Today something dawned on me:
We can actually start seeing signs of "sellers' exhaustion" in volume and price action, but what is fascinating is that, different from the previous cycle, there is no sign yet of "buyers' appetite" re-appearing correspondingly.
Despair
Don't think so. "Apathy" is more like it, imo.
I think a lot of people are getting tired of the bullshit... and probably thinking that BTC prices should be more in line with the fundamentals.. in the $750-$850 arena.
I think it is driven more simply by speculators, hodlers and commerce. Speculators are here to make quick flips as it has shown due to the exciting new realities that bitcoin provides or many tout will provide. This new unknown is bringing waves of people that naturally force prices higher and even more so during times of extreme buying pressure.
Now as of late with lower volume and uncertainty coupled with an increased use of btc as a medium of payment @ online retailers and brick and mortar shops we're seeing an increased downward pressure, this isn't a long term issue as we're currently seeing the early adopters buy goods with their stashes instead of converting to fiat and then buying said goods. Not to mention the odd lambo and real estate sale.
So in conclusion there's going to be dips, there's going to be rallies till speculation isn't the leading factor to price discovery