Rejection at $42k will be the final nail in BTCs coffin
Weekly chart.
The BTC block chain is barely being used anymore. People have moved on to faster blockchains with more usability. Do you think they will come back? I think not
So the network effects have gone elsewhere and the halvings on BTC will start to work against it because fees are supposed to pay for proof of work but you arent going to have much transaction fees when you dont have many people transacting so you arent going to have much security.
Of course you can buy and hope these users will show up in time, but why would you risk that? We are not living in a time where its time to take risks in the first place imo.
The BTC block chain is barely being used anymore. People have moved on to faster blockchains with more usability. Do you think they will come back? I think not
So the network effects have gone elsewhere and the halvings on BTC will start to work against it because fees are supposed to pay for proof of work but you arent going to have much transaction fees when you dont have many people transacting so you arent going to have much security.
Of course you can buy and hope these users will show up in time, but why would you risk that? We are not living in a time where its time to take risks in the first place imo.
Comment:
Bitcoin blocks are almost empty mempool.space/blocks
Comment:
Yellow line = closing price
Grey stepping line = Closing price of previous year
Grey oscillating lines = highs and lows
Volume * VWAP = Volume in USD
Grey stepping line = Closing price of previous year
Grey oscillating lines = highs and lows
Volume * VWAP = Volume in USD
Comment:
Why is the scale on the left? Because i want to avoid "tunnel vision" on the right side of the chart. I want my eyes to travel across the price history when checking the price scale.