoin to activate Taproot and improve bitcoin scripts (smart contracts) and privacy and also scaling.
the signalling was started last month and surprising enough in this period almost all miners are signalling for Taproot activation already (370 out of 378 according to taproot.watch website which is 97.88%).

if this continues (which it most probably will) Taproot is locked-in in about 11 days.

i have a good feeling that the timing is also perfect because the accumulation after this panic sell is going to be over by that time and the FOMO can start.
2 weeks from now we could be sitting at $70k.

[LFC_Bitcoin]

$70,000 in 2 weeks?

I dunno about that but I sure hope so. We could really do with some positive news to start us pumping again. The last couple or weeks have sucked man.

[NeuroticFish]

2 weeks from now we could be sitting at $70k.

Indeed, Taproot lock in should happen in less than 2 weeks. And indeed, at the current state of the market, it could be just the news we need to make it move in the right direction.
On the other hand, I fear that it might just not be enough, especially as Taproot will become active only in... November.
So as much as I'd love to see you're right, I'd love to see some other good news too and maybe together they'll give the market the kick it needs.

[BrewMaster]

2 weeks from now we could be sitting at $70k.

Indeed, Taproot lock in should happen in less than 2 weeks. And indeed, at the current state of the market, it could be just the news we need to make it move in the right direction.
On the other hand, I fear that it might just not be enough, especially as Taproot will become active only in... November.
So as much as I'd love to see you're right, I'd love to see some other good news too and maybe together they'll give the market the kick it needs.

yeah but being locked-in means there is no longer a way back and it will activate no matter what because it will be part of the consensus rules and is going to be enforced by all the bitcoin nodes and miners that have upgraded and accepted the fork.
i've seen the market get excited for things that were far less significant and not as interesting.

[Review Master]

Bitcoiners are really happy to see those green blocks, but MARA pool isn’t happy with taproot as 9 blocks aren't provided signal bit, 3 out of those 9 were from MARA pool and 2 blocks from ark pool. Though those pools are providing signal bit on other blocks which is confirmed by those pools, but it's concerning everyone. Lets see they'll be doing this or not as many users already made memes on it. TBH, it'll sure to create fomo and just wait for the $42k level to be crossed and it'll gear up. 

[boyptc]

That would be amazing to see it goes $70k within 2 weeks. It's like a hit to those all of the FUD spreaders that has been too bearish already for bitcoin when they've started to see it plummets.

I hope that we really see some positive reaction when it comes.

[hatshepsut93]

I'm pretty sure that Taproot has been priced-in for a long time, it was always clear that it will get accepted by miners, there wasn't any opposition to it.

i have a good feeling that the timing is also perfect because the accumulation after this panic sell is going to be over by that time and the FOMO can start.
2 weeks from now we could be sitting at $70k.

Anything can happen with Bitcoin, but for now such probability seems extremely low. The general sentiment is leaning towards bearish and Bitcoin failed to break past $40k and now $38k resistances. This "dip" is not being bought very actively.

[proudhon]

There will be no taproom lock-in FOMO. Global markets have basically moved on from bitcoin because of its death.

[stompix]

i have a good feeling that the timing is also perfect because the accumulation after this panic sell is going to be over by that time and the FOMO can start.
2 weeks from now we could be sitting at $70k.

Because of taproot lock-in only? No way!
We're already above the 90% levels and everyone who gives a damn about the technicalities knows it will happen, the masses don't even know what taproot is, for them Kim K. wearing a BTC necklace will be more bullish.

I've started to see this trend of improvements to the coins and even clear business acceptance in case of altcoins are not moving the market even one bit, probably there needs to be something bigger, something official, I sincerely don't see a way of breaking this trend with internal developments only. And besides, the improvements will mainly come for usage, and the new wave of investors are not really looking at BTC from the usage point of view.


 

[Yaunfitda]

i have a good feeling that the timing is also perfect because the accumulation after this panic sell is going to be over by that time and the FOMO can start.
2 weeks from now we could be sitting at $70k.

Because of taproot lock-in only? No way!
We're already above the 90% levels and everyone who gives a damn about the technicalities knows it will happen, the masses don't even know what taproot is, for them Kim K. wearing a BTC necklace will be more bullish.

I agree here, not everyone in this community knows about Taproot, so I doubt that there will be FOMO in the next coming weeks. Majority of the members seldom visited Development & Technical Discussion boards.

FOMO usually comes from big news and unlike altcoins, wherein a simply tweet from devs or at least a supposedly new version or iteration is coming, will really push the price of that coin to the next level, I doubt that it will have the same impact in bitcoin about Taproot or any similar releases in the future.

[BrewMaster]

Bitcoiners are really happy to see those green blocks, but MARA pool isn’t happy with taproot

it doesn't matter because there is always one pool (sometimes more) that aren't signalling for a fork. it happened in all previous forks but the majority always pushes forward.
in this case we have ALL pools except one signalling so technically that should be 99% while we only need 90% to activate.

Because of taproot lock-in only? No way!

no not just because of taproot lock-in just as the drop wasn't just because of Elon Musk tweet. it is a push in the right direction. price wasn't able to surpass $70k so it dropped below $60k then the FUD began and pushed it in downward direction.
right now price wasn't able to go below $30k so it went back up. a small push past certain level and it will reach $70k in a very short time.

lest we forget how 2017 was.

[buwaytress]

Unless you're one of those who actually sided with the likes of Snowden who thought taproot was a bad thing for Bitcoin privacy -- in which case this would be a bad thing. Not that speculators care either way. Indeed, cue 2017 reminiscing when big blockers were saying Segwit was a bad thing too -- speculators, for all they're worth, will side with the "right" chain and that, for all purposes, is the majority.

