As the market experiences widespread selling, many are anticipating the next significant drop, perhaps to around $48k. This pattern isn't surprising given recent events.
Previously, amidst the excitement of BTC potentially reaching $100k, the onset of the COVID-19 pandemic triggered a sharp price decline. Subsequent market movements followed suit with significant events, such as the emergence of the COVID vaccine propelling prices back up to $69k.
The sudden conflict between Russia and Ukraine further affected prices, driving them down to approximately $15k. Despite discussions of a "crypto winter" as prices rose from $15k to $50k, the market had already surpassed that phase.
Following a strong pump to $73k with anticipation surrounding the halving, FOMO led many to buy at its peak. Subsequent war-related news prompted an exodus from the market, with predictions of a price drop to $40k in the coming days.
However, the market is expected to bounce back swiftly, driven by rumors surrounding the halving. This cycle of FOMO-induced peaks followed by news-driven dumps is characteristic of the market's behavior.
In the financial world, news wields significant influence, as evidenced by the book "Currency Wars" and its exploration of conspiracy theories.
