I think its more likely to be a bear trap but I only say this because I come from a parallel universe that has already invented time machines.
But in all present reality, the problem is this:
If BTC goes too much about $5k, it loses a lot of its utility as cheap way to send money. It will then simply be just another financial instrument of the rich. I know Wall Street could care less about using technology to help those less fortunate than themselves, so I see the potential for Wall Street dollars to keep flowing in like blind mice.
Point of the story: It's not a bull trap or a bear trap, its a range of $3500-$4500, approximately.
But in all present reality, the problem is this:
If BTC goes too much about $5k, it loses a lot of its utility as cheap way to send money. It will then simply be just another financial instrument of the rich. I know Wall Street could care less about using technology to help those less fortunate than themselves, so I see the potential for Wall Street dollars to keep flowing in like blind mice.
Point of the story: It's not a bull trap or a bear trap, its a range of $3500-$4500, approximately.
We're already past that, btc is not a cheap way to send money. Maybe if we're talking big transactions.
Fee's are somewhat ridiculous already for a usable "currency". More like store of wealth now.
You're right. It's all about relative context. 60% on a $5 transaction is too much. 0.1% on a $10,000 transaction is great.
We're not already past that because average people still use it as THE #1 CRYPTOCURRENCY. If we were past it, society would have already placed one of the several thousand altcoins in existence as #1. So, obviously, it still works.
