I like reading up on what analysts are saying to get an idea about where the market is headed. In reality, though, you're the only one that can analyse the crypto market for yourself because you have to act based on your peculiar circumstance, rather than use some blanket analysis to decide your next move.
Anyway, I ran into a recent publication on Cointelegraph that talked about the bullishness or bearishness of the market. Again, I don't read too much meaning into these assertions by analysts because as my friend @moquero always says "there's no bull market or bear market, there's just the market, so trade".
Anyway, analysts claim that while the level of fear is at levels unseen in months, on-chain metrics show a completely different story. According to the analyst, the number of long term wallet holders and signs of accumulation point at a completely different story from the bearish narrative in the market.
The analyst doesn't actually predict and time frame of recovery but he does state that we shouldn't be expecting Bitcoin to drop to $20K anytime soon.
Most of the coins have been sitting there for longer than five months and people who do that, they’ve held on for five months, they’re not selling at a loss, they will sell when there’s profit to be had and you’ll see that whenever it breaks out of like all-time highs and does a really strong rally.
All he's saying is that people are holding until there's profit to be made. When you consider some of the institutional investors, that includes countries like El Salvador, and Michael Saylor, I guess there's a strong claim here.
The interest and long term hodlers of Bitcoin keeps rising and as long as there aren't any selloffs, I think we'll see a flat trend.
Hive feels safe
I think the general consensus, particularly in the midst of everything going on is that Hive is pretty solid. The price has steadied itself around $1 and for the most part, looks a lot like accumulation is going on in the background.
As a rule of thumb, I always assume that whenever price steadies at a rate for too long, there's accumulation going on in the background.
At the time of writing, there are quite a lot of investment opportunities within the Hive ecosystem. Interestingly, there's not even enough Hive for everyone.
A quick look at Splinterlands, for example, highlights how much value is trapped within the system and also how much hive is needed to invest as a whole.
There is just a lot of building and development going on at the moment. It's keeping the community on its toes, thus opening up even more productive ways to reinvest Hive into the system.
Twiter spaces promotion
Yesterday, I summoned the courage to host a Twitter space and I think it was largely positive. I had over 20 guests online, at different times and I was able to talk about Hive with them.
It was completely new for me because I'm not exactly good with public speeches, but I summoned up the courage to do it. At the end of the day, I was glad that I did it and have decided that I'll be doing it regularly.
In the space, we were able to talk about Hive to people who haven't ever heard of it, and also discuss it with people that have.
In my next space, I'll be talking about Play to earn games and will need more speakers. I'll talk about Splinterlands and would love others to come and talk about other games both on Hive and outside Hive.
If you'd like to be on the show, please indicate in the comment section, and I'll reach out to you. I'd prefer if everyone that speaks is also a member of Hive community, so we can show all the participants that you can be on Hive and still do others.
However, I'd also be happy if I can get people from other communities as well, so we can grow the hive community in the process. For one, I'll be reaching out to the Axie Buzz community, Gods Unchained community and any other gaming community with games on other blockchains.
Contact & Support
- Discord: belemo#9593
- Twitter: https://twitter.com/belemo__
- Hive.vote page
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Lol, $20k is a reach but anything is possible.
Yes the spaces was amazing, i feel like, for next time, have a couple of speakers, 3-5 to piggyback and bounce off conversations to keep it more conversational than just a talk. It is hive after all, you need a multitude to call it that 😎
Well done senior
Chief.. Maybe you can make a post and tag us with a link to the space meeting a day to the event ..
I will.
Honestly I don't expect Bitcoin to get down to 20k because there is a support around the 30k mark. Even if there is a slight dip, it can only drop to about 27k. The technology is at its infancy and because of the relevance of bitcoin in a crypto space, I believe it will shoot up except of course there is drastic negative factors that may suddenly pop up.
I would be extremely surprised if bitcoin did hit 20k. That said, if it happens, that's when a bit of panic will enter my head for sure.
As for HIVE, I imagine it going up a lot if we finally see a bit more of a bullish market - and I can't wait to see that happen!
!1UP
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All I know is that I want more money to buy splinterlands packs and cheap legendary gold foils.
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What makes Hive more interesting is its constant development and the many earning opportunities it brings to its users.
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Hahaha I would like to be in this program, but my English is not so good hahaha.
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