I do not like the $600 candle, there is little volume.
Hot bed for manipulation at the moment. So many clueless day traders getting burnt I reckon.
Can you imagine being a Localbitcoins day trader in the current market -
‘Buy in the morning from an exchange’
‘Quick....list for sale on LBC for 5% above market value’
‘OH FUCKKKKK, the price has dumped $1,000’
Yep, the price went up too fast, killing any newbie HODL action, then on top of that, speculators now burnt also. Hard to get traction with newbies and adoption with this kinda stuff.
Maybe enough got burnt on this BTC runup that we got some HODL'ers out of this, but I doubt it. So unless other from 2017 newbies have bought in and have the sense to HODL now,
I think it just made the whole crypto scene look stupid and manipulated (which it probably is anyway) and just turned off a lot of folks who would have ridden the price up to 12k slowly.
I guess we need a sideways price to get some folk back. Again, Bitcoin price is still 2x the amount it was on 4/5/19 at $5050 USD. So there is hope. Bitcoin is an 'evil mistress'
Brad
Frequently, you are such a negative nancy, searing.
Experienced bitcoiners realize that volatility is a part of bitcoin, and chances for actual meaningful or long lasting "stability" is mostly a fantasy, and not part of bitcoin's underlying situation - which happens to be at some early stage of an exponential s-curve adoption.
Newbies can dollar cost average or buy and hold for the long term. They should also be capable to look at charts in order to recognize bitcoin for what it is - a volatile beast - without getting their hopes up higher than they need to be by investing an amount that does not cause them too much anxiety - and DCA should be able to help with that, too.
Well, you can't have the newbies slap'd down in mass on 40% corrections every time that bitcoin pumps. All it does is kick the ETF farther down the road and sets back adoption, IMHO.
Hardly negative to say that the FOMO is killing adoption as it pops up in such a manner. I realize it is how Bitcoin 'rolls' but still, hard to see how Bitcoin is this erratic is ever going to
get mainstream adoption. Just saying. Also, it is one thing for 'experienced bitcoin's" to know this, we learned this at like $100 BTC, damn hard to learn this lesson like we did when the
price of Bitcoin was low when the avenues are closing on accumulation. So you accumulate by buying, in this FOMO world of BTC, that is easier said than done!
IMHO
Now it is buying or not buy. This just complicates
the new adoption of Bitcoin and/or any crypto for that manner.
But again, not a chance in hell for the next year IMHO, of any ETF on the horizon. IF we had reached 12k in a more stable less FOMO manner, I'd say we would have had a good shot.
Now not so much. Along with with the above, every time 'newbies' get the traction they are 'creamed' by the volatility, well again, as I stated, perhaps those who did not HODL on the
last downturn, bought BTC on the FOMO ride up and learned enough to HODL now. I am a bit pessimistic that is a large number of returning folk to Bitcoin, however.
Yeah, perhaps you are right, but just saying this is a 'pattern' that has to change in some mannner someday or any larger scale adoption my not come to be, IMHO.
Brad
