The "Green" Sentiment: A Realistic Dopamine Level In Crypto
It's been showing tiny bubbles of green in the crypto market for the past three days now and surprisingly the deepest and biggest of FUDster are coming to celebrate. This is majorly proof that the thin line between bearish and bullish situations is just human sentiments.
I've been spending time on Twitter for about 2 months on a bounce now, following the SBF story, in a bid to be educated and informed, but it's definitely too easy to be informed and educated without being FUDed In the process, even if it's just slightly. Over these periods crypto took the maddest dip I'd ever seen since the 2018 bear market, and believe me, the FTX collapse wasn't as psychologically dampening as the FUD itself.
Long story short, the start to the new year hasn't been bad
.........crypto seems to have been seeing some little greens here and there This isn't anything significant because we're still in murky waters even at 17k BTC, but the psychological dopamine of seeing green in the market has started the Twitter exodus of "bull market" suddenly people who predicted 10k are now talking about a bull market.
I find this aggrandizing because it's always the emotional buzz that shakes the whole stability of things. For example, Bitcoin was at 16k and everybody was already predicting a potential dump to 10k, and now Bitcoin is at 17k and people are talking about a bull market.
Logically, this is just under a 1k increment, which to me is largely insignificant, if we're going to be judging how we have fallen from an ATH of 69k
However, it's difficult to establish an aura of logic to people who are crypto owners, I don't know if this is a phenomenon with people who are Bitcoin maximalists, because these guys are not really used to utility, use case, buying into decentralized application, hence, they're majorly driven by the thrill of price.
However, the most disappointing part of it is that these guys are the ones who bring in the millions, dump it straight into BTC and begin their emotional rollercoaster, selling their sentiment, especially since they also command a huge following on Twitter.
The Impact Of The Market Millions
The truth is that the people with the millions are the ones whose beliefs are taken for the truth when it comes to crypto. So many of these guys are considered to be gods because they've brought some massive fortunes into crypto. I'm not saying they don't deserve all the worship and all the attention, after all, they're integral to Crypto, all I'm saying is that sometimes, the assertions of these people are often based on ice-cold sentiments which they easily influence on their millions of followers.
It's quite easy for these guys to complain about the price, after all, it's not easy to watch your investment decline and not feel the emotional surge, but if big crypto owners are FUDDing, it creates even bigger ripples across smaller investors, causing some massive market actions.
In Crypto, Ripple Effects Creates Bigger Hollow
However, I'll not get into the intricacies of this. One unpopular opinion is that I feel that if people who are bringing the millions into Crypto can do their research and DCA into alt projects, they'll still keep their millions in the bear market, while being busy with the use cases that come with these other alt projects, thereby creating a mental balance.
Because it's mentally unbalancing to start thinking of the bull, when there's just been a 1k increment in the price of Bitcoin, while it was all gloom and doom when the price was 1k lesser. This is just proof that when predictions are not fully based on history or chart actions, then they're purely from the sentiments of the person who is predicting it.
People sell sentiments based on fear or happiness
.....for what it's worth, we might start seeing red in the market tomorrow and it now becomes a hanky panky game of predicting bullish tendencies when there's a tiny green in the market and doom when there are tendencies of a dip in the market.
Although this makes sense to an extent and while I feel that sentiment and emotional Affiliations are necessary in crypto, I think too much of it makes us key into the price actions so much that we might reach a maddening level of FUD or FOMO one day. From a lighter perspective, I do think Twitter is the place to be if you're a crypto enthusiast.
Twitter Seems Exciting Again
This is because you'll learn over time, you'll develop the skills of perceptive filters and understand how to muddle through the myriads of information to get that which is true and educative. However, I've come to understand that it's a space where you can choose what you came for and over the past few months I've seen people tweeting unthinkable things because they're trying to attain a sort of courage.
It's crazy how these people are now calling for a bull market. I think we still have a lot of months to slowly move up and consolidate, we're still in murky waters and can still dip, saying BTC might hit 30k before the end of the year is still believable. This is because we're clearly still not in bullish trends because I feel the cleansing is still not complete.
But don't get me wrong seeing green is a psychological booster
It's not the percentage in the increase of the price per se but provided that there's a slow constant green in the market, people might begin to throw in Money again because there's a positive movement. This is why I say it's majorly a sentimental impulse. To me it's not the percentage increase in price that people are getting excited about, it's actually the feeling of seeing green on the market after a long time.
This isn't to say I'm not happy
hive is moving as well and I'm even happier because people who bought at 26 cents can take some profit and enjoy the fulfillment of making profit even in bad market situations. Overall, I'm happy because I think we've neck deep in FUD for a long while and these small greens can give us a little relapse.
However, this is just to say, we've taken sentimental predictions to be logical because we're scared and it's difficult to think straight from that position. One thing I'm hoping for in 2023 is that we can see some steady momentum in price, in other to keep the positivity going till the end of the year.
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I don't really know what to make of the markets but I don't think the trend has really changed all too much there is hope for a bull market now. Personally, I think it's too early to decide anything just yet and it's safer to wait for things to play out. Of course, if you believe in something, you can always DCA into it because it's not a bad idea on any solid investment. The markets have shown a small step upward but can that continue? I am waiting to find out and I am not in any rush to jump into anything new.
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I'm actually certain the market will slowly rally up, you know, in a "two steps forward, one step backwards" format, but I don't know of anything other than that. In reality, I think the market will always be the market, playing sentiment in place of logic, but eventually, we'll scale through, I think we always do.
