The market rose slightly yesterday, providing some temporary relief; however, the parameters or indicators that it may fall further remain, and if you pay close attention, you will notice that this type of back and forth movement has been occurring for more than two weeks.
However, I do not believe this is entirely bad. Prices rising only to fall again may be frustrating, but it is preferable to having only downward movements; it provides the illusion of hope that allows people to remain calm.
Trust me, calmness in a bearish market is a virtue.
It is difficult to remain calm, but once you do, it is a virtue that protects you from making rash decisions. So, basically, I do not think the dip has ended. BTC may test 52k, and it is unlikely that it will reach 60k in the next two weeks; however, we all know what this means for altcoins. However, the fact that it recovers after inciting a massive storm of fear is critical for people to keep their sanity.
Little Recoveries, Good Remission
Let us look at it this way. I have relied heavily on blood and urine tests to determine how well or stable my condition is. Typically, I use blood and urine tests to determine how well the medications I am taking are working. Now, this does not imply that the underlying conditions have been eliminated or cured; rather, it means that I have achieved partial remission, which allows me to live a normal life without complications from these conditions.
When managing a chronic condition, the goal is to ensure that the patient is stable rather than seeing a decline in their test results.
The crypto market is currently the same.
The dip is chronic; it has been present since April, following the halving. Many analysts believed that the BTC spot ETF would signal massive gains for cryptocurrency; they were not wrong, but they were incorrect about the immediate and chronic corrections that have been occurring for more than three months. Price fluctuations elicit emotional responses from people.
A Floating kite, A Falling Knife
When things are going well, people believe that they will never be bad again, and when things are bad, they believe they will never be good again. When it comes to money, emotions are involved. Many people cannot afford to lose their cryptocurrency investments; they will be ruined, and just knowing this can cause depression.
It is also true that when people make massive gains, they are on top of the world, but instead of taking profits and planning for the bear market, they don't, and they end up squandering their opportunities.
It is ingrained in our DNA; sad and happy times cause us to make mistakes in the opposite direction, and it is often difficult to cultivate the discipline required to do what is right.
Chronically Bearish
As I previously stated, the market's condition is chronic, and these small recoveries following a massive dip indicate that we are still primed for a bull market when the time comes. What do I mean when I say that history remains on our side? The market is still on track, and there is no reason to be concerned about whether it will remain so until 2029.
These events are expected to occur. Nothing has changed in crypto, not the evolution, but the way the market cycle occurs. The only difference is the spot BTC ETF and increased government involvement in crypto. However, I do not believe these events will change the pattern of the market cycle, at least not right now.
Take comfort in the small recoveries here and there, because the market is still chronic, but we will hit several remissions along the way to the peak of the market in 2025.
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I agree, I think this is a dead cat bounce over the weekend. When the markets reopen, we could see some more liquidations of lettuce hands. We all know why the government of Germany is selling, but all at once is a big bite for the market to devour. However, be eaten it will and we are back off to the races. Those with a high time preference will get wiped out as usual and the game continues.
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Yeah, I talked about the German government selling BTC yesterday and it's probably the wrong time to be doing all that dumping, it's scaring people a lot and it's probably the genesis of the fear in the market. Altcoiners are even affected more than BTC maxis. It's what it is, I'm just anticipating more dumps though.
Thanks for the curation
It's just a cycle for anyone who is familiar with market movements. From the little I can predict from the charts BTC is showing a short-term bullish sign and may climb to $62-65k between this week and the next. A more radical analysis says anywhere between $70 & $80k. Personally as a chartist, I think I may be able to see the sign that starts the bull market, it will be there on the charts. Though fundamental analysis over all. Thanks for writing. Happy weekend.
There are many people predicting stuffs about BTC, but personally I feel a lot will not happen till 2025. The market will definitely recover but nothing too spectacular until next year
!discovery 25
Thank you 🙏
I agree that the market is chronic. It moves up and down without a care for what we want. There is no point in worrying about something that you can't control. It's why I try to avoid prices unless my alerts go off.
It's unbelievable that we're in this spot, but it's actually what it is. It feels tiring to be here, but eventually it's as you've said, there's no need worrying over it..
I hope the next tests come out good!!
I'm expecting a rough summer in crypto, ever since BTC became popular with investors there are stop loss orders that go through on any drop over 5 percent. Part of the fun on crypto! I'm just hoping we don't see Hive drop below $0.15, but anything is possible...
!hiqvote
I think Hive can still drop to 15 cents, if BTC hits 50k I think. However, that might just be the lowest of the lowest. Even at 7 cents, hive still went up to 3.4 in the last bull run. The market is wild.
I'm not going to be running any tests until I have the money
Lets' hope for the best... It's too bad those tests are so expensive...
Greetings @josediccus ,
Lovely write up of the current market....thank you!
It has a way of keeping us on our toes.
Cheers, Bleujay
Thanks for reading ❤️❤️
I have read a lot about the behavior of crypto after halving... before then, I was demoralized but not anymore. I am holding onto patience as a virtue in this crypto space cos one day, the market will go green again and for now, I will remain consistent with what I do
It's going to be in 6 to 12 months time and it does seem far away but it actually isn't. However between then and now a lot of people will no longer be in the market anymore.
The examples you give can make the reader understands very well about the world of crypto. Thank you.😊 Anyway, it's fine with me, since I believe that patience is a virtue too.😊
Yes, patience is a virtue
Agree sir. 🤗🤗
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Well, the market is not entirely bad. We’ve had bad dumps before. There was even a time that the Luna market crashed totally if you could remember
This is a normal period in the market
We’d surely pick up!
Great insights brother. Staying calm and patient is indeed crucial. I believe the market will recover eventually, just like it has in the past.
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