Crypto market in the red! Panic!

This pullback was expected if you’ve been in the market long enough. I mean TWO STRAIGHT months of green could not last. This still didn’t stop people from opening enormously leveraged longs and getting rekt though. :crazy_face: People really thought they were going to ride a solid green candle from 25k to 60k… pretty baffling to be honest. But hey, magical thinking and unrestrained optimism is exactly what crypto is all about…

:scream: until those same people with fairy dust in their eyes spin irrational fears and panic sell everything at a loss. People are funny.

This article from Coindesk goes over the liquidations we just had:
" Coinglass data shows that there had been over $335 million in liquidations over the last 12 hours, with $300 million in long positions being liquidated." from Coindesk.

Come on guys… really? :joy: Why do people insist on gambling the market like this, it’s entirely less risky and more rewarding to just find decent projects and invest in them… you know like Kenshi. Welp whatever, I guess it’s healthy for the exchanges to make profit off of these gambling taxes. The good news is corrections are good for uptrends, and seeing as the most leveraged positions were longs it shows that the market has a very hopeful sentiment at the moment. People would rather buy on a red candle after a proven uptrend, because it feels safer and it feels like they’re getting a discount. No one wants to buy the top of a giant green candle, you’d feel like a sucker. I would anyways.

But as I’ve already made clear, this correction is nothing to worry about. We’ve possibly hit our local top right on time compared to last cycle, and the sentiment is BULLISH. The halving is coming next year. We’re a few months away from equaling the distance from the first peak of last run with the distance(in time) of the 2017 and 2021 peak. People can look at the chart and see the pattern and I think they’ve learned to expect that cyclical behavior, and this is a psychological game we’re playing in the end. The people’s expectations largely drive the market. So call me naive but I don’t think it’s crazy that this cycle more or less follows the previous ones.

What about the short term then? Well I think we’re do for some warm up time. After what I predict will be a short bounce back to a little below the upward resistance (which is around 45k on btc and 2,500 for eth), the buyers will have time to remain skeptical at further moves and get comfortable at these new prices - which is exactly what they need to go and search for new altcoins! Eth pumps → alts pump. It just is, and buyers know that. This is when they decide which market sector is going to dominate the next cycle… could it be IoT… dePIN… AI… gameFi? Who knows, but things will run like you wouldn’t believe, and for the eyes of a hungry investor, a sub $10mil mc coin with a great team and great vision is like ripe fruit.


Thats why the market reacted this way.

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