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802

Some people have been drinking Bitcoin Kool-Aid so long they're starting to suffer from delirium.

Some people have been drinking Bitcoin Kool-Aid so long they're starting to suffer from delirium.

(post is archived)

[–] • 1 pt

Must be the same kind of people that believed it would get to 50k back when it was were a few bucks.

It seems more like a beenie babies situation where it seems everyone is following it closely and buying into to the point where either it becomes a self fulfilling prophecy or it crashes and burns hard because everyone has placed the same bet.

[–] • 0 pt

There are literally no bears in the market to correct and stabilize it, just a bunch of stalwart newbs 'hodling'. What happens when it finally gets a proper test? Flash-crash.

The problem is that there is no stability, and it rose FAR too quickly.

[–] • 1 pt

I don't even think bitcoin is that great, but there are definitely bears in the market. It's a tug of war between the margin longs and shorts. Everytime the margin longs get too aggressive, the shorts come in, borrowing as much bitcoin as possible in an attempt to liquidate the longs. Billions are trading daily in this game, it's a serious business.

[–] • 1 pt

It's not impossible, but it would take an insane amount of money flowing into bitcoin at a steady rate, like $5-10B per week. And for long term holders avoiding an increase in their rate of selling.

[–] • 1 pt

I've cashed out of most of my coins but still holding some. Everything has 10 or 20x'ed so if anyone who held from any time in 2020 or earlier made a lot of money. From here, who knows but $400k this year? I don't see it. I hope we get to $100K and then get another huge crash.

[–] • 0 pt

It's hard to predict anything, but I think everyone who had been in since before 2020 has taken whatever profit they plan on taking. The price is dependent on the demand from institutions relative to the steady flow of coins that miners sell each week (5-10K) to fund operations.

Crypto will probably crash, but not until the rest of the market does. Then the big players will sell their crypto to cover their other losses.