Thetownend.com

Not really got into crypto but fascinated by the current downward trend…

I guess we are going to see the switch from people having too much spare cash and investing it something that doesn’t physically exist, to one where they need the cash and realise they have invested in something that doesn’t really exist..

A bit of a modern days ‘emperors new suit’

.com all over again

I must say that I've pretty much expected Samdy to smugly bump the other crypto thread every day this week! Impressive restraint.

Where’s drummerboy when you need him?

(https://i.imgur.com/p2UFUY5.gif)

I'm here :D

It's an interesting retracement but at the slow speed that we've peaked and then the fast retracement. The market has a lot of the hallmarks of a bear market but still not convinced 100%. However, if BTC has entered the bear market in its normal cycle, this retracement level isn't unusual in reality. Yes, BTC has failed to hit market expectations so far, Russia invading Ukraine has killed bullish momentum compounding the unprecedented economic impact from COVID now starting to bite hard. We've had a massively delayed recession and all of the chickens have come home to roost. But let's not forget that markets are bleeding everywhere (apart from Oil, Gas and Pharma), and all tech stocks are suffering too.

Everything that is being said about cryptocurrency right now is repeating and rehashing everything people were saying in 2017. In 2017, we saw nearly an 85% retracement in comparison to right now sitting around currently at 75% pull back.

Am I worried? Nope - I'm still in profit ;) But if I hadn't just come back from 6 months travelling around South America and didn't want to move house in the next 6-9 months - I'd be pouring my money into crypto right now and tripling down. Africian and South American countries are primed for crypto adoption, China has already got a CBDC, the UK has formally launched the development of its own crypto CBDC and the States are rapidly trying to catch up. So whilst the price is crashing, what are the whales doing...? Buying everything. IMO, we're now transitioning from retail investors to institutional investors owning the BTC space. Sell now and I still believe you will end up drastically.

Maybe I am reckless? Maybe I'm clever? Maybe I'll be lucky or unlucky? Who really cares? But if I am right, I won't be here gloating about it. The invitation is always open, no matter the market price, if anyone wants to chat about anything crypto, happy to talk all day about it. :)

I’m not convinced whales are mopping up -  I think this is the story the crypto investors are selling to each other as they ‘mop up’ still falling BTC, Whales are equally off-loading.  At some point it will stop falling but I think there are too many people in your position right now who see the value of the cash over speculation/risk/investment in Crypto.

I don’t think this has bottomed out…

I don't reckon it's bottomed out yet either. I managed to get out before losing anything so will try to get back in at the bottom this time.

There was one earlier today, Farm, which was up 1,341%. 5 minutes later it wasn’t listed at all.

I don't dabble with the little ones, too many rug pulls

I bought nearly 6 million Shiba Inu!

I’m inclined to agree on the bottoming out and think there is a good chance we’ll see it $14k before we’ll see a recovery, especially considering the macro environment, hitting that 80% retracement but then the market does the opposite of expectations and always catches retail investors out..

Suggestion with on chain data that whales are selling the news and buying OTC. Going to be interesting to watch it play out