A lot of people celebrated BTC hitting 30k, and some others were "meh" about it. That is, a little bit indifferent, not convinced or thrilled. Although it's gradually lifted them from the feeling of "doom", but it's not just enough to make them feel "green".
Of course, people have learned not to celebrate too early, because when there's a positive sign, the feds comes up with their shinanigan and send the whole market into another FUD wave. It's been a constant game of back and forth in the US senate: "ban or not ban" or "regulate or not to regulate".
I reckon that the Senate knows that a straightforward decision might just bite them in the ass.
It's difficult to nail crypto, as there are always ways it can rise again, so why use the indecision to keep the market FUDing while concocting another huge scandal. Lately, we all know that any green is constantly followed by reds, there's not been an upward and consistent momentum.
Although BTC going from 28k to 30k showed some form of momentum and now it's slightly dipped. What I'm trying to say is that when there's a rise, the Inevitable feeling of reds following creates an unpleasant feeling toward these little gains that we ought to appreciate.
I've been seeing certain market sentiments and nowadays a lot of people in crypto are applying the tactics of reverse psychology.
People come out to predict what they deem likely because of what they've seen and heard and how this has influenced them, however, silently hoping that it'll turn out differently.
A lot of people that predicted 10k BTC at one point, were way in over their heads. However, it was a tactic to keep them from emotionally sinking. What they didn't know is that when people try the reverse psychology in crypto, they end up inadvertently creating FUD. especially by being expressive of their belief.
In crypto, expecting the worst but hoping for the best is the most viable way to cope, in a bear market, but we're not just in a bear market.
We're also being nipped in the bud by the SEC and the US and the intent of this is to pull the rug from under us. So, some people are always thinking in the worst case scenarios, planning for it ( the worst case scenario) but hoping it'll not be as bad as they're planning for.
While it might seem timid or crude, this has worked a lot of times. In crypto, being overly positive is not a healthy sentiment, this is the same as being overly negative. Slightly tilting towards any of them can be dangerous, but the latter is even more dangerous.
Being overly negative can make you FUD
......due to pressure, take out all your money, panic sell, and put the money into any stable venture. The best thing is establishing a balance. Creating contrasting beliefs over the board. However, everyone copes differently, but in the most difficult period, we mostly choose to plan for the most difficult scenarios.
This is a good thing. However, we all know that it wouldn't be as bad as we think, but being proven wrong when the effect of reverse psychology kicks in is always bliss.
For example, a lot of people felt that BTC might hit 8 or 10k and most of these people are actually relieved they've been proven wrong. As per the issues with the SEC, a lot of people are already envisioning the worst the SEC can do, and this is because they do not expect them to be lenient.
The Biden-led administration has been totally anti-crypto
......so the idea is to expect them to do their worst and prepare for it while secretly hoping they can just stop all the witch hunts. However, irrespective of what our reverse psychology is towards crypto, most people are still constantly grinding.
Why is this?
The reason is that better days are inevitable, but it's difficult to admit it vocally that we all know that better days will come. The reason is that nobody wants to jinx it. No one can slap a timeframe for these "better days" so what people do is secretly build their bags in silence, while saying things that are entirely different from What they're actually doing.
For example, some people in the SEC are holding crypto, while the cause is to reduce its authenticity by constantly FUDing it, I bet that some of them cannot bet their money against crypto.
Their cause might be different, but they cannot put their money against it It's reverse psychology. There are financial ventures we tend to criticize, maybe because it's not lived up to expectations, but this wouldn't make us completely stay away from them.
In Conclusion
The world is a place where one brand gains relevance by badmouthing another brand, not because the badmouthed brand lacks quality, but because the other competing brand is scared of any potential success or dominance by the other brand.
The US is mainly trying to bad-mouth crypto. Their traditional finance system has been way worse, but they keep packaging it while aiming a dig and de-packaging crypto in the process. Silently almost everyone is building, irrespective of what they're saying. It's all reverse psychology.
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