Many including myself, were expecting a = c or horizonal support, or test of previous high at the 40-42k. But even with "bad news" with Elon, we only managed to test 45k ish. I think this is close enough for it to be a bottom. I suspect the next stop is 80k.
@MarketMakerTraders, No for me too, unless we can still expect bounce @ 42k in the near term?
supremetrejdr
⋅
It depends how you look at it. You can also say that since many are waiting for 40-42k it will go a lot lower than this.
InvadingViews
⋅
@supremetrejdr, I agree. Bitcoin in the past loved breaking support causing cascade. But dare I say the market overall compared to the past is less volatile, partly due to institutions and general maturity (more exchanges, more liquidity). You still get events like the covid crash though...
supremetrejdr
⋅
@InvadingViews, None of what you said is true. Tether is like 2 % backed with real money and most of the liquidity on exchanges is USDT. There's no maturity also, we have the same scams from 2017 pumping again, failed projects that didn't deliver anything (Lisk, Qtum) and literal scams (Populous, Skycoin). Market is run by greed, Doge coin almost hit 1 $. Nuff said.
It has definitely decreased over time. What is tether backed by is still anyone's guess. Their relevance while still high, has already decreased significantly with the introduction of a few main stablecoins.
Nickquick7
⋅
Agreed. This isn’t going to 40. Going back to 60k
mgrenda
⋅
Some people said that we never reach 50k lvl ever :)