First of that question – It was perfectly worded for me. Like the guy read my mind about it. This question puts into perspective the fact that we are the market. The market is not some mysterious entity that is elusive and can’t be touched. People like us, who buy and sell make up the market.
The market is young and volatile, and the bubbles tend to happen and then pop. The selling pressure is gradually easing as the bear cycle runs its course. The chart patterns definitely suggest that they are one of the more reliable sources of statistical information that we have on the market. The lack of optimism is also probably prolonging the bear cycle. The market is new and thus can more easily suffer emotional ‘manipulation’.
I really liked that you countered the term ‘dumb money’ by the term ‘smart money’. The people of cryptosphere are still early adopters and investors. There is so much more room to grow financially and in terms of adoption that it gives me hope more than anything else.