Everyone here likes to "hodl". It makes sense. Bitcoin has spiked before and provided investors with 10x return or more, and then proceeded to talk 50-80%. This is normal bitcoin behavior and seems to happen again and again, and it always seems to recover and bounce even higher. From that perspective, I totally understand people wanting to remain steadfast and hodl.
That being said, it is now over. Bitcoin is done with this pattern and will not spike again like it has in the past.
The landscape for crypto has fundamentally changed recently. Bitcoin used to be the only option for many people to invest in crypto. The reason it would rise is because there was a large, untapped population of investors who were willing to log into Coinbase and invest because it was very easy to do, and there was a lot of money to be made. Now, this is being spread out among altcoins. While bitcoin itself is championed as being this great deflationary currency, ironically, crypto as a whole is infinitely inflationary as more and more alt coins are created, and made easily accessible on services like Coinbase.
Previously it was one choice - you log into Coinbase and you buy bitcoin. Now it is 4, and this number will only rise. This, on top of government threats, and technical/scalability issues with Bitcoin, are why this pattern is over.
I do not expect Bitcoin to ever set a new all time high again.
thank you for your post. posts like yours are telling me that bottom is getting close. the number one crypto will never go up again because of... ...other cryptos? what you are forgetting is that every new alt coin is not only competing with bitcoin, but also with every other alt at the same time.
its happening mate,look at the market now everything comes to green,early today its all blood in the market,so im pretty sure this is the start of the recovery that we had waited for how many weeks.lets all pray that this trend will continue until the target price for bitcoin achieved,even if not the $20,000 atleast $15-17,000 is enough for