we haven't returned to the mean, we've definitely passed denial, well my word boys I think we've returned to normal. Good luck in the coming days on the way to 100. Think about it, capitulation would require a number so ludicrous that the general autistic masses would NEVER EVER believe it. Tether up now
we haven't reached despair yet
It's the first sell off you retard
>look mom I posted it again
Vast majority of btc holders aren’t even moving their funds or selling, just weak hands getting rinsed out. Selling pressure is over now.
Institutional money hasn't even begun flowing into crypto so I think we still have time until a complete meltdown like the dotcom bubble.
The funniest thing about this chart is its supposed to take place over many years, not 2 months. This is a single, short term retracement from a massive run up. BTC is still what, 1000% up YoY? And 70% drop from ATH is not a fucking bull trap dip, lmao. This is the first sell off at worse, and probably more of a retracement during take off. Total crypto will be $10-20T at least in the next couple years. Anyone who doesn't have at least some stake in this is going to want to hang themselves in a few years. Literally anyone with balls and fortunate enough to understand crypto can simply choose to be a millionaire today.
True, but only with the right investments.
Bro we in the bull trap right now. The ride ain't over.
Someone didn't buy the dip, eh?
If we were in the "return to normal" bull trap then wouldn't that mean the current bull trap would have to see a 4k+ uptrend in the upcoming days because we've already had something that resembled the "return to normal" bull trap back from like december 30th to january 8th.
Thank you for bringing this point up user. If people actually think we're going to fly down and stay in a bear market for 2 years again is retarded.
Anyone with half a brain and is somewhat aware of how big this tech is most definitely keeping their coins. time moves like triple speed in crypto, this "despair" we're in will be over in 72 hours MAX.
I think that people just identify basic patterns in the charts, and try to assume they repeat. They don't account for the fact that the patterns (if they even are repeating so clearly) can be accelerating dramatically.
I suck complete balls at this crypto game. I don't even know how to mine.
You can give me 5 million buttcoins and I'd still manage to reduce all of them to 5$ somehow.
>9 years since creation
The thing is, the majority of people with coins don’t understand the. Most value in the market currently is just speculation.
I mean ffs bitcoin is supposed to be "digital gold" yet stock took a big hit and bitcoin just ranked far far more.
Just look at the marketcap of some of the bullshit coins out there, or even dead coins. Look at what happened with bitconnect. There’s a lot of dumb money in the space hat can be shook down.
Theoretically we could easily keep going down until gpu mining isn’t profitable, which I would certainly like to see. I think crypto as a whole is overvalued, that said there are definitely some coins that are hidden gems
7000 isn't a return to normal from a crash from 20000 to 5900 you absolute fucking retards
What are those hidden gems if you don't mind me asking...
no, we're at a temporary lull in fear
return to normal was 13k, when altcoins were mooning because we thought BTC had returned to normal
you can obviously see fear is still in the air, look at how bears are attacked
that's what people said at 10-13k as well
There is still selling pressure from people who overextended who have to cover expenses, investors who have to sell BTC to cover margin calls on the traditional stock market, traders who have to sell BTC to cover taxes based on last year's BTC price, etc
everyone knows cryptos move much faster than traditional markets
I've been flipping with a small amount of my funds, but most of my net worth is in fiat right now. I'm waiting to buy in during the first dip after we break the downtrend rather than try to call the very bottom. That is because I'd get another 10x from a bull market so I don't mind missing out on some coins, but being stuck in one of the many bull traps so far would reduce my ability to buy near the bottom, which could be as low as 2k.
This is denial
Whole crypto dropped from 880b$ to 300b$.
We are in Fear to capitulation phase.
Despair is when BTC is around 1.5-3k$
The major Norman greed started about 8k actually after bitcoin quickly doubled from 4 to 8. The return to normal is also around the greed portion on the chart.
