Pray that 7k-8k holds the line.This is my thesis.
The current "crypto industry" resembles more the mechanics of a Ponzi scheme than anything else, even some of the most leading figures of the "industry" have spoken out about this publicly (Google "Sam Bankman-Fried reveals how DeFi works like Ponzi scheme").
Most participants in this whole thing are only interested in "number go up" this ethos has led the whole industry to be blinded from the original ethos of Bitcoin (See genesis Block). Whoever Nakamoto was, he obviously created Bitcoin because he knew that the current monetary system is flawed, furthermore he knew that it is corrupted by a small set of entities that control the money supply according to their whims, and it would be impossible to be fixed as it is, so a new one, permissionless was needed to be created.
Look how ironic, and comically it all has become, if you now open any crypto news media you'll see news about bailouts and crypto companies imploding by doing the same practices that bankers were doing back in '08, the same things that Bitcoin was standing against since its inception. The modern version of "Chancellor on brink of second bailout" is "FTX on the brink of a second bailout"
Participants of this whole sham called altcoins have corrupted and created a cloud of confusion of what this whole industry should have been about, and i get it, most people get into crypto because they're looking to make a quick buck, even the long term holders or should i say HODLers, are seeking the same thing (sell high) they seem to have forgotten or misunderstood the original mission that Bitcoin was setting out to achieve which is "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" irrespective of its price, the whole point was to use a mechanism to avoid being at the mercy of anybody at anytime.
When was the last time you transferred any amount of Bitcoin to another one without using any central entities in the middle?
We are due for a long and tiring market of sideways that will purge and hopefully eliminate all the excess of cryptocurrencies, that were created during the last years of get rich quick intoxication, insert your preferred alt here. Everyone who participated was responsible for and most who are unaware think that the worst is over with a Bitcoin price at 20k, they haven't looked at Bitcoin domination stat and see that it clearly shows everyone is still in a state of denial, even smart folks are wishing for another round of FED goes brrrrr just so that it helps their bags, regardless of what it will do long term to the health of their country. (Weimar 2.0)
Be realistic and honest with yourself, What will Solana cellphone do, that another high-end Android cellphone won't be able to do?
Yet Solana is still pumping against Bitcoin on such a horrid announcement.
This is why Bitcoin may go below 10k once again, the reckoning is coming and soon most participants will understand that their beloved shitcoins are just that, shit.
Red wiggly line on chart is the best case scenario imho, below 6k is worse, and we will experience our first crypto price reset ever.
Good luck and be safe.
