The challenge is to see where the herd is headed without getting to fixated on where it is.
For many new entrants, this is their first bear market. I think those that wanted to sell have done so. We are now waiting for the bottom, but I have a suspicion the bottom has come and gone.
We are less than 18 months away from the Bitcoin halvening. This means miners will have half the number of bitcoin to sell onto the market.
Remember, steems inflation rate is also decreasing and hopefully when steemit and @ned move the backend of the blockchain onto RocksDB, we can expect a drop in costs and hopefully fewer steem being sold into the market.
Interesting times!
Strong hands remain but the short sellers continue to have a field day as buyers have left and demand is stale. Until technology improves and adoption increases, prices will be going sideways. However, altcoin project present an opportunity to break the mold and have more progress in the short term.
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