There has been a lot of selling pressure lately in the crypto market. It could no longer digest the $25K BTC and had to spit it out... As usual, when such movements occur there are a lot of liquidations across the board. Plebs wanna make quick money with leverage trading... Plebs losing money to market makers by doing that. Rinse and repeat.
Leverage trading to me is worse than playing at a casino. In a casino you still have a chance at "being lucky" but when betting against the exchanges and their algorithms, you're doomed to fail...
Every time there's a spot seller for Bitcoin there has to be a buyer too, otherwise, the order wouldn't get filled and the price would not fluctuate. The question we should ask ourselves right now is: who is buying all the Bitcoin that is being sold right now?
There has to be a buyer, right?!
Well, some of such individuals that are accumulating Bitcoin right now are definitely hardcore believers of the tech... Folks that buy no matter the price and plan on never selling. These are the true HODLers who don't fall for the FUD and FOMO cycles, where the masses always fail on winning.
We have such HODLers on Hive as well. If I remember correctly, @toofasteddies is one of those who buys tiny amounts on a regular basis no matter the price. Hence, here you have one buyer that's "eating up" some of the selling pressure and moving that Bitcoin out of the exchange.
Not all base their crypto experience/investing on Eddie's principles and thus some are probably still buying and continuing to hold their coins on the exchange. These are the individuals that "trade the waves". Moonshots are not straight shots, the same as "burning in the bear market's hell" is not a one-time fall...
The ones that understood the cyclicity of the crypto market know for sure that the bear market is over and thus they're accumulating on every dip. They do not necessarily take that BTC out of exchange unfortunately. They're more after making money with crypto rather than giving a damn about the tech behind it and cold storage.
The last but not least category of buyers that I want to mention in this post is the "FUD creators". The large whales who push the market up and down. These guys are the ones pointing at a potential doom and scaring the shit out of the plebs through all sorts of created news and events while they themselves accumulate during such bloodbaths. This happens in every market.
These are also the ones trashing BTC near the bottom so they can buy as cheaply as possible and praising it near the top so they can unload their bags to FOMOed plebs. So here you have the category of buyers that I see right now loading up on BTC. The masses are still sleeping on it and waiting for the bear market to continue.
But...
The bear market is over. It's been over for a couple of months already. The bull market is in its young stages, though, so be patient. You know the saying, the market takes Bitcoin from the impatient and gives it to the patient. It's that simple.
Thanks for your attention,
Adrian
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Well some people thinks the bull market will happen only in 2025, the chart readers have us all confused.
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The parabolic run, yes probably... But that doesn't mea we are in no man's land until then. Some go even further and believe that we might have a parabolic run even before halving. Personally I tend to believe the current market is going to replicate the 2015-2017 one to an extent. I have no certainly regarding any of these statements. Just my take...
I think due to FTX, there's been jittery here and there concerning price prediction. But, I'm also thinking we might replicate.2015-17 one as well.
FTX is gone. In 2015 there was some big exchange hack if I remember correctly that was perceived as a black swan event and tanked the market for a bit but it all went up soon after. Zooming out offers a better perspective than staying in touch with news and low time frame charts all day everyday.
What you mention is an undeniable reality, but the sadness that this situation makes me is that within the masses we find us millions of people who know what is really happening, but we really don't have money to buy right now.
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I'm in that category as well but we have Hive and being part of it is as equal as holding Bitcoin.
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Don’t get me wrong, I’m still surfing the waves while DCAing in parallel 😉
I was not saying that all you do is HODL. But I remember you saying that you buy BTC on a constant basis and take it out of exchange.
Yes, yes, I’m doing so as well
@tipu curate
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I am not sure if the bear market is over as that shifts alongside the world economy which can be affected easily by global conflicts or energy plays. While I wish for the bulls to come into town, I am still precautions about it.
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The stock market has already rebounded. If it doesn't care about global conflicts and other crap, why would crypto do? So far crypto has evolved in cycles, three years up and one year down. 2022 was the year we went down.