I think Goat called it when he observed that the bull run isn't over, it is just being throttled by fiat constraints.
So lots of people are waiting on bank transfers which is creating a huge influx of money?
I think this is an oversimplified view of things. More money is coming in, but people are also getting nervous and jumping ship the longer this thing takes to get moving again.
Furthermore, a lot of people who sent their money in to exchanges may change their mind now that the rally is over and things are slipping.
I'd be pleased to see another move upward but I have no expectation of that.
Agreed, it's not this simple. Of course the bubble didn't run out due to lack of fiat! People need to have logical consistency. During the rise everyone was proclaiming "We can't crash, there are too many exchanges, they can't all fail!". Now the same group of people are shouting "All the exchanges are out of fiat!". It doesn't make any sense.
Look at China: Fiat to the exchanges in under 5 minutes, but buying is subdued. The crash isn't because of "lack of fiat", it's because "areyoumotherfuckinginsaneitjustrose1700%"!
Boring period incoming. Thank Bitcoin -- chance to focus on your family over Christmas instead of checking the price every 20 seconds.
This is it guys. ^^^^
I've been saying that since we reached the old ATH (266) we were at DEFCON 1, DEFCON 2 started at 2X, and DEFCON 3 was when the whale thumped 900 in our faces, and it still plays out into the blood on the street, that, really, is only *just* beginning. I studied the shit out of the trades in April, knew the patterns, and slept *very* little in the last several days, sometimes getting multiple texts at 2, 3, and 4, and was up by 5 the last 2 days. I've probably checked the prices, on average, every 6 minutes of being awake. DEFCON 3 is only 3 or 4 days, and the whole parabolic cycle (20-40 days) is just exhausting.
What did I learn-- that trading is fucking tough; yeah, I made some money, but I could have done a lot better... wait for it... if I had just bought and held. Perhaps, I, too, will pass through the circle of fire that is n00b.