Singapore, SINGAPORE – An article in Bloomberg begins by stating that “Bitcoin’s no longer boring”. But has it’s ever been? It was in reference to the last few months of sideways trading that saw lethargic price movement. It’s a far cry from the same time last year when rocket and moon emojis ruled Telegram channels in groups in addition to reddit and Bitcointalk forums. In the wake of the biggest crypto sell-off this year, some are speculating that this is just the calm before the storm. And it’s a big one.
What’s the bottom? Well, it has been suggested that it’s a US$1,500 plunge that we’re staring at for Bitcoin (BTC). And like that climatic ending in Mission: Impossible – Fallout, when the hook snaps, crypto-holders will be dragged along with it like Henry Cavill’s baddie, right in the face we might add, freefall before culminating into fiery explosion after the freefall.
Is it the fallout of all our good intentions? After the most recent drop in price and volume of what has been considered the market cap anchor in Bitcoin, the rest came tumbling after. Only Ripple’s XRP seems to be a bearer of some good news. Which isn’t saying much given how much XRP has itself fallen since the beginning the year.
In the same article, insomnia has been suggested as the by-product with Travis Kling of Ikigai fame lamenting that he “didn’t sleep well last night” and that “there’s a small chance that, it’s difficult to estimate, that something really bad could happen related to Bitcoin Cash that could then impact the entire crypto market”. And he might be on to something as BCH is once trading below US$400 after the ABC versus SV civil war that’s bubbling beneath the surface. Purist are laughing that those that still refer to BTC as “BTC Core”. Chipmakers are also suffering as mining activity declines with Nvidia’s share price has also fallen precipitously.
Bloomberg’s Intelligence analyst Mike McGlone agrees that the slump “was sparked by the pump for the Bitcoin Cash hard fork. That pump that began a few weeks ago, got the market a bit too offsides with speculative longs playing for the good old days. But this is an enduring bear market.” Look at this as a buying opportunity? Intuition and instinct are swaying in the wind as pundits are likewise unsure what’s going on. As such as they hate to admit it.
Although it is possible that bigger players and exchange owners have inklings of the direction that things are being nudged towards, they’re just likely keeping mum about it because the writing is on the wall. Those Bitcoin rats are a hint of survival instincts but like The Great Plague this could take a while with casualties wheeled out en masse. Then, only will rebuilding commence.