Good morning WO! I see a lil weak hand shake out happened during the night. Traders must have their cut off losses, this is part of the game. I guess some of them are selling in expectation of some 2017 style correction like 30-40% from the last top. But this time it is different. The big institutional buyers are leading the charge. This never happened before in the history of Bitcoin. They are not looking for short terms profits not to mention cut losses. And indeed in the last 8 months we had only one noticeable correction of 20%. It remains to be seen if this tendency will continue. So far 10%.
I agree with you that "this time is different" in regards to a kind of ongoing FOMO dynamic of quite a few institutional buyers.... but in the end, so fucking what?
I doubt that some of these BIGGER players are going to change the dynamic too much in terms of what is possible or likely in terms of dips - and in fact, there is some necessity for some of these BIGGER players to come into bitcoin in order for us to get some kind of pattern that might play out similar to either 2013 or 2017 but with 100x or 20x (respectively) more capital needed in order to move the BTC price in explosive ways.
Sure, in some sense, you are definitionally correct about "this time is different" because every time is going to be different in several regards to previous times, but in any event the BTC price prediction models still remain amongst the best of what we have in order to at least outline parameters of what is possible or probable to happening in bitcoinlandia in what appears to be our present cycle... and just for clarity (not necessarily for you, ivomm), the currently persuasive BTC price prediction models I refer to are 1) stock to flow, 2) four-year fractal and 3) s-curve exponential adoption based on metcalfe and networking principles.
So, essentially I am saying that 30% or 40% or greater corrections are possible - whether they are probable or not, I don't really know, but I would not be too surprised or shocked or NOT prepared financially or psychologically for them to happen and even to endure lower and longer than expected, largely because BIG status quo would prefer to remove as many regular Joes from their BTC as they possibly can.... those manipulative fucktwats.
