Traders are waking up to bitcoin’s capitulation moment: Investor

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Dan, I ask people, what is the catalyst for things to turn around? But if what you’re saying follows the final pattern, it’s almost certainly not going to be a positive catalyst, it could be a negative type, like a final surrender catalyst.

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Yes. Right. We need Truth. TRUE.

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What could this catalyst be?

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So, you know, some people have considered FTX. Maybe there is something else like this.

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It’s like there’s an explosion waiting in the wings somewhere.

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Yes, you know, most people said the acceleration really started after October 10th. As you know, there was a sudden accident on October 10th.

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And we had flash crashes in traditional markets. I was in the hedge fund business in the old world for 25 years. I’ve seen many flash crashes. These are normal.

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And in crypto you get crashes all the time. It used to be, I don’t know if you remember, but in 2016, ’17, ’18, Coinbase would crash and people would say, oh, Coinbase crashed and you had a flash crash.

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Yes.

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And so on October 10 we had a very serious moment that has not yet been resolved. The person forced into liquidation or the organization forced into liquidation is apparently still in liquidation. Maybe there is an entity, maybe there isn’t. We don’t know, but I think there must be some kind of moment of surrender, a moment of awareness where people say: oh my god,

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finished. And we’re already seeing that, oh Bitcoin is going to zero. At dinner the other day, someone asked me if Bitcoin would drop to zero. It’s a bit unfortunate, but that’s how markets work. And unfortunately there are a lot of individuals and non-professional investors retailing in this particular crypto blockchain market.