Any OG bitcoiner here who didn't see the Bitcoin Conference 2024 Trump pump-and-dump coming from a mile a way should have your head examined by now.
Any short-lived hype or FOMO "news" is exactly that... short-lived. Always has been, always will be.
Only three mechanisms rule Bitcoin's true price discovery/stabilization anymore:
1. Mining hashrate
2. 200-day moving average
3. Having effects (usually front-ran)
(4. And the float, definitely a factor, but ill-measurable)
All others are short term PnD bullshit.
The pump and massive buying from Blackrock were necessary to keep mtgox coins from destroying the market. Instead, we’re now getting an orderly selloff that allows bulls more time to stop the bleeding. I personally will be looking to buy when we get around $58K with the expectation that September will be a big month for BTC. I don’t see the price dropping lower than the monthly low of $53K this month even in a terrible scenario.