Months ago I talked about how to know when a market is overheated. It's a lot easier to tell when it's heated than when it's reaching bottom... People at the top are a lot louder, because they believe they're genius traders, they're rich and they've figured it all out. At the bottom, people aren't so public in admitting that they've lost thousands of dollars. So it gets quiet.
And it has been quiet for the last month. Now with Bitcoin dropping again, it seems like nobody is even crying about their lost fortunes... Just declaring death once again. So has crypto reached a bottom?
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Price action and people reaction
On the 14th of November, bitcoin dropped from $6300 to $5600, very suddenly. You probably noticed. Today on the 19th it took another drop to $5300.
What I've been noticing the last month or so is that of course, the crypto market has been very flat. When things do rally, there aren't as many cheerleaders saying "bitcoin is back". A friend said to me, "Kurt, I respect you because you're the only one still talking about bitcoins". Then when this drop happened, I didn't hear anyone saying "oh no, I've lost a fortune." Instead I see people saying the dream is over, RIP.