What worries me in all this is that there has been no capitulation. We all "know" that coins will go "to da moon", so some of us held through the crash, while others sold at the top, just to pick up more coins at the bottom. The point is, no one got scared off by the crash. No one really capitulated. At most people got out temporarily. And then when the price started moving up, they panicked and got back in.
No capitulation is a bad thing if we want the price to go a lot higher. Everyone who knows about coins already has coins. How will the price go any higher? Where are the bears? Everyone takes it for granted that the price will go up.
No capitulation is a bad thing if we want the price to go a lot higher. Everyone who knows about coins already has coins. How will the price go any higher? Where are the bears? Everyone takes it for granted that the price will go up.
The highlighted sentence is where your assumption is wrong. Bitcoin is going up because there are new people entering the market. When bitcoin goes up there is more in the news about bitcoin causes more people to learn about it and start buying causing it to go up even more.
There are still bears. They just aren't very vocal when the price is rising.
