RE: The insanity of bearish expectations
Sorry but I don't think the herd is going to come save us and start buying Bitcoin to create support. The herd is only here for charts that go up, not down!
What needs to happen is for us to go down so much that even people who bought in at $2K start sweating and panic selling. We need to rid ourselves of everybody who is not 100% seriously in it, and we are going to get to that point because we have been there before. See: 2014. Bitcoin needs to die I'm afraid.. Even you and me, ardent hodlers and believers ,need to seriously start thinking of selling. When we've reached the true bottom even you and me will not feel like buying Bitcoin. Just like how nobody thought it was great buy at $200. It was dead and you were crazy to invest. That's the real bottom right there..no sellers left because all of them took their losses and got out.
It's absolutely amazing to me; the sheer depth of "weak hands" in this market. I'm a pretty hardened cynic and even I am surprised by how deep the weakness goes!
I must say though, I think that the market is a very different place to the 2014 market. Many facets of crypto have evolved considerably. This creates a very unpredictable environment and gives me some hope that we don't have to return to the death scenario of which you speak.