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Good
Thanks for the write-up! You're absolutely right that there's a lot of sentimentality involved when it comes to cryptocurrency - in fact, you're spot-on. 😊
Throughout Bitcoin's history, most of its purchasers were people with little to no actual investing experience. This is their first exposure to the market and how it functions. Now, although it has been independent of the market during its early history, the presence of institutional investors, as well as the increase of buyers overall, has resulted in Bitcoin acting more like a risk-on asset. Hence, its fluctuations resemble that of a risk-on asset, and with this class of assets, emotions cause substantial volatility during bear markets. So whatever we're seeing now is to be expected, to some degree.
That said, the percentage of people simply holding on to Bitcoin is higher than ever. That's encouraging in a sense; more people have become experienced and understood the value of Bitcoin as an asset class, and also possible as a medium of exchange. All positive sentiments for its future, in my personal view (which i sure hope will be right!).
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Thanks for the comment, you're right, some of the earliest owners of BTC were just testing out the technology. It was pure serendipity to some extent. But overtime they've realized it can be more, so it's quite easy to create more Sentimental attachment since it's been proven that there's always something at stake.
The general feeling around the market rests largely on the price. Am increment of about 1k changes the whole btc is going to shit to btc is going to the moon.
I’ve barely been following those guys on Twitter. Will I call it luck; but I don’t really go on following people who fud when btc makes a 1k increment. I’ve seen btc to 69k so will I be nuts to say that 18k doesn’t excite me? The green in the market and chats always seem to excite me but this comes with the shit coins.
Zil for instance has made significant gains in the past few days alongside other shit coins.
If hive should pump to about 0.5 I think I would be happier then seeing btc to 20k currently😂.
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This is the same with me, but in general sense, BTC drives the market, unless hive decides to have a mind of it's own and do a massive run. It's inevitable, we're going to see a bull run. But for now, all hope seems tethered to BTC to lead the way
I don't follow people who FUD too, but it's generally impossible not to see these people. Overall, green in the market is good.
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Yep BTC drives the market as most of us will know by now. There are certain coins who shoot up on their own. I try my best to catch them but mostly I’ve never even heard of them to even look at them.
People who fud annoy me so am better off not following them. I have my problems when trying hard to prevent myself from opening a dangerous position. Following those types of accounts will only make things worst.
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The real BTC whales, the ones who have been driving the market for years, are neither complaining or stressing. They've likely diversified enough not to have to dump much if any crypto. Plus they know they'll buy it back at the bottom, and just get richer.
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That's true, however, some people are quite sentimental to some extent, this is why I try to cut some people like this some extra slack you know. Like you said, the real BTC whales are keeping it tight, because eventually they'll become richer overtime.
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The alts make a nice move up off the bottom and we all get hopeful that the bear market might be over.
Well, I don't think we're there yet, there's not been any real consolidations except some small greens, I hope it maintains momentum.
Yes, we need a few more weeks of green candle closes.
I think 2023 will be a good year.
Currently the market is a little greener, but in any case even if it were to remain stationary this year it would allow us to accumulate at excellent prices and then see investments rise in the future.
In my opinion between 2023 and 2024 we will see some good ones and we will have a lot of satisfaction!💪
Hopefully, we will see an upward momentum in the push in price. But overall, I love that we're seeing some green.
I like it too, compared to the end of the year there were decent days eh eh!
Last year was bloody for crypto,but generally we're in a bull year, but no one is really confident, maybe towards the end of this year.
I don't think we will see the bull this year but this year will be surely better than last year, it is funny seeing bull market trending on Twitter
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I just think we will see an upward push in price, just slow and steady and nothing too big, but I hope we can see some big push at least towards the end of the year. As for Twitter, those guys are ridiculous haha
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Sentiments has over 85% control over the happenings on the crypto verse and perhaps on other sectors.
The new year for crypto currencies hasn't been bad who knows if crypto currencies would experience fantastic jump up.
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I’n actually writing a post talking about the recent greens we’ve seen the past few days and whether the bear was over. Basically just me daring to think out loud my thoughts on the current state of market.
In your last comment reply to me, you mentioned the market wasn’t moving in any logical way right now and is instead moving based on sentiment. I agree with this, and based on that, I think we can see a bull run earlier than we thought. Because like you said, the recent greens will have people throwing in money into the market again in hopes of not missing out totally on the bear, and when this new money from more buy orders enter the market, that basically puts bulls in control again. This is what I’m thinking and hoping to see happen.
Basically, little signs of green in the market might raise some hopes high and some people will crawl out of their shell to start investing once again. Such a green is never to be underestimated because it is what helps people transition from that bearish tendencies to something more positive.
Exactly. The green sparks emotions like optimism in people again and this optimism is what makes them start buying in again instead of selling off. The market sure is a great player when it comes to using sentiment against people.
I particularly hope the Bear Market prevails for this year, I understand that many want it to go up and that's good obviously, but I need to accumulate more so I can buy what I need when it goes up hahaha.
A "selfish" thought but it is similar that everyone who invests in Crypto wishes.
On the other hand following those people on Twitter is quite disgusting, total incoherence their announcements.
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Seeing the green charts and everything so green lately is definitely a delight for everyone's eyes especially that it's been quite a while since we last saw green in crypto. But it's also an important stage where some decisions have to be made in order to not make the market stop here :)