This Is My Thoughts Of The Way The Trend Will Go, Volume Makes Me Think We May Not Even Reach 7k However We Do Need Some Sort Of Consolidation Or Bounce After Our Long Downtrend
MilkBread
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@CryptoFeed101, oh, we can safely say this will reach 7k any time soon.
Interesting. Or alternative we can break down further from exactly where we are now around the $6500 mark.
Problem is BTC and the crypto market is extremely weak right now. We have not had a $250,000,000 (if you know where to look you can find this) Tether print to execute a massive fake pump disguised as a short squeeze. Tether and the exchange behind it is under extreme pressure and scrutiny right now, pretty much on the cusp of failure.
This sell off has been organic with follow through. The pump towards the end of last year was pretty fake, hence the correction right now. Crypto is in a bad state. I know the believers are in denial about this, but that's just how it is right now.
Social media was the same for many years until myspace came along and to an even bigger extent facebook. Now even grandparents are on facebook, that is what acceptance is and will bring the money with it. Right now the majority of people hear bitcoin and crypto and immediately in their head they are thinking, fake, scam, bubble, people invested in it are going to loose their money. This is the problem. Until you can rock up to any store across the modern developed world and pay for anything in lightening quick time with BTC or any other crypto then I'm afraid Crypto will just be the domain for traders and that is it. Some niche pot smoking retailer who accept BTC doesn't count, nor tech companies who just say they now accept BTC for marketing purposes only to look cool.
Little guy investors don't like hearing that, but that is the truth. Also don't listen to people who keep telling us BTC is a store of value and we don't get it and think they are technical people when they have not written a working piece of code in their entire life. They would not have clue about who are great developers and what the difference is between one development life cycle over another. I'm not going to name names but there is one predominate bitcoin maximalist who is just a pure idiot with the nonsense he spews out on his youtube channel. I don't believe he was a great trader either when he did trade professionally for 5 minutes in his past career (this is from what I heard from those who worked with him).
Anyway price will continue to drop I'm afraid. If it dips below (and I really hope not) 1K and closes a 4h there I'm out for good. The ride was fun whilst it lasted. I think the lack of commercial development and also unregulated exchange manipulation is what will ultimately kill bitcoin and crypto. Then the youtube marketing wannabe tech expert scammers will move to the next "big thing" to scam others on.
MilkBread
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@Jessica_H, I can pay for beer at my local sports bar in btc. Airports take Alts and its not to look cool. Sure, the market is in shambles and the crooks will need to be shaken out, but there is too much industry already invested in decentralised currencies for crypto to fail. Crypto of the future may never be close to what the pioneers envisioned, but the late majority will never be comfortable with something until the world runs on it - like facebook. I don't use facebook anymore and I can tell you it is harder to function in society without this tech because it has replaced so many services and cultural modes. Don't think crypto can't do the same. We are consumer capitalist culture... money that is more personalised to represent our sense of interests and identity? How cool is that (in a totally superficial but not valueless kind of way).
MilkBread
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@MilkBread, basically instead of having fiat everyone holds a percentage of earned pecuniary value shared by the industry they favour or associate with. the future BTC becomes a storage of value. If I didnt own crypto or trade it i would still hold these views.