Bitcoin is a symbolic play against the House in a game of blackjack, hence the 21 million limit.
The player soon finds the odds are stacked against him despite his enthusiasm
Looking at the stack you find some things aside from the momentum indicators rolling over
A. How euphoric does a market need to be to create laser eyes?
2. Or a president of a country going all in and celebrating like he's won
3. Media attention on full blast with ads on every corner of the web
4. The sense of "I'm going to be rich"
K. Doge
Even if this is not the end, a note on crypto in general. It's clear all of this is centralization profiting from decentralization. Does the majority really want platforms where people are completely uncensored and responsible for themselves. Or does it make more sense that the House absorbs what's useful and leaves the rest for dead
As a final thought and the perhaps most important. Keep in mind the entire bitcoin saga started 2009, in the midst of asset bubbles in nearly every corner of the market
The player soon finds the odds are stacked against him despite his enthusiasm
Looking at the stack you find some things aside from the momentum indicators rolling over
A. How euphoric does a market need to be to create laser eyes?
2. Or a president of a country going all in and celebrating like he's won
3. Media attention on full blast with ads on every corner of the web
4. The sense of "I'm going to be rich"
K. Doge
Even if this is not the end, a note on crypto in general. It's clear all of this is centralization profiting from decentralization. Does the majority really want platforms where people are completely uncensored and responsible for themselves. Or does it make more sense that the House absorbs what's useful and leaves the rest for dead
As a final thought and the perhaps most important. Keep in mind the entire bitcoin saga started 2009, in the midst of asset bubbles in nearly every corner of the market
Comment:
Bitcoin has never crossed below the 12 month EMA without falling from that EMA about 50 - 68%
That puts the downside risk target around 21k
That puts the downside risk target around 21k
Comment:
Comment:
Comment:
Technicals
Technically it is in a fifth wave up. Originally my fib analysis in previous posts pointed toward $123k, which could still happen as it hasn't broken trend yet. But that upside potential isn't really that much considering the gain from $11k when this cycle started. The fib level below would be more attractive to buy.
Psychology
In previous articles I wrote about the emotions and phases of market cycles. You can feel exactly where people are at if you follow social media. There is a sense of invincibility. That 1 btc = 1 btc so price doesn't matter. Total nonsense as it's all relative to what you can buy and 1 of anything = 1 of anything
1. The Stealth Phase: Accumulation of the unknown
2. The Awareness Phase: Institutional investors start to see potential
3. The Mania Phase: Media injections to hype it up.
4. The Dump: Profit taking
Strategies
When someone with resources spots opportunity, efforts are made to maximize it. Tether is born and who knows what other schemes to capitalize on this new asset in the wake of super low interest rates and next to no regulation. Inflows build up the price. Money chases the hype. A Congress member adds laser eyes to their avatar. Companies and countries yolo in.