Bitcoin Price Falls — And As Usual, Nobody Knows Why
Bitcoin MagazineBitcoin Price Falls — And As Usual, Nobody Knows Why The weekly bitcoin price overview from your glorified price therapist, I’m here to remind you again that market prices move for reasons nobody can point to. Whatever bitcoin's price does means absolutely nothing for the broader reasons why we’re here. This post Bitcoin Price Falls — And As Usual, Nobody Knows Why first appeared on Bitcoin Magazine and is written by Joakim Book.
Bitcoin Magazine
Bitcoin Price Falls — And As Usual, Nobody Knows Why
I hate it when the bitcoin price falls — like it did this week, first from $118,000 to $115,000, and then $115,000 to $113,000 (and then $112,000 while I was writing; rude). It’s nerve-wrecking, terrifying and straight-up infuriating. We’re on this unavoidable monetary revolution and every identifiable sign is pointing in the same, upward direction — alas, the world won’t cooperate and here we are, looking at an otherwise pretty standard -10%-from-top drawdown.
I get it, it sucks when sways of your net wealth disappear in stomach-churning moves. Advice: don’t ever calculate the dollar amount of what, e.g., the recent -9.2% pullback amounted to for you. Don’t ever look at how many dollars you incinerated in “buying the dip” too early or “catching the knife” while our favorite orange miracle was in free fall.
The Bitcoin Price Didn’t Fall Because Some Talking Head Said Something
On Bitcoin Magazine, like any other financial media involved in click-hungry news, we routinely publish articles about the bitcoin price moving in relation to some macro or political news. It’s not that we, or anybody else, actually believe that price moved on the words of some politician or because Saylor bought more corn or because Metaplanet issued additional stock or because some Hong Kong-based treasury company nobody ever heard of stacked some sats. The bitcoin price didn’t move because the third sentence in Chairman Powell’s latest statement was slightly different than expected.
Is the fear we're seeing about this sell-off warranted, and is the damage large enough to justify this fear? How does this compare to the start of prior bear markets?
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