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Chart from Investing.Com.

It's difficult to deny a bitcoin crash is underway, but the true believers will deny the crash anyway.

The HODLers' expectations of big bounces are being sold hard.

This post adds little to the discussion, but I have a couple of articles planned in which I will detail how and why the true believers are wrong about mining costs and miners supporting the price of Bitcoin.

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For now, and contrary to true believer statements, buy the dip has morphed into buyer beware.

Belief in bubbles is fun, until they pop.

Mike "Mish" Shedlock