If you omit the "covid glitch", it did "sideways" (swinging between $9k and $10k) pretty well in the recent past.
Whether covid is real or not, we cannot be going around "omitting" what actually happened in bitcoinlandia.
In other words, whether some event explains what happened in bitcoin price movement or not, it still serves a purpose, even if it were fake.... and let's say, for example, the bitmex exchange had to shut down its trades on March 12 because overleveraged trades were going to bring bitcoin to zero or close to zero, so yes, bitcoin prices could have gone to zero on March 12 had bitmex not shut off their exchange, and perhaps the recovery would have been more violent.. or perhaps the BTC price might have got caught in the sub $1k territory for a week or more. But, fact of the matter is that none of that happened.. bitcoin did not go to zero and bitcoin did not even go below $3k.
Instead, as we know, bitcoin went to $3,850, which was largely a 50% price correction within one day that largely recovered itself within a couple of weeks - while having some lingering staying down effects and even some doubts about whether the BTC price recovery would continue or revert back to testing $3,850 or some other price that was lower than the subsequent recovery point.
And, sure such outrageousness served a purpose to relieve some folks of their coins (sorry mindrust), and to cause some people (perhaps weak hands) to continue to doubt whether they should keep some of their value in BTC... or to buy with the value that they have, and they say: "I am going to wait and buy cheaper coins.. so instead of using my $1,000 to buy .103 BTC (at $9,700), or .133 BTC (at $7,500), .222 BTC (at $4,500), I am going to wait to buy .4 BTC at $2,500 because it appears that Masterluc might be right...". blah blah blah.. and so bears might want to test out the weak hands again, or maybe the bears realize that they are only given such opportunities based on a confluence of events.. that might not play out again in such a perfect storm... Even the bears might start to wonder whether they can they replicate the storm and if they have shaken out as many weak hands as they can? or not?
Can we just ignore what happened on March 12....? NO, we cannot!!!!! Can we omit certain parts of bitcoin's price movements, and try to analyze what is going on in bitcoin as if our omitted parts were an aberration? NO, we cannot!!!!!
If we omit parts, then we are in fantasy land, and in essence, we have to account for what actually happened, the good, the bad, the ugly.. and the aberrations.. even if we believe that the aberrations had accomplished nothing or they were not representative of king daddy...
Of course, I am not suggesting that many of us are not going to profit from being able to recognize the difference between signal and noise, and of course, many of us were not shaken from our coins during the $3,850 dump, and many of us picked up a few more coins during such dumpening.
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