I loved Dec. but now the bear cycle came down on us so fast like an elevator. So what does that mean for the near future are we taking the slower stairs back up for BTC?
I'm glad we had double-digit growth couple days ago, but now it's like so slow and not just busting through $9-$10k.. what the heck BTC.
What are your thoughts, elevator down and stairs up or not?
The price is at its most fundamental decided by confidence in bitcoin. When confidence begins to fall it can evaporate almost instantaneously and in order for that confidence to return it takes time. But when people do start to regain confidence it will again increase at an exponential rate. Some time is just needed before people are confident again that the crash is over.
Elevator is concerned with the confidence, like you have said here. This is true, the reason is simple. Whenever people are getting profits from bitcoins, they start trusting it more and more for such exceptional profit ratios.
But when prices get down for any odd reason, they would be complaining and cursing bitcoins. So going up and down will definitely engage the confidence level of people in bitcoins accordingly.