That's a good thing, no? If you want bitcoin to catch on as a currency then it needs to be adopted by the unwashed masses.
Boy this thread brought out the bears.
Boy this thread brought out the bears.
That isn't quite how it works.
When you start getting 'news' events telling the public what an exciting lucrative investment something is, then the end game is in sight.
The public's job is to scoop up miner/pumper BTC, at top dollar. I am not saying what that 'top dollar' is going to be, all depends on how much of a frenzy 'they' can whip up. I would suggest it is a pretty bad time in terms of market sentiment to be staging this halving pump, as equities markets are tanking across the globe. That means 'risk off', and I don't give a phuck what anyone says. Bitcoin is not a Safe Haven asset.
Off 'the public' who I know off personally, who got caught up and caught out by previous Bitcoin mania's, one was bagholding $640 BTC for over 2 years up until last week. He is holding out for delirious profits that he imagines will come his way as a reward for holding this long. Perhaps when Bitcoin starts to dip beneath his buy-in price he will quickly change his mind. Another person who got fucked over in both the April and Nov 2013 pumps has shown interest as Bitcoin has hit the headlines, and despite me telling him around the $400 range that I was pretty sure that Bitcoin would be getting up to around $800 range sometime this year (yes, I have actually been telling people that, yet still managed to be sitting twiddling my thumbs when the breakout came), he has so far been unable to bring himself to put anymore of his capital in something that has burned him twice before.
In summation, this Bitcoin pump needs to find new fools. All the last tranche of fools have already been burned. Combining this with 'risk off' global sentiment, I would suggest will put a limit on how high 'they' can pump this p.o.s. I imagine, Bitcoin is on its' way, to forming the 3rd drive of a great big almighty Symmetrical triangle. No new ATHs for me.
I drew up this chart ages and ages ago. Seems I was pretty wrong about the 'likely strong resistance'.