Now that coincides with Marathon's abandonment of Bitcoin block censorship, so yeah, more points of FUD taken down. Nice.

[stompix]

no not just because of taproot lock-in just as the drop wasn't just because of Elon Musk tweet. it is a push in the right direction. price wasn't able to surpass $70k so it dropped below $60k then the FUD began and pushed it in downward direction.

But you're forgetting that it was the Tesla announcement that pushed the price to 60k, remember how we were on 30k before the announcement, and then it skyrocketed? Making Musk guilty of the price down because of FUD but at the same time ignoring he is also related to the HYPE caused there doesn't make an accurate picture.

Also, I'm turning a bit more bearish by the day, and one of the cause is indeed FUD, but because of the intensity members and even veteran members resort to blaming it, when I see tens of topics about combating FUD, dismissing FUD, everything is FUD I know there is tension even here, and it makes me worry. You can't blame all the crash on musk and China news, the cash flow has stopped even in altcoins, even in ICOs, NFT is turning into a cesspool, investors are way too cautious to pour in more money.

I don't see a sudden pump happening, and I think if we see one it's going to be short-lived, my bet is on a long very long and painful summer.

[BrewMaster]

But you're forgetting that it was the Tesla announcement that pushed the price to 60k, remember how we were on 30k before the announcement,

and remember how we were $20k before before the announcement! before that $10k, ... bitcoin price isn't rising all these years because some schmuck made an announcement
as i said the news can only give bitcoin a little push that it needs to speed up reaching a certain price. for example if Tesla announcement made price reach $60k in 1 month without it price would have reached $60k regardless but it would have take 1.5 or 2 months.

investors are way too cautious to pour in more money.

that may be but there still isn't any explanation for the huge buy volume that takes place every day. if people were indeed this scared they wouldn't have been buying this much bitcoin.

[stompix]

that may be but there still isn't any explanation for the huge buy volume that takes place every day. if people were indeed this scared they wouldn't have been buying this much bitcoin.

Or selling volume as for each bought bitcoin there is one sold.

And trading volume is going down, those days were the worst in the last months,,  all this year there have been 5 days with lower than 40B in volume, one was January the 2nd one May 3rd and the others three were two days ago, yesterday and today. So, I'm not sure where you see that unstoppable buying power.

I'll stick to being cautious about it, and as you can see everyone is from trading to moving coins, even the mempool just got emptied, not really signs of a bull run.

bitcoin price isn't rising all these years because some schmuck made an announcement .

Schmuck or no schmuck one tweet from him was enough and we're talking about going back above 40k as a positive!

[BrewMaster]

all this year there have been 5 days with lower than 40B in volume,

that's because all this year we never had a "calm" market where we could consider an accumulation phase. there was only big rises and big falls for the past 5 months. obviously the volume increases a lot during high volatility times.
in other words you are comparing apples and oranges.

if you want to compare then find another accumulation phase and compare the volumes then. for example the first half of December 2020 is a good example. price is stable and an accumulation is going on and volume is barely reaching $20 billion.
in comparison the volume over the past week of accumulation is between $33 to $48 billion and is starting to increase again.

[stompix]

in other words you are comparing apples and oranges.

I'm comparing red apples and green apples actually! 

if you want to compare then find another accumulation phase and compare the volumes then. for example the first half of December 2020 is a good example. price is stable and an accumulation is going on and volume is barely reaching $20 billion.

In December we were not trading at 10k after having November at 20k it was a flat market and we were at 20 billion a day for half a year at least since last June, not decreasing for two consecutive months.

Sorry but at this point, I'm not getting anymore, you see tremendous buying power and accumulation in the lowest volume in months combined with a declining price! Let's leave it like that, you're bullish and you see an uptrend I'm completely bearish and I'm seeing a repeat of the last summer with moderate spikes now and then.

If you're right and I'm wrong is g$$d for me too, if I'm right at least once I'm getting a prediction so for me is a win-win no matter what.

[NeuroticFish]

Imho the fact that mempool is basically empty would tell that everybody is waiting for something. The charts tell that is should be "something" upwards, with or without Taproot. That may start earlier than the ending of current difficulty period and then the Taproot lock in may fuel it even more or not matter at all (or even get considered as "already accounted for").

Of course, this is all speculation and the ideas come and go as fast as the market changes.


Edit: I also agree that "that tweet" should have not been so "powerful" and something else (too) was the cause...

[Lucius]

i have a good feeling that the timing is also perfect because the accumulation after this panic sell is going to be over by that time and the FOMO can start.
2 weeks from now we could be sitting at $70k.

I don’t believe Taproot can have any serious impact on price, yet it’s one technical thing that the mainstream media can even present in a way that creates FOMO. I don't want to downplay this upgrade, but SegWit was far more significant, and as far as I can remember, it didn't result in much media attention - they're only interested in the price.

When it comes to price, I don't know if you are referring to the thread from @rdbase, but those who announced that they will bring down the price, at the end of their statement say that after that the price will go to $70k very fast.


Source

[Slow death]

if this continues (which it most probably will) Taproot is locked-in in about 11 days.

I confess that I didn't know about this news, these days I'm not following the news about cryptocurrencies as often as in the past and the reason is: fear. yes I'm afraid to go to some news site often and hear that person X tweeted Z and the price will go down or read some nasty price forecast

i have a good feeling that the timing is also perfect because the accumulation after this panic sell is going to be over by that time and the FOMO can start.

I bought at $33000, but I sold it as soon as I saw the price touch $39,000 and I'm waiting to see the direction of the market

2 weeks from now we could be sitting at $70k.

to be honest, first we have to be above $42000 and then think about $70,000, so far there is still the danger of the price falling below $34000 and then who knows what kind of disaster will await us if the price drops below $30,000?