Crypto newbies must be in slow panic, trapped in uncertainty, caught between the mainstream media FUD and the optimism from Bitcoin hodlers. All the crypto’s are down with a few exceptions; the King has tumbled down the mountain, knocking over fellow hikers, some lucky enough to be stuck on ledgers, others falling to the bottom where they’re being invited to jail.
Those who have been in Bitcoin for a few years have seen this before. The debate is not whether Bitcoin is dead or the bubble has burst, but have we hit the bottom / floor yet. My guess is the bottom is close to $8000. This is my first attempt at a chart, you can see where I decided to turn some fiat into Bitcoin because “why am I leaving value in fiat!?” Good lesson, I hope I don’t have to learn it again. But still trying to work out why the market didn’t go up. I’ve seen some technical analysis I still have to integrate.
Bitcoin could still slip a little lower before it picks up. Although, if you’re waiting to buy in at a lower price, I would not hesitate, buy now. The market can surprise you once again and leave you behind.
There is a mountain pattern that seems to be repeating. We’re coming down the other side of the mountain at the moment, almost at the bottom, on solid ground, planning the next excursion into the Himalayas, imagining the view from the next peak, philosophizing that we will be descending a few
more times from other summits, gazing around at the increasingly populated landscape, encouraging those who tumbled down the mountain with broken arms and legs, giving them crutches and wisdom from mended bones and sharper vision.
‘The next range is ahead, don’t give up now! We’re only getting started!’
I’ve been rather grateful during this down period. This will probably annoy newbies who bought in at R270000 and have been depressed ever since, being quite sensitive to the FUD of the ‘Bitcoin bubble’, the no intrinsic value behind Bitcoin etc. It has given me time to mature a little in my thinking about day trading, how not to fall for scams, reading so much more info, exposing myself to more opinions and more nuances of the technology. It has strengthened my faith in this new disintermediating technology and how it can benefit humanity, even those who haven’t heard about bitcoin yet. And, yes, how best to spend my retirement (the life of following dreams).
Remember this time, if it was your first, it won’t be your last. You become the Mountain Man that doesn’t have to sit at the summit in lotus position, but can roam around with bulls and bears, loving them both equally.