windjc, while realising that fresh fiat is important its also necessary to remember the other ways the market can move. eta say theres $10mm on the sidelines at Stamp. Say there's 10k BTC to $1000 if the sellers all leave their sells then $10mm is needed to get there. Say the sentiment changes and or good news. All of a sudden there's only 4k BTC to $1000 this only takes $4mm, 60% less. Im not arguing that fresh fiat isn't important or that it wouldn't help the cause but I think its important to consider other dynamics in the price rising.
Sentiment is not going to change without fresh fiat. It's not. Hell, how much more bullish can sentiment get anyway? We are in a 5 month bear market and most people here are incredibly optimistic. However, these same people have very little new money to invest.
If no one chooses to sell we can't go down. But the longer we flatline the greater the chance that "big bad news" from China will rear its head.
And for those of you that say it can't get worse, it CAN.
I.e. ---> Houbi closes, Houbi is insolvent, China bans bitcoin literally including exchanges, etc etc
All that would be incredibly bullish in my opinion (after a short sharp slap of course!)
I know why you say that, but China exchanges being open and solvent adds to the overall demand. So really it's not bullish.