Remember?
Well, sometimes it is easy to forget the past and we prefer to look forward to the future. But perhaps there is a 'age' thing in here. I am in my middle ages. I actually feel much older than I really am. I blame having kids are a relatively older age and staying is school for too long (partying) for that. Fortunately or unfortunately, I never forget where I came from, I think that helps me to understand where I am going.
That preamble is due to the current state of the global market, including crypto. In times like this it is easy to start talking about the fact that world is coming to an end; it is NOT! Nov 2021, BTC was north of 67K and we were saying wen 100K (I hate this wen thing by the way, its juvenile!). Now fast forward 7 months later and BTC is trading 23K and dropping into a bottomless pit (or so you say :)). That is a 65% drop in 7 month, and yes it is going to hurt. But please just remember where we came from....
| BTC | S&P500 |
|---|---|
 |  |
The Global market is rallying since 2009, in the longest bull market in the history of mankind! Even if we consider relatively recent time, past couple of year (the Covid Years). S&P 500 was trading at 3400 pre-Covid, and dropped to 2200 in the first 15 days of March! Our beloved BTC, was at 10.5K pre-Covid and it dropped to 3800 during the same 15 days. I will let you calculate the percentage, as I know some of you love percentages and APRs :)
Where do we go from here?
Yes, rest is just garbage, right. The answer to that question is: I do not have the first damn clue! But I can talk about the levels. They are shown clearly on the chart.
20,000
We are basically almost there. What is couple of thousands dollars among friends! There is nothing to talk about 20K. That was a late 2020 minor high, other than a nice whole number (and that can be important sometimes). But yeah! 20K was the top of the previous BTC bull market, as shown on the weekly chart below. But that doesn't mean there is something magical that will happen there. I will argue, if the global market continue to drop, BTC will continue to drop. The correlations are north of 0.71 these days. I discussed this earlier here.
14,000
This is an important level for BTC. This was the summer 2019 high. Remember all the ETH tokens that summer? 95% of the them are gone, yeah? :)
10,500, oh! Do you like to call 10K even? Fine!
Yeah is the the Pre-Covid high. I hope we don't get there, because if we do, I don't think we will stop there. So please keep these levels in perspective. They didn't happen when you were a kid. They happened just a couple of years back. That is the nature of the beast guy.
Oh, by the way, Market doesn't care what you think, how you feel, or your profit-loss. Market will do whatever it wants to do. It is you who must take care of yourself and family.
People first, then Money!
(said someone, who came from poverty and tried to teach basic financial acumen to a group of people who were largely ignored by the rest of the financial world)
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service.
Would be nice if BTC goes to $15K or below.
Possible. Very much possible. Only about 7K from here.
20k this month, yeah that level seems to be very likely to me as well. I'm wondering who's the main seller right now. Rather private people or companies, wishing for the answer to be Bankers :D
Month? Lol
This week.
PS. Maybe overnight while you sleep :)
I got into the crypto realm during the 2021 bull, with all time highs left and right. And in just a few months I'm here, riding the hell train to the depths haha.
What a rollercoaster ride, probably the only type of rollercoaster ride I prefer lol. It surely is a proper learning experience for a newbie like me, for now I just gotta ride wave and try to survive I guess.
I don't think you have pit in any significant money. If that's the case, you have nothing to lose .
I haven't actually, most of what is "invested" is all converted from HBD and powered up as HP, that's all for the long run. I am dipping my toes into some trading every now and then, whenever I see volatility, just testing it out and trying to see how it all works for now, nothing too serious.
yeah, so you can watch us and laugh :)
Laugh and learn at the same time dada 😂
Very interesting post,thanks for sharing your point of view,i learn every day a new thing !!i wish better days come soon but now is what it is,maybe the transition to something else! 👌🏽
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14k will be the area i make loooooki looooki
and increase DCA.
I honestly think people are overestimating the lows. There are some good technical indicators that the bottom with now sub 21k is actually already in.
https://peakd.com/hive-167922/@tobetada/crypto-analysis-or-has-the-bear-market-just-ended
Everybody was surprised we didn't get a 100k+ BTC for this cycle and maybe everybody will be surprised that we won't go sub 20k.
Maybe, just maybe Bitcoin will decouple (as it has in the past) as there isn't actually any fundamental link to the legacy economy (just in people's heads). A global recession is actually bullish for crypto in general I would argue.
Just my 2cents :)
Maybe, just maybe Putin will win Noble Peace Prize.
that's probably a lot less likely; although if someone like Obama can win it who was involved in the war in Libya and Afghanistan, there is a chance
So far Bitcoin has not pierced through its past cycle peaks. I have no clue if it will be able to respect that in the current environment, but if it will fall under $18,000-$19,000 then a lot of patterns will get invalidated.
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Keyword: so far
If BTC remain stable above 22k , we make an expect something good for Crypto market. 20k support is not a technically strong support because of what I think if BTC crash occur again it may be it 17k. But in current time I am just hoping that to BTC remain stable above 22k at least for 7 days .
By magic? LOL
Currently there is no positive news and i also can't expect that it will remain stable above this level.
Let's see what's happening 😂.