After the big crash that happened a few days ago, Bitcoin is continuing its roller coaster ride and alts are following the same pattern. Every chart is similar to the BTC chart. This is how things work in the crypto world.
Volatility is why many people like crypto. You can 10x, 100x your account in a few months if you know how, performance which in fiat world is not so easy to achieve. This is one of the reasons why so many people are drawn to crypto.
Human Psychology is the science of mind and human behavior and it's a fascinating area of science. I'm not a psychologist but I can't help noticing how people behave in certain situations.
Predicting The Future
Gareth Soloway, chief market strategist of InTheMoneyStocks.com predicted the BTC crash one week before 19th of May this year, when BTC was trading at around $50k. He said BTC could crash to $30K and then further down to $20K - $25K.
Obviously he was called crazy and I bet was told he's spreading FUD. This is how people react to predictions they don't like.
When BTC started to shoot up, everyone was happy and very few, mostly the old crypto holders and traders knew it's temporary and a retrace is coming. The others thought BTC is going to shoot to the moon and we're going to see $100K and $120K very soon.
Who dared to predict a retrace or a crash was called crazy, was told they are spreading FUD. Usually people believe what they want to see happen. Possibly leverage traders can be included in this category as well.
These predictions were made based on TA (technical analysis) and not using a crystal ball or just wishful thinking.
Now that the crash happened, people still prefer to listen to those who are predicting BTC is going to reach $100K and $120K very soon.
I don't know about you, but I believe what I see and what can be proved. Charts, patterns, TA means a lot to me and I trust the charts, rather than some bipolar behavior in Twitter. I keep saying this should be a lesson and I mean it. I'm writing my own rules in my notebook and learning from my mistakes.
China And The Yuan As The Reserve Currency
China wants to take over as a leading currency, as the reserve currency in the world with the digital yuan and this sis their step in that direction and the US is going to have to fight it later on.
Think about what will happen to the dollar if it's no longer the main reserve currency!
This is the question Gareth Soloway raises in the interview and he is right. A lot of countries are holding US dollar and if the dollar is not needed anymore, they can (and will) sell it on the open market, which will lead to a crash in value.
China's plan regarding taking over the US dollar's dominance is not new, it's been known and we also know it's not going to happen overnight, IF it's going to happen. This however is not a reason for the US to not address the problem. Gareth Soloway is right, the US has to do something very soon. The fight is on on many fronts now.
China also has a love-hate relationship with BTC mining and we may see miners move out of China sooner than we think. This would mean more decentralization, which is the result we want after all. However, every move, every news can cause waves on the market and we'd better be prepared.
FUD And Blindness
So back to the main topic, there are always two scenarios. Usually one says the price could go up, the other says exactly the opposite. Blocking out the one you don't want to see happen is not always a good idea. Ok, it's never a good idea.
Gareth Soloway's BTC prediction posted on May 24, 2021
As you can see he's predicting $20K-ish and says he's prepared to start buying slowly below $25k and keep buying all the way below $20k.
Now, is he right? Would you trust his prediction?
I knew about the $48k as the next level and then a retrace, but how low actually it's going to go .... That remains to be seen. It makes perfect sense as $20K was where the last accumulation phase ended. In any case, be prepared :)
I love blockchain as nothing can be deleted, you can check back to see who said what, after things happened. Recently there were some waves on Twitter, influencers paid to shill different tokens deleting their posts. Well, you can't do that in here, you can always check back. So this is like a diary for me.
Get started with my referral code: m3yjA
https://www.bybit.com/en-US/invite?ref=m3yjA
Posted Using LeoFinance Beta
I honestly think it could because it hasn't exactly retested that area. I personally think it won't go lower than that though. Personally I don't expect a huge pump or long leg up for a few weeks to shake out people.
Posted Using LeoFinance Beta
My prediction is 41K- 43k next leg up, then we'll see the next leg down. I'm curious as there are quite a few scenarios out there and also testing a few analysts to see who's getting it right, even though there's no way you can predict the bottom with high precision.
we'll discuss after :) We're always smarter in hindsight.
!ENGAGE 20
Posted Using LeoFinance Beta
ENGAGEtokens.Yup, monthly chart at the end of april put atleast a 50/50 likelihood price would visit 30-35K over the next month or two. We got it in a few weeks and yes, people told me I was wrong even suggestion the probability of it.
Now, the chart look like they worked off oversold condition and if we don't get some upside follow through in the next few days we'll probably test 30K and then it's 24K if it doesn't hold. I'm rooting to see it push higher even though the odds seem to favor down.
Posted Using LeoFinance Beta
Well, I see it up to 41k - 43K region, then back down again but who knows it's going to be 30K or 24K or even lower. Looks like this step must happen before we go to 50K region.
But then again, who know what bi-polar behavior may happen on Twitter, that can trigger panic selling again, that can mess up everything.
I guess we'll 👀
!ENGAGE 30
ENGAGEtokens.Bitcoin at 20 K would be bad from psychological point of view. When the bear market starts, it should start or reach new bottom somewhere over 2017 ATH.
Posted Using LeoFinance Beta
And yet, we may see it happen as we can't control the market. Time will tell.
!ENGAGE 20
Posted Using LeoFinance Beta
ENGAGEtokens.Always listen to the experts you relate to! It works.
Even I think BTC will go down a little more and that's why more buying opportunities will come. And as usual, every altcoin will go down with it so sitting tight.
Posted Using LeoFinance Beta
After you've tested them. First be sure they are not paid to shill the token and follow the market to see if they are right.
Posted Using LeoFinance Beta
Thanks for the advice! I take my own time to trust someone and do my research before moving ahead.
Posted Using LeoFinance Beta
!ENGAGE 20
Posted Using LeoFinance Beta
ENGAGEtokens.He seems to be spot on with his previous prediction. 20k? Wouldn't want to see that. Guess we will be seeing bears before we shoot up again
Saving this and Looking forward to see he gets this one right again
He is. He has 20 years experience in stocks.
I don't like the 20k either but I can see a farming opportunity here, plus if it has to happen, better now than another crash from 70k.
Time will tell if he's right. In case he is, we can learn from him.
!ENGAGE 20
Posted Using LeoFinance Beta
Yeah better at this point. It will a good buying opportunity for many at 20k. It may even strengthen BTC position going forward
ENGAGEtoday.I'm getting ready for that 20k BTC and I'll be buying all the way down for sure.
Posted Using LeoFinance Beta
It doesn't hurt to have some funds ready as I don't know when we're going to see these levels again.
!ENGAGE 20
Posted Using LeoFinance Beta
ENGAGEtokens.Your post was promoted by @finguru
Thank you!
Posted Using LeoFinance Beta
Of course this is discouraging news, but we cannot be blinded to reality, and as the current market is we should not be dreamers, as this pullback hit very hard and will probably need more time to recover, so BTC at 120K we will not see it soon.
Posted Using LeoFinance Beta
I see us at the 25K region sooner than 120K or any other high level.
Posted Using LeoFinance Beta
Very agree.
Posted Using LeoFinance Beta
but i think bitcoin goes high it could not remain low for longer time
Posted Using LeoFinance Beta
It's not about if it goes up, but about when and how.
Posted Using LeoFinance Beta