Oh, Wow! What a Bull Market, Huh? 😀
People who love roller coasters probably enjoy this feeling a lot, right? Wait for it... wait for it... and down we go! With wind in your face, stomach in your throat and chirping like a bird... or not! 😀 Never experiencing a physical roller coaster in my life, I'm not exactly sure if those screams are out of pleasure, fear, or both.
But with so many roller coasters in our lives, I can't imagine how those people stay in business. All we need is a fan, to feel the air in our face as we experience the roller coasters... Ah, there are also the gravitational forces. Not as easy (cheap) to simulate those, I believe.
Anyway... I bet most people aren't very comfortable with recent market action.
Those of us who have been through this before look at it with different eyes, but... let's be honest, despite all that, we still feel the roller coaster. Yes, maybe we have a long term perspective. Yes, maybe we see the continuous developments and expect them to have an impact at some point. But very few can become immune to market fluctuations, especially if they have significant crypto holdings and maybe not as much on the other side.
I am still surprisingly calm about the whole thing. I've seen this scenario before, but it's still not easy to see HIVE, for example, drop from a relatively solid 30 cents support to below 20 cents now. I don't think many expected BTC to go below 58k either.
The problem is, on the short term, we will likely see the market dip further because major supports were broken (for Bitcoin the range was broken down, for HIVE, it went below 20c), and that often means on the short term the movement continues until a new support is found (or until the former support, now resistance, is recaptured).
Be prepared for such a scenario! Despite all this, we are still in a bull market. History is our ally, even when our senses may tell us something else. I bet those strapped in their seats in a roller coaster may feel they will keep going down. Of course, for them everything ends in a few seconds, at most. And then another hill is slowly climbed.
Where history doesn't help is to have a precedent of a crypto bull market during an economic downhill. Bitcoin was born after (or as a result of) the previous major financial crisis. This is a premier and we'll have to see if anything will be different. So far, it may feel different. In some cases, it may even be different. But the cycle haven't ended so we can draw some conclusions. Luckily, parts of the tech sector (AI, robotics, chip production, etc?), to which crypto relates the most, are still booming.
Anyway, when you're feeling kind of blue because of the market action, look at this chart (it's on logarithmic scale, to better see percentual growth):
Second, post-bear year is not over yet. See how all of them ended so far.
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A lot of people have now ran away from the market because they seem not to be able to cope with the current situation on ground
It’s normal for people to panic especially the newbies😅
That's true. We can see on Hive too, less activity. But we can't really tell if it's the market action or simply... summer and early vacations.
To be very honest, I’ve not been through this before. I’m actually panicking but my friends are actually calming me down telling me that’s how the crypto world is so I’d just keep going with the flow
It's good that you have friends that have been through this before and that can keep their calm and share their tips with you. Most people aren't that fortunate during their first cycle!
BTC will crumble more in the coming weeks sadly. So it's safer to buckle up and expect the worst. When BTC reaches $55k or lower maybe the market will start recovering. Let's wait and see. Thanks for writing.
Yes, it is likely to see BTC going further down until it finds support. That is unless it bounces off MA200.
I thinks the screams are both out of fear and pleasure, perhaps more of the latter when we're at the top and the former when around the bottom. It seems the post-bear period will last for the most part of this year, which is quite reassuring to me because there's still some time left to accumulate :)
Yep, that makes sense! Although I'm pretty sure there are some, but not many, who love it all the way down. The same category that love piloting fighter jet planes, for example.
That's great! Love this attitude!
Things are looking pretty weird hahahaha. It's understandable to feel uneasy, especially if this is the first rodeo. Hang in there brother and hopefully, with time and advice from your friends, you'll find your bearings in this roller coaster ride. I'm just staring at the Hive value now crossing 20 cents hahahah
I'm ok, crypto-wise... Frankly, I have more important stuff to deal with than Hive or crypto these days.
Yep, Hive around 20 cents is an excellent price to have joined the platform. When I joined the legacy chain almost at ATH, it was 4$ when I first purchased some.
Wow at 4 dollars really good growth from there
From 4$ to 20c, not much of a growth... But overall, there were various earning opportunities on Hive and they compounded over time.
Yeah it was pretty much weak sarcasm for me .... At least there's some progress brother
I didn't catch your sarcastic tone, but well... shit happens. 😆 I didn't buy much then. Most of my Hive holdings are earned over time.
Shit happens indeed brother hahahahahha wishing for the best for you
Nobody knows how the market will move and I agree that the bear is not over. I still think we will go lower but as for how long, I am not sure. It makes me wonder just how much the ETFs will affect things.
The ETFs affect things in both directions, especially retail, which is the majority in Bitcoin ETFs for the time being.
I remember the end of the last year and how we were planning to accumulate HBD in 2024, as that will be the year for doing that! It looks like we have another year for HIVE accumulation and HBD will wait... :)
Yeah... I'll have to decide if I want to give up my 52-week challenge and buy HIVE or not, and if yes, when.
I won't exactly begin to fault Hive, BTC has been plundering recently and we had the Germans are doing a lot of selling and all that. I think that people are mostly calm because it's either that or they choose to lose their mind
I read some news about this today, but if 17m worth of BTC is all they sold, then this is just FUD. Mt. Gox is a different deal, we are talking about 2.7bn USD worth of BTC, if I remember the number correctly from what I read.
I heard of mt Gox too, after 10 years, definitely people are going to want to sell and I think it's a really difficult place to BTC at the moment
I also think so. The majority will sell. Maybe not everything, but a good part of what they get back.
The majority surely will, it makes me think how low BTC will go, the thoughts is really scary.
There will be buyers too. Back then, bitcoin holders were mainly retail. Nowadays, corporate or state entities became interested in accumulating. and they likely will.