To all those saying the bottom is in… take a step back from crypto.

For the last bull markets to take off we needed a surge of new/returning investors, that means big news in the crypto space for people to hype on and pile on.

The reality is though, even if tomorrow Vitalik announced a surprise Eth 3.0, with Sharding, Infinite scaling, and hookers, and blackjack too. Or the governments around the world in a surprise move came to some global regulation that were surprisingly reasonable for everyone involved, even then though **crypto is NOT going to pump tomorrow**.

Sure no one really knows what the market holds, but we are in the middle of a major global recession, Inflation is hitting everyone hard, and governments as usual are slow to react. Layoffs are happening in every sector, including the often untouched tech sector. The hard truth is, no one is running out to buy bitcoin when they aren’t sure if they will have to move when their landlord raises rent next month, or if they can afford food after another price increase. Retailers are reporting that we just had the worst Black Friday/Cyber Monday in decades, and that is usually a barometer for how well retail will do for the year given holiday sales make up a significant portion of annual revenue. If some one isn’t buying their family x-mas gifts, do you think they are really jumping to buy thousands of bitcoin.

More than that though, no one really knows what the fallout from FTX, while I hope that sensible heads will prevail, law makers tend to be a bunch of old fucks who listen to the people with the biggest wallet in the room. Next month owning crypto could be like owning a controlled substance, very illegal and very hard to explain on your taxes.

#bottom #step #crypto

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Nightnite88

I’d like to learn more about the hookers and blackjack features of Eth 3.0.

astockstonk

Bottom in or not, we probably have at least until 2024 until the good times are back. Be prepared for some boring times before it gets fun again

NotAdoctor_but

anyone that thinks the bottom is in needs to remember people called the bottom and felt bullish a few months ago as well, saying btc can’t drop below 20k…

macroeconomic situations that will not be solved with some fake hype:

-US consumers (main source of money and liquidity for crypto) pumped btc to 60k+ riding a decade of low interest rates that had a cherry on top of free money because of covid stimulus that pumped 4 trillion $ of free money; that money is now almost gone because feds keep increasing interest rates to battle inflation

-consumer spending did not drop as much as expected which means inflation keeps growing even with these really high interest rates; the feds will continue to hammer down until they can control the inflation and even after an inflection point is reached and they start lowering the interest rates, it will take 1-3-5 years before reaching normalcy

-international relationships are very tense, not just because of ukraine-russia war (which will drag because neither ukraine or russia can afford to lose at this point), but also because of china-taiwan-us tensions, it’s a lot of uncertainty

-gas prices are really high, will add on top of inflation and winter is coming (has already started in many parts of the world); a lot of businesses will close, consumers will suffer, nobody has money for crypto and from the few that do, not many want to risk it because in this economic climate, cash (fiat) is king

-the whales that control the crypto space are accumulating, they will NOT pump unless there is enough fresh meat that can serve as exit liquidity

-the FTX iceberg did not show it’s full depth yet, there are still domino pieces to fall

Only hope and fake hype can bring a short price surge, but it will be short lived; for now, prepare to sleep with the bears and wait for winter to be over, there are no signs of spring yet

firstchoice07

We are buying now because Bitcoin is dead

DMugre

Well, people started saying crypto is dead for the fourth time in a row, that’s an historical near-bottom behavioural trend at this point.

We just need the suicide prevention hotline pinned and then we’ll be on the feet of the next bull cycle.

DBRiMatt

>To all those saying the bottom is in… take a step back from crypto.

>even then though crypto is NOT going to pump tomorrow.

I mean, the bottom being in, and the next bull run are two completely different things.

We may have already seen the bottom, and we still might well crab around this level for the next 12 months.

Low-Cattle-5142

A voice of reason! You made a lot of sense.

Beyonderr

I really dont care if the bottom is in or not. $16K Bitcoin is an amazing price. I will just buy more if we go lower.

SoftPenguins

There was a cyber Monday sale on Crystal Balls on Amazon earlier this week. A lot of people can now see the future.

Ur_mothers_keeper

You’re overlooking some significant segments of the population here.

“Your average normie isn’t going to use bitcoin” were the words of the day previous bears. But now your average has bitcoin, unfortunately probably on robinhood, but still. That’s demand, that’s reduced supply.

You’ve still got the developing world people that need to protect their wealth from their governments, don’t underestimate this demographic. They’re more than half of the worlds population, and in societies that went from spotty electricity to ubiquitous mobile computing in a generation.

There are the big players hoping to get in on this before the market is priced in. We saw the beginnings of this in the past two years, and rumblings of it in the previous bull.

Then there’s the other normie hold outs and people with an academic interest that are at this point holding out because the news is bad. The news won’t be bad forever.

Finally, there’s us. We aren’t all done buying, our bags are heavy but they’re not full.

There’s plenty of room for more demand.

dedoporno

Technically, if the bottom is in right now it doesn’t automatically mean a new bull market phase has began. Crabbing for extended periods of time is a thing. That being said I do agree that we’ll go lower still.

kryptoNoob69420

We won’t know when the bottom was in until a good amount of time after it. I just DCA and keep my head down. I did that when BTC was 69k and I do it now when BTC is 16k.

Harb72

>hard truth is, no one is running out to buy bitcoin when they aren’t sure if they will have to move when their landlord raises rent next month, or if they can afford food after another price increase.

This is why DCA is the best way to invest.

LightninHooker

Nobody is getting fired on the tech sector though. Nobody who actually is involved in the tech.

Excel fillers, mail forwarders and emoji slack managers probably yes but developers? Still plenty, plenty of demand all around the world.

