Bitcoin is taking a dive in recent days and FUD including that from Bitcoin Cash owner Roger Ver as he once again starts up legal action to say he's the creator to remove whitepapers from certain websites.
Before I even dive into any of this if you've been around in crypto as long as I have this is the same repeated BS that happened three years ago lol
Bitcoin shot up like crazy right around the same time the last rally did three years ago 2017 into 2018 and then nose dived. If we look at the chart we can see this same exact pattern happening but instead of nearly 20k we hit 40k so the deep dives being felt 2x as much.
The things you need to remember about bitcoin are.
Halving events are already accounted for before they happen so don't expect much movement once it happens.
When there is a sudden burst of buying and a quick ramp up FOMO sets in which sky rockets it even more. At that point you'll start to see a bounce of a few thousand dollars over a week or two as the FOMO wears off and the real players are starting to cash out. We saw that all last week.
As prices gain it gains spotlight in the press. This fuels the FOMO. But shortly after that everyone starts to trash talk bitcoin once again which does have negative effects. People start cashing out.
Remember that bitcoin has been around for a while a majority of the coins are held by very few people. Ones that can make billion dollar trades and sink or pump the market.
Bitcoin cash and other bitcoin alternatives that claim they created bitcoin start filing legal actions to try and bring down bitcoin and pump their own variation. Causing even more negative effects.
To me we are in the negative zone and I honestly see bitcoin doing some quick crashes over the next month or two and no real pump.
Just like the stock market has become nothing more than hype and news bitcoin also follows this trend. Media plays major effects on markets if it's true news or not.
What is your play? Do you feel we are in for a hard crash or will bitcoin rebound to new highs in the next month?
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My BTC holdings are divided into 50% HODL no matter what and 50% active trading money.
I was lucky to call the dead cat bounce and sold at around 39,500$.
Right now the whole 50% active holdings are stable coins and I'll start to DCA again once we go below 30k which, in my opinion, is only a matter of time.
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That's actually a rather good plan. It makes sure you don't blow it all on a bad trade lol
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Buy the dip.
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Is it a dip though? Or is it going to be a crash we don't recover from for another 3 years when the next halving takes place
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Crashing Higher and Higher
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The question is are we still in the early market? I say yes, we aren't even close to crossing the chasm yet. Bitcoin at 1 Billion dollars is in my opinion possible. How many ERC-20 tokens are there? Quintillions? DeFi puts central bank printing to shame. We are talking 1,000,000,000,000,000,000s now. There are "A total of 355,732 Token Contracts found" on Ethereum alone.
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True, This is more short term prediction. Do I feel if you buy bitcoin today and hold it for 5 years that it will be worth more YES. But I feel we are in for a hard crash over the next month.
We're in the accumulation phase two. You think that whales are accumulating BTC at these prices out of stupidity and lack of investing experience. Have a look at glassnode charts, or read my recent post, and you'll see smart money is buying BTC like mad at these prices. Meanwhile retail is getting FUDed by the media. Right on play for this bull market. I would also add that if you want to compare this current phase in the bull market it would be better to search for similar patterns from the beginning of 2017, not the end.
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Good points, Of course I feel if you buy bitcoin today and hold it for 5 years you'll make solid profits but short turn I feel we are in for a hefty crash.
We'll probably touch again 20k $ before any other all time high above 44k $ ... I hope I'm wrong !
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