Everything in the world is subject to supply and demand. It’s 100% certain that at some point - once the incremental demand unleashed by the ETFs abates, and the buying frenzy dies out - BTC will put a top lasting at least a couple of years, maybe even a couple of decades. What we don’t know is whether it will be closer to 85k or 205k.
Thank fucking god a nice little correction FINALLY! We were about to brake Tether's counterfeit machine the way it was going... I love seeing all this deep dark colored red again on the crypto heatmaps.
So we did go down to 59k today. I ain't sure this qualifies as a genuine pullback. I was hoping it would take a few days to get there. But now that it pulled back, this could possibly give an impetus to another leg up. Not sure it will go straight up to 87k-90k as I wrote above, but I'm pretty sure 69k-70k will likely get retested.
I don't believe any of these NFT sales. I think it was already shown that at OpenSea, the number one exchange, there was lots of fake trading. One person can easily do 5 transactions to different addresses that they control to make it seem like there is a market for these things. You buy it at 5 ETH, then another account you own buys at 20, and then a 3rd buy at 100 ETH, and then you list it hoping some other loser buys it from you because they see a "market" for it. When the loser buys it, the job is done, and he can no longer flip it. In other words, I doubt there is any real liquidity for these things. Its the exact same thing with meme coins sometimes. You might catch a good ride and think you have $100k or $500k in profits, but there is no way you can exit this position since there won't be enough buyers.