The Crypto market is fun, these days, and I feel that it's because we have more FOMO than FUD these days. I can't legitimately point to what will eventually drive the bull market, but one thing I know is that when the sentiment is low, nothing will drive the market. Market sentiment is good for adoptability, irrespective of the fact that we believe that we always need a bleeding edge crypto sophistication to spearhead the bull market, if the sentiment is not there to buy, nothing will propel the market.
It's textbook.
People need to feel an incredible emotion that they might miss out on the billions, hence propelling the market, on the other hand, panic and fear need to occur with a corresponding drop in price for people to begin to dump, it's textbook crypto. It's always beautiful when it's the former and always scary when it's the latter. They said NFT was a major hit in propelling the market and institutions such as Blackrock would time, but I don't really think so.
I respectfully feel that individual interest and knowledge of crypto over time will propel it. (for now it isn't enough) When 65 to 80% of the world's population knows and owns any percentage of crypto, I don't see any world government, halting progression from there.
However, we're currently in a good spot at the moment, BTC is no longer doing one step forward and three steps backward, this itself it's a sign of being in a typical "bear situation". Which can be very infuriating. A lot of people lost belief in the market, especially early this year.
They just didn't trust whatever upward push the market might do and I didn't blame them. The market disappointed a lot of people back in January and it felt like it was the end.
For people who sold their bags early, seeing the market recover well is always a nightmare, it's a testament to the fact that they couldn't hold when it mattered the most. My point is that crypto is currently doing well because we're approaching a positive year and the sentiment is right. Whether Blackrock's ETF or April's halving, people already know that they'll eventually miss out if they can't fill up their bags at the moment.
without the right sentiment, it's hard.
I know that this being driven by sentiment isn't tangible enough, but sometimes I compare it to starting, knowing the future might be somehow profitable. As for price predictions. They can be fun because they're just fun nowadays. Everybody gets to say what they want, we no longer hear depressing figures like "BTC will do 5k" or "Hive will touch 8 cents".
I mean, people are already beginning to mention outrageous figures, like 200k, while I don't necessarily key into these figures, I think it's a healthy thing for the market, we rather be bloated by expectations than seeing depressing figures.
However, no one should be in over their heads, I still feel we need the ETS especially because sentiments alone cannot propel us past the previous ATH, we can only go so far. However, it's fun to keep playing the prediction game. Some people are already saying "Ohhh if BTC hits 80k then I can do this, or do that" People are already beginning to tie their plans to price, and this might make them prepare well enough.
It's a healthy sign that the market is ready to move, provided we get past some barriers, especially that which is caused by the SEC
Interested in some more of my works