Price of Bitcoin has crashed. It is more than 30% lower from the ATH and while some are still positive and thinking that buying the dip is so important, advertising this and calling everyone not buying a moron, we are still at the latest stage of the 2020-2021 bullrun that has effectively ended one year after the halving.
Even though Bitcoin has a small chance of recovering, at this point I think that the bear market is innevitable. Within my articles I used limited charts as this kind of information is easily disputed and only provided the real arguments, those that point out the reality of the situation we are in.
In this article: How to spot a bubble I gave away free information why the crypto market was in a bubble and very close to the top. This chart was posted right on the top, at a Bitcoin price of $60,000. Those were the days, huh?
The main indicator was the market capitulitation, when the Cryptocurrency total marketcap reached higher than the whole banking sector of the United States. Pretty impressive, but also very dangerous entering any cryptocurrency right there.
I've also explained where I thought the market was hanging on the famous bubble chart.
One month ago, we were at the euphoric state of delusion and what the chart suggest as "new paradigm".
For the time being we are in the "denial" stage, we will find the bull trap next, where even more billions of dollars will be trapped, and a small recovery that won't last.
A return to the normal could be a price of $55k, however, this may be skipped now, because we have already discovered a return to normal once, at the price of $59500 where Bitcoin was denied.
Since the Elon Musk's change of attitude towards Bitcoin, it is very possible we are in "fear" phase right now, and price will just dive for many months or years until the bottom is found.
Tether is still a decisive factor. It keeps supporting the price, as Bitcoin is nosediving into despair. In an article I posted again a month ago, I explain a lot about the Tether mechanism and how it is used to support Bitcoin in many ways.
Tether was at $44B marketcap at that point, and now it is at $66B. 22 billion dollars more have been printed to keep supporting the failing price of Bitcoin.
BTC is over and Tether is printing to avoid complete anihhilation of price. As Vitalik Buterin described Tether, it is BTC's ticking time bomb, that has recently increased the ticking and soon it will all be over. Tether won't last the bear market and the mechanics that support the price to be pegged to the dollar will collapse, as well as many exchanges that are depending on it.
I've written many more articles, as the signs kept coming and eventually I wrote this one: The Final Bitcoin ATH .
I am a cryptocurrency enthusiast and not a Bitcoin holder or user. I don't think Bitcoin has any potential and whatever it does is only based on some kind of dubious narratives that it will become an asset to challenge gold. With the next maximalist narratives it could become digital diamonds and it can then pump again during the next halving.
But as I explained in this post, this will be the final Bitcoin ATH. The bear market will change everything, all the charts pointing to a million dollar BTC will be invalidaded and investors will start funding those cryptocurrencies that work, like Bitcoin Cash.
$65,000 BTC is the absolute top, and it will not be reached again by this asset.
Finally these posts of mine were giving you the picture of this market, coming from someone that has seen it all before.
In many discussions I had so far, I came across investors feeling angry at me telling them that this was going to be over. In personal conversations, in discussions in social media, on websites like read.cash and everywhere, talking against an asset is controversial subject.
Nobody wants to lose money, and I am not glad if someone lost. I am more than happy for everyone to be happy investing. But this became a circus once again, with Shiba Inu tokens and Dogecoins reaching the size of the GDP of an average nation.
You don't like warnings and you don't like someone telling you the truth.
When a tsunami is about to hit, do you want to be warned or be drowned by the huge waves approaching?
There is hope otherwise, I would not still be writting. Those that are speculators have already left and those left behind are the new investors that will lose a lot of money, and a few that have their business running.
And we have Bitcoin Cash that is most probably the one that will challenge Bitcoin and will become the cryptocurrency used by everyone. Bitcoin Cash is the only reason I have faith in cryptocurrencies.
