Long story short, I feel like BTC is experiencing a phase where market is hesitant about the price. As all consolidations require a somewhat steady state consensus, I fail to see signs of it in current market situation. As the debate between BTC and BCH grows more furious and BCH promoters claiming they are the real Bitcoin, more fear and delusion is penetrating the market.
considering the hype and media attention the market attracted peaking at around 850 billion dollars of valuation, I feel like once again those who want to see Bitcoin fail are granted an opportunity to throw their rocks. Right now, there is high amount of negative narrative in the mainstream news outlets. This negativity along with the disputes among the bitcoin community cascades in social media.
In the other camp, the global financial and political systems are deciding on how to respond to the new Crypto adoption phase. many will be harsh. As a result maybe I can buy more Bitcoin at 7777 $.
Meanwhile Ethereum is escaping such attentions and is quietly consolidating. I think starting soon, Ethereum will leave for 1700 range and we will still see Bitcoin struggle.
Good points raised. I also feel that as more and more projects come on line (or rather on chain) that providing there is progress towards scaling ETH will only get stronger compared to BTC. It also looks that Lightning may not be progressing quite as quickly as hoped. Cheers J
I feel like scaling issues are more serious with Ethereum and it may result in sell offs as the price goes up. Lightning is becoming like a Pandora box. Good luck to us explaining it to people who don't understand technicalities. I see many new people falling for the Roger Ver narrative of what Bitcoin really is. This is going to be hard to fight against