Yesterday, even Nvidia's $5 trillion market cap triggered my resolve, and while US stocks continued to hit new highs, BTC, the only saving grace for the crypto market, was still falling.
Emotionally, I'm also pessimistic. Rationally, I think the pessimism can't get any worse than this. What could be more pessimistic than a dump of junk?
Junk has its value.
Moreover, the crypto market has always been like this: when it rises, faith returns; when it falls, it immediately becomes junk again. See some recent examples—you can judge for yourself.
Trading isn't about trading reality; it's about trading expectations.
With such a terrible reality, will expectations be worse or better?
People were already refusing to buy and calling it garbage. If all the long positions are liquidated, what's worse? Everything going to zero? Will exchanges only be able to gamble on large-cap cryptocurrency contracts from now on?
If prices rise, which ones will rise? What will be the reasons for the rise? What will people think when prices rise? Who will believe first? Who will believe later? Who will truly believe?