bears will buy back after they see nothing happens on the 31st
What bears? Although price has slid -20% in 3 weeks with no sign to the better, the bear camp is almost empty. Imagine the hooray from bull camp if the price had gone up this much in this time..
This way you know the relative numbers of each.You're delusional. The bear camp is way bigger than the bull camp right now. Mainly because of China and the Jan 31st deadline.
Well most people I know who are into bitcoin are at least 50% in fiat waiting for the whole China thing to pass. This may or may not be representative for all bitcoin holders and traders but I do feel that this is the general sentiment right now. I'm not claiming that bears will panic buy immediately when nothing happens after the 31st, but I don't think this whole consolidation period will last longer than a couple more weeks at most. We'll see.
Then tomorrow and the 31st should be interesting. There may be some people that decide to jump in before others and buy because they realize that the price is not dependent on China at this point. I think that those that wanted to get out of Bitcoin in China already have. We saw a big drop after the announcement of the 31st deadline so the price has probably already been factored in for that. Now we are in a state of limbo because of all of the talk about the the price dropping but most people that believe in Bitcoin want coins not fiat in the long run so they will have to buy back at some point.
There are those that are now perfectly content "cashing out" of course. The earliest adopters here are in a much more comfortable place then us "late comers" but patience is a virtue. I have come to realize that it is so much easier not to panic the longer one is in Bitcoin. We have seen the ups and downs and have realized it all works out in the end.
