https://cryptoslate.com/crypto-community-reacts-to-vays-shorting-bitcoin-at-yearly-low/It looks more solid traders join the opinion BTC will drop to low 5000 area soon. The community negative reaction to this, is just the indication of mass sentiment, and as mass sentiment is usually wrong, it just means the probability of the drop is very high. Well, whether we want it or not, the bear market is not over, as we all already know...
I believe now with BAKKT 12th December, there will be a lot of bull run predictions. I personally have no idea. My call for September bottom failed miserably. Bottom can happen up to mid next year. Latter then that I believe are as tiny chance as to win a lottery.
Never as now the market is really uncertain and everyone has his own theory; many declare that there will be a new bottom in the $ 4,000 area while many others have become rally for this BAKKT announcement towards the end of the year.
Personally I expect a clear and strong direction of Bitcoin within 2 weeks maximum; there is too much stasis and stillness ... it seems that moment before the storm.
I am not unbalanced in saying which direction it will move, but I believe that any movement occurring soon will be a trap, to which a decisive change will follow shortly thereafter.
You are familiar with the saying that "the market can remain irrational for longer than you can remain solvent", right?
Even though the BTC price has been stuck in a long ass band (consolidation), there is NO "need" for it to have to move within 2 weeks, even if there continues to be a large number of institutional investors buying BTC behind the scenes. You also understand that sometimes very bullish news is spun in the opposite direction in order for BIG money to continue to trick peeps out of their coins.
I am NOT disagreeing with your overall thesis that in the longer term there are really decently strong odds that BTC prices are going to have to go UP.. but I am far from relying on any kind of rationality, whether talking about technical analysis or merely questions about why all the buy pressures and happenings are NOT causing the BTC price to go up.
In other words, HODL your bitcoin, buy BTC on dips and if anyone is panic selling their BTC, let it be someone else...
Hi JayJuanGee, I know that saying but I expect the market to take a lead within the next 2 weeks because at the beginning of November the descending triangle from February to today closes
Yeah, but so what? you draw some lines on a chart and the BTC price could go up, down or sideways. It does not have to go either up or down... there is a third option - sideways.
; then Bitcoin will be called soon to a decision that, imho,
I don't have any problem with what you are saying except when you are saying that bitcoin "has to," and it does not "have to" do anything merely because some lines on a chart (and theory) says that it "has to."
will initially be a trap that will take us for a few months, while in the end we will have the clear direction of the market, perhaps for the whole 2019.
Finally, in the long run, except for unimaginable and unpredictable shocks, Bitcoin will be loooonger than today, so I hold my bitcoins.
https://bitcointalksearch.org/topic/m.43731865Of course, I have been buying into bitcoin too (I started buying and accumulating in late 2013, and mostly I have not stopped buying BTC), and I believe that bitcoin has really great odds for ongoing upwards price movements, especially long term... .but long term ongoing upwards price pressures does not mean that it "has to" do anything short term, besides going up, down or sideways, which covers all the possible directions.
