FOMO Unbound! Did we just miss the Bitcoin bottom?

in bitcoin •  3 months ago 

There are many reasons to believe that Bitcoin has a chance to take off.

Many feel that the basis of this idea is the fact that paper money is going to collapse. The way the central banks are operating, inflation is simply a killer on the populous. Few realize the reasoning behind inflation. It allows governments to borrow large sums of debt while paying it back with dollars that have less purchasing power.

This is theft in many people's opinion.

Another fact in this is Bitcoin does not have any inflation passed the 21 million coins that are set to be distributed. The actual number in circulation will likely be closer to 17 million since many were lost. This leads skeptics to conclude there are not even coins to operate as money.

Bitcoin stages a major rally in the last month before pulling back.

The question is did we see the bottom for Bitcoin?

If we did, expect the pace of the rise to increase as FOMO sets in. This is something we witnessed in 2017 and could occur at a more fierce pace now.

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There is so much talk of 1 million dollar Bitcoin, its just a self for filling prophecy now.

That is true! This time traveler story was the first step of this mindfuck. Lets see if it really will happen.

I also see a pull back coming to 6-7K, but who really knows... in 5 years it is hopefully much much higher!

People tend to forget that inflation of fiat money increase the price items constantly.

In my country (Argentina) happens something crazy, sometimes even when Bitcoin goes down, in my local currency it goes up.... And your comment is the exactly explanation.

The point is that if you don't experience in your own shoes what inflation really means, like people in Venezuela, Argentina or countries with high inflation rates, you're not going to understand it until it's happening in your own country.

i personally think pullback to $6500 is likely. Charts are showing signs of divergences (RSI, MACD, MOMENTUM). But this doesn't mean we're not in the raging bull market :)

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The bottom was at 3k ish? What do you mean? Or the bottom this week?

Maybe we lost our ticket to wonderland...

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