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0 sats \ 0 replies \ @timechain 9 May 2022 \ on: BTC-price does not correspond to echo-chamber optimism. Somebody is wrong. bitcoin
Honestly, i heard someone (I think it was Rizzo) say on a podcast a couple months ago that it was time for a drawdown. He said he doesn't really look at charts, but at a certain point, every piece of good news pumps the price alot. Later in the cycle (like now,) no matter how bullish the news gets (Terra buying, CAR nation state adoption, canadian trucker financial disenfranchisement, UKR/RUS war disrupting USD hegemony) the price doesn't pump.
Advances are still happening and coins in exchange reserves haven't been lower for a long while. Volitility keeps out big institutions and people looking for predictable gains. These people don't have strong Bitcoin values anyway. They'll eventually come, but I'm sure at a much higher price. 2017 went from just about 20k to 3k. This is what happens.
Personally, I don't want BTC to stedily rise yet. If that was meant to happen, we would't have a halving every 4 yrs, we would have a much smaller block reward decrease every year, month, or even week.