I agree @exyle patience is key here. This is nothing new to us. I think the floor is around the $7500-7600 range for BTC. My prediction is things will begin to turn around in the market on or before February 15th. The media here is bi-polar and highly manipulative. There are many people I know who bought into BTC in November - December for the first time and are asking if they should dump now just based on what the media is reporting.
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The Dutch Media is already reporting the 'crash', like they always do when there is a correction. I'm glad I can just tune it out and keep a straight head. Panic rarely leads to good decisions.
When I saw the crypto market cap move from $800B to $400B in a matter of days following the questions surrounding Tether, "crash" was the word I characterized it with.
While I saw no cause for panic myself, this "crash" tells us something about the overall composition of the crypto economy.
For one, it seems that convergence on something like a crypto-Federal Reserve is being tested and that we may be talking about fractional reserves soon. IMHO, we need to come down against tether coins. I understand the need for a stable coin, but I'd ultimately like to see something like an index coin solve the "...nowhere to hide fast" problem. I feel like reducing the impetus to dump crypto this way is important.
And two, what does it say about crypto-culture? Ideally, we want to build a broad perception of value in cryptocurrency and blockchain technology as a whole. This is the future we want, yes?
Are we treating it with that regard, or is it just another investment vehicle?
An index would be nice. I think people would feel more secure investing in an index.
invest in it as opposed to day trade
Please don't talk about it.
I can't even watch the local news, without people talking about the 'crashing bubble'.
NOS/RTL talking about BTC becomes increasingly cringeworthy
Yeah, I hear people saying that crypto is dead. It's crazy considering how many partnerships there are and how entrenched the tech is becoming. No one seems to be interested in reporting on that.
The media are always looking for something to say. They don't really care what as long as they get views – and of course money.
Yep, everything is made as dramatic as possible in the news.
And never forget that media also uses their influence to control the market and to take their own profits out of it...
Yup. The funny thing is that what the media say about Bitcoin's price determines the price...
I couldn't agree more. All media outlets are setting the panic in. Keep cool and with a diversified portfolio this will even out in the long run.
I'm hoping I can find fiat by then. I've been really looking at re-investing at these prices, but I can't break my dedication to the "only invest what you can afford to lose" rule.
And honestly, my background is in Forex.. Not Cryptos, however I was looking at the charts and it looks like we are finally entering into oversold territory with some sharp jolts up from the bulls. For example LTC dropped to sub $100 levels but shot back up to around $130 rapidly.
This kind of behavior paired with being oversold indicates a strong possibility of the bulls gaining control and we are seeing this across the board.
What is Forex?
That is the same as crypto exchange but for currencies.
It may not turn around until the summer. But it is good to buy now before it goes up again whenever it does. So, people should probably jump in now before it is too late.
Yea. I'm new to this and happy to patiently let my investments grow. I bought in November. Stumbled in right after BTC crashed 25 percent and caught all of that big upswing, mostly from returns on alts. Then I didn't have any more money to buy more coins until BTC had dropped to $12k USD. So, I'm way up on my first investment, down on my second investment, and about even overall. Am I lucky or is that normal?
I fully agree @reidlist
Good prediction lowest it has gotten is $7,796.49, of course nobody knows if that was the lowest it might go down further, but anyway right now it is above 9k.