Maybe I missed it, but I can't say I've seen a lot of anger on social media, let alone depression since we hit the bottom ... maybe it's still to come ?!
Imagine how all those fomo bulls are going to feel when we hit 5k, they will probably be very angry and when it goes on to hit 2k ... imagine the depression.
Yes, this is a suckers rally, so maybe I'm just in disbelief, so be it, if we go from here to hope and optimism, that's plenty of time left to enjoy the ride ... I'm not worried about that.
This while I would rather avoid the whole anger and depression phase, then again ... maybe I did ... I didn't hodl, I didn't buy at 6k before it went off the cliff, so I didn't feel angry or depressed, so maybe that's why I feel like we're still have to go through that phase ... did I miss it? Did we already pass the anger and depression phase? honest question ...
If not ... it's still to come and a nasty drop would do the trick just fine, don't you think?
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I should have added some text on the chart where we're now; Manipulation ;-)
I can't believe all the fomo and euphoria from retail who can't see buying at this point is extremely dangerous, as we can go back down in an instant. This was a short liquidation pump that got out of hand.
@veta, Careful, or you'll realize that posts like these were actually intended to help you. By then you'll be back to square one. FYI both longs and shorts were flat. What should that tell you...
veta
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@M5AV, how do you mean both longs and shorts were flat? funding rates were through the moon on bitmex
veta
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@M5AV, another thought, if the cost to mine bitcoin is $3-5k, depending on equipment and electricity, then with the reward halving a price of $6-10k makes sense
MichielVan_Kets
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@veta, yes, by next year may when the halvening actually happens, not now
veta
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@MichielVan Kets, then if we buy now for <$6-10k and hold it is essentially a guaranteed profit in 1 year?
MichielVan_Kets
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@veta, no, you wait for it to drop below 4k ... that's when you buy ... too late now of course
The_black_swan
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People are angry now, because they've missed the bottom and the rally, now they're depressed.
And that's enough to make them fomo for a while. And that's enough to load the pocket of whales.
We don't need to come back to 3k for the depression to happen, it's already going on right now.
MichielVan_Kets
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@blacksun, sure, but there's more to it than merely the emotional cycle; it's about cleansing the ecosystem ... that's not happening right now ... that's why that prolonged bottom actually matters