The Fade Out
Four years ago, this time around, Bitcoin was in a free fall, but probably most of us around here were not able to see the big brown bear coming towards us. I was a noob back then, little did I know that I was about to loose quite some money holding crypto while entering the bear market, but gained some knowledge in exchange.
Now, we have a close to $45,000 Bitcoin and nobody knows what's next for the biggest cryptocurrency by market cap. There's neither euphoria, nor panic in the market. It's like driving through thick haze.
Some are claiming we are still in a bull market, others are saying we've entered bear market territory, while plenty of the models and price predictions of 2021 have failed.
We might have come to a point though where we will probably have three months cycles all part of a super cycle lasting for years ahead. The way I see it though, seems like the classical bull and bear markets we once had in crypto are fading away.
There was a lot of speculation in crypto, four years ago, much of that being quite absent today, due to this uncertainty around the price movement of Bitcoin. We used to have massive spikes every four years followed by melt downs, but not anymore. We are close to two years after the halving and still no blow off top.
We might not even have one anymore. The reason for all that happening is this technology being more and more accepted by society leaving behind these speculative times filled with spikes and meltdowns.
According to VISA 1 in 4 small businesses, from the US, say they will accept Bitcoin in 2022, according to Bitcoin magazine. There are US senators that are into Bitcoin and going public on twitter about, while being opened for accepting election funds in Bitcoin and believe it or not, India is about to approve their first Bitcoin and Etherem ETF.
Torus Kling Blockchain IFSC, a 50:50 joint venture between Sam Ghosh promoted Cosmea Financial Holdings (CFH) and Kling Trading India, signed an MOU with India INX to launch India’s first Bitcoin and Ethereum futures ETF and Metaverse US-listed large-cap discount certificates.
This Bitcoin & Ethereum futures ETF will be the first crypto-backed futures ETF outside of US and the first Asian discount certificates tracking Metaverse large-cap stocks in US and Europe markets.
Yes, India that was about to ban Bitcoin is now "betting on Bitcoin". Bitcoin is also booming in Turkey amid "soaring inflation", the country of Erdogan who has declared war on Bitcoin not so long ago. Why all this happening? Because the world needs Bitcoin and crypto, but the mass adoption process seems to be happening so natural and gradual that we no longer have those spikes and meltdowns and no bull and bear markets.
I bet that in the not so distant futures there will be politicians advertising themselves as cryto believers just that they earn more votes from crypto peeps.
There are crypto mining companies that feel they don't own enough Bitcoin and are purchasing more from the open market. Some of such companies are also going public, meaning that they get their revenues from other streams than the usual mined coins selling they used us with prior to 2020. The factors that were there fueling the bull and bear markets for the past decade or so are no longer there imo.
We've entered a phase that's less wild than what we've been used with. I was amazed to read a post of @edicted yesterday where he was mentioning about a super cycle. I remember he had lots of posts back in 2021 about potential blow off tops and what should come after that, but now he's taking into account the possibility of the super cycle in crypto. The metrics are no longer the same and people are starting to realize that.
I might be wrong, but I don't feel we're in a bull market or a bear market anymore. We're entering an era of acceptance where there will be more buyers than sellers, but we will no longer experience the aggressive moves to the upside and downside that we've had four years or more ago. What do you guys think?
Thanks for attention,
Posted Using LeoFinance Beta