A pump can happen at any given time. The day after the war BTC had the biggest daily pump in over a year. It was crazy .

A bull run is another story

ThisIsKoo

Your speculations are as engaging as all of our speculations.

Up, sideways, or down.

Be prepared to respond to which what is happening Now. Then Now. Then Now.

shkl

Lay offs and inflation creates desperate men. Desperate men gamble. This is bullish!

Slow_Geologist_5224

So what? It’s gonna go down another 95% so be it. I will DCA all the way down to $1000 per BTC. Nothing can stop me!

Tavionnf

>even if tomorrow Vitalik announced a surprise Eth 3.0, with Sharding, Infinite scaling, and hookers, and blackjack too

I must contradict. ETH 3.0 with hookers and blackjack would definitely create a new bullrun.

Snowflake8050

Crypto charts looking good for a bottom, but macro conditions are probably push crypto down some more.

_thewoodsiestoak_

People say history repeats itself. I don’t think that will be the case for crypto. The last bull run started with all that stimulus money. I don’t see an event like that happening ever again. I hope we all go to the moon someday but nothing looks very bright in the near future. DCA is the way I guess.

sleptbarnacle

Seems bottomish to me

Atticka

News here is we had a record breaking black Friday?

syxxnein

I want crab market please! Better buys if the bottom isn’t in but i like buying the crab.

Please schedule bull in 8 months with crab until then.

Thx,

DCAers

fulento42

Crypto booms when institutional credit is cheap and/or when bitcoin halves. The end.

Odysseus_Lannister

I’m running out of chips to slurp this dip.

ManyArtichoke

You don’t need big news for a bear market to reverse that’s generally not how it works.

I can’t even think of a single example in crypto when the that was the case.

jesta030

Maybe I’m not buying Christmas gifts because I’m planning to buy Bitcoin? Or maybe I already bought Bitcoin last year and that’s the reason I’m not buying Christmas gifts this year?!

Apprehensive_You5719

So what you’re saying is that its a ponzi? You need new investors who you hype up to invest to pass the bags onto correct?

If that’s the case, you’re fucked bucko. Even with free hookers you aren’t getting enough people into crypto again to pump your bags. Hold the L

NotEeUsername

I thought it was a record breaking Black Friday…

Tshefuro

Honest question but how are we sure crypto will ever bounce back to its previous highs without the massive amount of stimulus that entered the global economy?

-xstatic-

This person has no idea what they’re talking about.

[Shopper turnout hit record high over Black Friday weekend, retail trade group says](https://www.cnbc.com/2022/11/29/shopper-turnout-hit-record-over-black-friday-weekend-trade-group-says.html)

Online sales also hit an all time record

uncletiger

The average everyday person has been told by the talking heads that crypto is a scam, a Ponzi scheme, a fraud, etc.. Most will not question what they’ve been told at all, so we’ll have to wait until the plebs memory hole this before another real bull run will occur.

utterbbq2

New investors and “good times” wont come untill the recession is over. Everything needs to recover before markets can start to go euphoric again.

kvgamer

No one knows…

Wall_Street_Bet

It depends on institutional investments at this point imo. My thoughts are most have rotated out of crypto long ago which is why it hasn’t been tanking much anymore. The big chunks of cash in crypto are gone and smart money rotated out long ago. If the bottom isn’t it I think it sure is close. The highest things on the risk curve sell off first, and crypto sold off long ago trading sideways for a long time. Now big tech may be selling off but those did not sell off hard yet. I wouldn’t expect meta to sell off more but I could see apple and Microsoft. In fact I would say crypto is more of a leading indicator for when the stock market will bounce back. I think a lot of cash is sitting on the sides right now.

Charon751

Go outside and enjoy some time with friends or family.

CryptBear

I have to agree with this, there not a single good indication that the bottom is and we will pivot from here. World economy is in shambles, FTX is making crypto look bad to the general public, there is still a war going on. On top of that China is a mess right now with COVID and when China is impacted from something it then proceeds to affect the whole world.

surrender_the_juice

The bottom won’t be in until the recession ends, and it ain’t ending anytime soon.

Albinonite

Backing from crypto or other markets when everything is down is losing a great opportunity for gaining lots of profit in future, in fact it is time to buy as much as we can for preparing for bull market.

teddy_swits

The DCA comments in here make me laugh. I use macro indicators. It’s not hard, you just have to pay attention and be patient. My portfolio is still up because prices remain above my buy-in prices. I’m going to buy again, but not yet for reasons outlined by OP. This is not the bottom

BlazingJava

This is the 4th bear market for crypto, people are seeing the immense opportunity of gains and with the passing of years more big players getting in better technology and innovation.

If people believe they can get in on the next bull run they will come no need for vitalik to release anything

petertheeater15

As a millennial, I always asked my dad why more people didn’t buy houses after the 2008 crash. He said a lot did but it felt like a nonsensical time. Recession and fear of further crashing.

This is crypto’s 2008. It feels counterintuitive, but this is an opportunity. People will feel stupid for not buying here 5-10 years from now.

ipetgoat1984

I’m going to have to agree with you, I’m thinking lower lows. More fed hikes coming in Dec too, the housing market is taking a beating, and the pain of inflation hasn’t been maxed out yet. There’s too many negatives at the moment.

KnackeredParrot

Wish I could buy thousands of Bitcoin

Goonzoo

First at all this is wholesome, have an Award!

But no matter what, I will DCA every month. Even if it is a tiny amount. IMO these prices are too juicy.

You all heard it 1000 times but DCA is the right thing to do here if you ask me.

Stay safe everyone!

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