The return to normal was when we dipped to $9k then went up to $13k. We are either at the mean or possibly even below it. The despair phase was yesterday.
Arpanet was created in the 70s and TCP/IP in the 80s, well before the eventual peak of the dotcom bubble in the late 90s.
This bull trap is the last warning for the idiots unwilling to sell 'high' while they still can. We haven't even begun the capitulation yet.
We aren't anywhere close to the mean yet, BTC was only above 10k for 2 months and has only been above 5k since October.
Just wait for the chinks to release news that mining is banned effective immediately.
>implying the mean goes in a straight line
Once we shot up to $20,000 the mean was also boosted. The mean doesn’t just steadily increase as shown in the OP pic and the graph in your mind.
I doubt this is the end of the crash.
I predict a mean around 4500-5000. It will dip lower before that, though, in the despair phase. I want to buy back in around 5000, though I might wait and see if it really goes down to 4000.
The fluctuations we see now, the ones that makes everyone cry moon, are all natural and part of the crash. Take a look at the 3 month charting, and there's been wilder fluctuations than what we've seen so far. It went to 9750, then up to 12750, and down again.
It's not like I have a lot riding on this, it's still interesting to speculate though.
let the neets kill themselves, though.
This is incorrect. Traditional market cycles take years to play out because trading is only open Mon-Fri, 10-4pm. That's 30hrs out of a possible 168 hours in a week.
Cyrpto trades 24/7, no market close, no sleeps. So in general it moves at around 5-6x the speed of traditional markets. So a cycle that would take 2 years to complete in old man stocks, would play out in around 4 months in crypto.
So a 3 month BTC correction would be the equivalent of a 1.5 year market crash.
>mining is banned
so, it's illegal to play video games?
or just to run a certain .exe? because that's hard to tell. how do you know if they're mining?
Bitcoin mining isn't a ton of people mining on individual machines, its warehouses of ASICs chugging away consuming absurd amounts of electricity, it wouldn't be that difficult to detect.
ok cool but what about uh GPU mining since if bitcoin mining is banned then they're just going to mine it via proxy from selling shitcoins/hoarding coins
You think bicoin has value for no reason? the miners will move, adapt, and change algos or hardware if need be. its amorphous.
ban bitcoin mining? once again, how exactly do you know what they're doing on their CPU as they're doing it? you may blanket ban the sanctioned CPU megafarms, but experienced hobbyists can still setup networks of their own.
ban GPU mining? refer to the above. how do you know if someone's playing a vidya or running skunkhash?
you're speaking in terms you think you understand, but refer to an industry you don't and technology you can't understand.
we dipped a bit below 200-day moving average, for a day, now returned and sitting right on it. literally return to mean.
That's not how the market works you dumb fuck, everyone isn't just gonna buy today and become millionaires.
Kek you're a meme op
Chinese are building mining farms in Canada where electricity is cheap and abondant. We won’t ban mining here.
If bitcoin mining is banned in China people chinks aren't going to start GPU mining, you'll just see the next cheapest place with electricity become a mining center. You'll still see the market go down heavily off that news though and the precedent it sets by it happening at all. Not to mention that it makes it much easier for a major actor to launch a 51% attack in the interim.
>Winklevoss twins own one of the largest bitcoin wallets
>Institutional money isn't in yet.
The 100 week average is at 3k and the 200 week average is at 1.7k. Even the 50 week average is at 5.3k. We still have quite a while before "return to mean".
Denial isn't just a river in Egypt.
>individual chinks communicating in the bitcoin protocol with a mining pool server
yeah, that's banned too
this is the return to mean you autistic fucks
didnt address anything i mentioned pertaining to domestic miners and you just saying
>chinks aren't going to start GPU mining
is the stupidest thing I've ever read.
but i appreciate you also mentioning the next thing; the miners can just move to another place too! wow, amazing, almost as if a ban has no real effect except forcing investment out of the country :^) something china doesnt do.