• TimeSquirrel@kbin.social
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    9 months ago

    Yeah it’s called a “dead cat bounce”. Zoom out by about 7 years.

    Take it from a veteran. They get longer and longer with each iteration of boom/bust cycle. I’ve been into this shit since 2012. Long before the cryptobros all piled in.

    • Gigan@lemmy.world
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      9 months ago

      I don’t know how much you know about bitcoin, but 7 years ago it was worth $1,100.

      • TimeSquirrel@kbin.social
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        9 months ago

        That’s not my point. I was talking about the recent price rise.

        Every boom/bust cycle so far (and there have been about 4 or 5 of them), you get an initial spike, followed by a second one, and then a long, drawn out “despair” period after a crash.

        What you’re seeing is the second bounce of a spike that has been ongoing since about 2019/2020. The “despair” phase is probably not too far off now.

        I know the past is no indicator of future results, but when it happens over and over and over again, well…

        • blandfordforever@lemm.ee
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          9 months ago

          I hadn’t realized Lemmy was so anti-bitcoin.

          Anyway, bitcoin etf’s are a new thing and money is pouring in. Only time will tell, but with all the etf money and the impending halfing, the future looks bright.

          Is bitcoin volatile? Undoubtedly.

          Buy during the dispair period.

          • TimeSquirrel@kbin.social
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            9 months ago

            As a former Bitcoin user and fan, I am also anti-Bitcoin. Until they can figure out how to run the network without drawing the energy equivalent of an entire developing country just to check if some numbers are correct in a database, I can’t morally justify myself using it any more.

            • prole@sh.itjust.works
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              9 months ago

              Bitcoin doesn’t need to figure anything out, alternatives that cost essentially 0 energy in comparison already exist on a massive scale.

                • blandfordforever@lemm.ee
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                  9 months ago

                  Honestly, if they’re actually vegan, then I have a lot of respect for them.

                  As it stands, I think that its more likely that they’re just an annoying, virtue signaling turd.

        • Gigan@lemmy.world
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          9 months ago

          Again, I’m not sure how much you know about bitcoin because the boom/bust cycles you’re talking about are reflections of the halving cycle, not dead cat bounces. The next halving is going to happen in April this year, and after that the price is going to go up even more. I’ve been through this before, I’m not worried about the despair phase but that’s not what’s coming next.

            • Gigan@lemmy.world
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              9 months ago

              That makes sense, since each halving reduces the supply by a smaller amount. But it will still have an upward pressure on the price.

      • Honytawk@lemmy.zip
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        9 months ago

        They probably don’t know much about Bitcoin, seeing how they have only been using it for 12 fucking years…

        /s