So it's virtually clear that most people in crypto currently are basically doing market predictions based on how red or green the market is, and not on the original structure of how the market is supposed to be, and that is how it's probably going to be.
We woke up to BTC dumping and just as always the alt market is dumping with it as well. This is the script, so no one is surprised. However if we want to look at this in another light, we'd say the market didn't dump, it is only correcting, you know how it's better to say a glass is half full rather than say it is half empty?
Positivity over anything
In reality this might just be a cool off and the market is just getting to shed some of those unexpected pumps that it's been gaining for a two months now.
Even in a bull market year these dumps are not a scare and mostly healthy for the market. However if BTC loses 77k and approaches 70k or lose that resistance then I think everyone will be back to panic mode.
However I don't think anyone should be surprised, there was no way BTC would continue with this pump until 90k, even though we're going with the theory that "the previous bull run didn't pump as hard, so this dump shouldn't be as bad"
I still believe we're on course to dump hard to 50k or something within that range by October and then we can finally bottom, why? The market is psychologically programmed so, and I don't see us hitting 90k BTC this year. While I might be wrong, as any other person can be too, but it's basically not the way the market will react.
Although the BTC price market is looking completely different in my opinion I don't think it's even a correct outlook to to judge the altcoin market with.
why?
Well Alt has been considerably red and didn't experience that huge pump we all expected, so perhaps we get to continue seeing these mediocre pumps and probably the last year for the mega alt pump was 2021.
Anyway my point is that this dump was expected, it could be a worse, just not worse enough.
The market is currently doing what it has to, I think no one knows enough to put a finger on the expectations for this current market except at the beginning of January next year, and I also think that this we have to test the theory that the market should bottom out in October or thereabout.
We also need signals to confirm or debunk some of the ideas or opinions we hold about the market, whether this is a truly different cycle, if it's over for alts, if BTC will pump and dump at interval without needing the 4 years window or if crypto is taking a different market identity for the first time since 2013.
In conclusion
I think we'd learn this by mid or end of 2028, but for now all we can do is expect that dump, infact it's going to be harsher on alts and this is just the reality of things and there's no saving us from that.
Anyway I've been seeing some posts and article from someone who is talking about rebranding the Hive name.
It's funky because Hive as a name is not bad, the best form of PR is revamping the chain to function better,and not a name change whatsoever, but I guess periods like this are for proposals to fly left and right and everywhere. This is typical of the current market.
Some people already cut their losses and left, some others are trying to take whatever they can and leave with that. This chaotic situations is a proof of the realistic situation of the market.
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It is most certainly a mess out there in the world of crypto. No one really knows what to expect anymore, but then again we are in uncharted territory. These little dumps are to be expected as always, the question is whether or not we will bounce right back or begin the downward spiral?
As far as rebranding Hive, I say let's look at ideas. It never hurts to look, but before any changes are seriously considered it better be a really good idea. Last thing we want to do is make things worse!
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