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RE: Are we on the verge of a prolonged bear market?

in Project HOPE • 3 years ago

Dear @lupafilotaxia

I think we've been in prolonger bear market already. Since september last year. Give it another 3 months and it will be a year already ...

My personal view on current market condition is as follow:

  • when we reached 30k just several weeks ago, I remember saying that it would be healthy for markets to re-test this level. And we did. So I see it as a healthy thing.

Truth be told, I consider current crypto market to be super strong. And pretty much wiped out from so called "weak hands". Even horrible event as War between Russia and Ukraine (followed by global sanctions against Russia) didn't crash the market. It just brought it to 30k levels.

Now as awful and tragic news related to LUNA (which sold thousands of thousands of BTC in their attempt to protect UST peg) also only brought this market to around $30k levels. It seem that every BTC which goes beloww 30k is being "scooped up". And it's only harder and harder to bring enough fear and panic to push more people to sell.

Based on my limited experience: whenever we reach level of total fear, then we're near the bottom.

Cheers, Piotr

3 years ago in Project HOPE by
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     3 years ago 

    Hi dear friend @crypto.piotr

    Certainly the $30K zone has been behaving with a pretty solid support, and it may indeed be a new correction that will last a few months there, more however, the latent risk of further depreciation is part of the fear that abounds in the market, but as you rightly mention "every time we reach the total fear level, we are close to the bottom", is a good way to read the behavior of investors in the cryptocurrency market.

    Best regards, be well.