Based how fastly we've grown in last 24h, i give it 80% chance.
This is same behaviour like during dump. During dump the bots were selling 24/7. During this peak, the bots are buying everything. The amount of green candles is crazy, and no way this is healthy raise.
katyusha
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@mark124, exactly my thoughts in my first "chart" / psychology analysis -only my timeline didn't include the massive bot-re-buying
mmmp12
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Yeah, people will be fomoing on this 10K, then crush should come, that's excatly my idea also.
katyusha
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Thank you for sharing,
I'm not going to FOMO either
I'm starting to waffle. lol Even if it were to fall to 4-5k, the drop has to begin fairly quickly. And its already jumped 1k in less than 24 hours FOMO is starting to set in.
modern_day_astrology
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The time frame in those charts is different (1 day vs 1 week), which makes the comparison problematic to say the least.
E557
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@wernerbh,
Compare MACD:
The crypto market is moving much faster.
rnvnasara
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@wernerbh, I remember someone arguing that the time frame is comparable because crypto is 24/7 in a week = 168 hours. NYSE only regularly trades from 9:30-16:00 a day, so in a week = 6.5hrs (5 trading days) = 32.5 hours. So we can look at it as crypto being sped up at a rate of 168 / 32.5 = 5.15x
modern_day_astrology
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@rnvnasara, That's a good point. Still, there are many caveats when comparing NASDAQ with crypto. First, things haven't changed significantly since July 2017. That's not a time frame that allows for significant changes. So there isn't (so far) a good reason for Bitcoin to drop to 2k. Now the NASDAQ chart represents a time span of 6 years. A lot of thins can change during this period. You can't compare a 6 month vs a ~6 year chart and say similar things will happen 'because human psychology is the same.' There simply isn't enough time for market conditions to change in 6 months when compared with a six year span. Human psychology functions under the same time frame everywhere, regardless of the historical context.
Also, crypto is driven mostly by retail investors around the world, while NASDAQ was largely pumped by American institutional investors. Institutional investors can have a much larger and coordinated impact on a market, whereas retail investors are more unpredictably, especially when they are from different countries and operate under different legislatures.Crypto investors work under diverse contexts, while NASDAQ investors were mostly American. While actions by the Chinese government can bring the market down, they are unlikely to affect the willingness of American investors to make long term investments in that same market, as investors work under a different set of regulations. To illustrate: when Chinese investors dump crypto due to government regulations, American investors can seize the opportunity to increase their positions. There is less coordination between investors working under different legislatures.
I believe a smaller correction is due now, but it seems unlikely that any news could make BTC's price plummet to 2k by May. Time will tell.
This is same behaviour like during dump. During dump the bots were selling 24/7. During this peak, the bots are buying everything. The amount of green candles is crazy, and no way this is healthy raise.