Re: High tx fee has historically marked the sell-off. Is this time different??
I've always seen that whenever the bitcoin tx fee soars sky high, it marks the beginning of a new sell-off cycle. Are we going to repeat it again this time? Who is to blame ? Pepe sh*t ? Ordinals ? Check the image below for reference. I'd like to know what ppl think about this.
A careful examination of the chart above will show a tactical spike in transaction fees in the first quarter of 2018. This was accompanied by sudden sell off. While I will strongly attribute this as a result shaking faith in bitcoin. But 3yrs later in the second quarter of 2021 same scenario happened with much more advanced effect which I can also attribute to the aftermath of covid-19. Down to 2023, and using myself as an example. I haven't made any bitcoin withdrawals since this high withdrawal fee and it therefore means that this mempool congestion does not encourage withdrawal, so why will the price go down?
Ok! It might be as a result of people converting bitcoin to altcoins in exchanges before withdrawal.
Meanwhile, we have nothing to fear hence bitcoin hasn't crossed the super support which is $25k.