Sunday musings...
Most people right now:
they don't believe in bitcoin
Well, more for me, then
#haiku
It does seem like the market is getting a little exhausted. I think the folks who got in at the bottom have likely all sold now. I’m not sure where the increased selling is coming from that’s holding the price down still. I’m not sure how much longer this will continue, but I definitely don’t expect it to remain a trend after April of next year due to the halving.
The selling is coming from people who bought around $16k and around $24700 and have waited so long for a breakout that is not coming as expected. Bitcoin took some lows(liquidity) around $24700 and by expectations from technical stand point, that was enough fuel to see Bicoin hit the $36k region. But as that have not happened and Bitcoin continues to compress in the ascending triangle, some people are giving it a second thought that maybe, there will be another appreciable down move before the much expected bull run.
While there is sense in this, there are chances that it may not happen that way. It is possible the present reluctance for expansion might just be a way to test the patience of holders and wear the weak hands out.
In my opinion, I don't expected any deep drop in price anymore. That era is gone and soon volume will begin to increase as well as the price.