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The Question now is:
Do you think that we will see a $70k BTC price or we likely going to see a decline in the price in the short term basis?
Just for context, Bitcoin didn't even reach the $65,000 price range again ever since it happened in the first weeks of August (2nd of August to be exact), and Bitcoin reached $50,000 once (even went below it for a short amount of time) during the 5th of August.
With more or less 4 days remaining for the month, it's pretty obvious that Bitcoin reaching $70,000 will not happen. What I expect is that, it will reach that price during the 4th quarter of the year. Historically speaking, Bitcoin is performing well during the final 3 months of the year especially during the month of October so I guess we will see the same this time.
Weak hands should really think about what they are trying to accomplish by investing in this market, after all the movement that had bitcoin reach a price close to 50k not too long ago is not exceptional at all, as we see movements like that all the time and we will keep seeing them on the future as well, so unless they can accept this is the reality of this market, then they will keep selling their coins when that happens and losing money will be inevitable for them.
Why are we blaming only the weak hands? I mean do we consider those who want to sell their Bitcoins "weak hands" as well?
What if for example, I'm a long term holder of Bitcoin and I want to sell it at $50,000 but my buying price is around $10,000? Am I one of the "weak hands" investors then? I don't think that only these kind of investors are to blame when a huge selloff happens. Let's also include those who also want to take profit at that price as well for some reasons.