I don't think we'll see a "6 months of drought" scenario... these scenarios have happened to bitcoin in the past, but there's so many people getting into crypto...
plus, instititutions.
It just doesn't rhyme.
But with the lack of faith right now, it's still possible that we get another reaal dip, w came from 19k down to 11k, that was $8000 - form 14k to 8k would only be 6.000, nit that bad. But of course most alts would initially suffer...
In the end, Haejin is right. It's a healthy correction, at least for Bitcoin. If everybody just stayed calm, it wouldn't be a problem and when it's over, we would be rising again.
However people are anything but calm, and there's quite a few, likely less here but elsewhere, who came into crypto on advice like "buy this, it's hot!"
Binance registers 240k new people in one hour, others 100k a day, that's still crazy...
So things are a bit more complicated than usual.
I think many of these folks are still transferring funds and waiting to make a decision...
Cool. Thanks for your extensive explanation. I just got started not long ago, not knowing much but i jumped in it to learn as I go, since no theory is worth much without experience.
I'm not the panicky type and I believe in the future of crypto because of the value they bring. But for me I think it was a mistake to jump in on random coins posted by haejin predictions and now being bit skeptical of it because of all the red numbers.
I believe for me a much better choice from now on will be matching fundamentals with TA, just for the ease of mind and confidence that I would have when the market looks shaken.
I don't think we'll see a "6 months of drought" scenario... these scenarios have happened to bitcoin in the past, but there's so many people getting into crypto...
plus, instititutions.
It just doesn't rhyme.
But with the lack of faith right now, it's still possible that we get another reaal dip, w came from 19k down to 11k, that was $8000 - form 14k to 8k would only be 6.000, nit that bad. But of course most alts would initially suffer...
In the end, Haejin is right. It's a healthy correction, at least for Bitcoin. If everybody just stayed calm, it wouldn't be a problem and when it's over, we would be rising again.
However people are anything but calm, and there's quite a few, likely less here but elsewhere, who came into crypto on advice like "buy this, it's hot!"
Binance registers 240k new people in one hour, others 100k a day, that's still crazy...
So things are a bit more complicated than usual.
I think many of these folks are still transferring funds and waiting to make a decision...
Cool. Thanks for your extensive explanation. I just got started not long ago, not knowing much but i jumped in it to learn as I go, since no theory is worth much without experience.
I'm not the panicky type and I believe in the future of crypto because of the value they bring. But for me I think it was a mistake to jump in on random coins posted by haejin predictions and now being bit skeptical of it because of all the red numbers.
I believe for me a much better choice from now on will be matching fundamentals with TA, just for the ease of mind and confidence that I would have when the market looks shaken.