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.
That would be a long time to stay in the "don't wake me up" zone of perhaps $25k to $35k.... which more specifically would be an additional 8 months... and we have already been here nearly 5 months,. .. I am not buying it. 13 months? Not buying it. Not buying it.
In udder wurdz, the odds don't seem to be very strong for such a scenario of continuing to stay in this "don't wake me up" zone for a total of 13-ish months... what are we going to say? less than 15% odds for such a scenario to play out?
in udder wurdz, why give such a minority scenario so much attention?
Maybe I got those odds wrong? Perhaps? Almost anything is possible.
I think the current market condition is more of a game of psychology and require same to understand. Bitcoin broke structure to the upside around $29,555 zone, with huge buy momentum. This mean the market is a buyer market with protective stop around $28,539. So, the retracement is to make people who got it right doubt their decision and to accumulate more orders before we see the rally that will take prize first to around $33,000 as first target, thereafter other higher prices will follow.
Those who already got in earlier are lucky as we will see good upside moves very soon ceteris paribus.