There are few possible options from what I think.
1. Correction.
As we see on the stock market the prices of the stocks are in a correction phase, just the same as crypto's.
2. Where in the next cycle.
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3. Manipulation.
There are bigger entities than we know that manipulate the crypto, but does that also mean they manipulate the stocks?
Take these assumption with a grain of salt. My plan is to buy more crypto's while they are on sale because I believe in option 2, and we are ATM at the anger stage. It would take at least a few months to see a bull-run if not years. Good luck with shorting the market my friends.
I really hope this is the bottom. We can't really afford to lose any more blood at this point.
The market is on a very risky place already, it already lost so much people while the price was dropping and I am afraid if it goes under 3 thousand the only people who are left will be the fundamentally supportive people like me but we are not a lot of people and we can't really depend on our support to keep bitcoin alive forever.
If the price stays here and goes up we will still be alright but if it goes even lower like two thousand dollars or so than it will take longer to recover. Just from 2 thousand to 3 thousand it would be a fifty percent increase and that is big already, from 2 thousand to 20 thousand its ten times the increase compared to 7 times the increase on 3 thousand. There is a lot of troubles that come with 2 thousand so I hope that we won't see those levels.
I echo your sentiments that we don't need to see another floor price because it's scary and its going to be a long road for a recovery. Imagine a jump from $2K-$4K, that's a big psychological barrier to overcome. Right now though the price seems to jump to $3500 so we have something to cheer but still we can only hope that we don't see that dreaded $2K in the next coming weeks because that will really spell disaster for all of us.