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๐Ÿ“ˆ Bitcoin is nosediving! What's next? | 04-12-2021

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All Time HIVE and Hodl, dear members of LeoFinance!

Usually, I write about the charts of the cryptocurrencies, by applying Technical and Candlestick analysis. But, today, I will make an exception because the price of Bitcoin is nosediving (for the last couple of weeks BTC has dropped from $69000 in November to $43000 earlier today). That's why I will share my point of view on this dip/correction/or whatever the people call it. Actually, I will share some legendary tweets that will express what I think about the current cryptocurrency market stance.

First, let me start, we the current level of the Bitcoin Fear & Greed Index, according to Alternative.me: Source: Alternative.me

The current level is 25. Most people are panic selling. The price of Bitcoin is under pressure. Many people are confused and don't know what to do: to sell, to buy, to buy more, just to hold, etc.

Yeah, I understand that just a couple of weeks ago 1 BTC was $69000, now when it has dropped below $50000 and was even trading earlier today on some exchanges between $42000-$44000, the $100K level seems again to be a mirage.

However, the price of Bitcoin started from less than $0,01 in early 2009 and hit $69000 in October this year. This journey has never been smooth. There were many ups and downs, fear and greed-based on uncertainty and so on. Only the people with strong hands and a clear plan/strategy win at the end of the day.

Usually, in a phase of high volatility and uncertainty, most people make mistakes. So, fellow Hiver/Hivean be very careful and be smart!

Now, let me start with the first legendary tweet. This is the 'investing' approach many Newbies use: Source: Twitter

One picture is more than 1000 words sometimes. That's why I think that this picture is self-explanatory. So, have a look at it, analyze it, and draw a conclusion.

Some people think that this was the top of the crypto market and a bear market is around the corner. Ok! As I've already mentioned above: 'the price of Bitcoin started from less than $0,01 in early 2009 and hit $69000 in October this year. This journey has never been smooth. There were many ups and downs, etc.' If you understand what is a cryptocurrency and in which direction this technology is going then, probably, you have different thinking compared to the thinking of that person who was happy with selling his 100 BTC for $220 on 29th of April, 2011, booking good profit, and 'escaping' the dip at that time: Source: Twitter

He sold at that time:

Later, in July of 2011, another person sold his Bitcoins at loss at the level of approximately $14 per BTC, because he was very tired of the market price volatility and didn't want to see his investing melting further: Source: Twitter

He sold at that time:

Of course, there are people who instead of panic selling are panic not-buying :). So, this means that they are always afraid of investing money into some asset. They wait for a better price, but when this moment comes they become even more scared and never enter the market: Source: Twitter

He wrote this tweet here:

This man was happy with not entering the market in October of 2011 and able to 'escape' the further dip. Let me share some of the comments this tweet received in May this year when BTC hit $60K-$65K: Source: Twitter

And last but not least is the legendary tweet from May 2011: Source: Twitter I think this tweet doesn't need a comment.

By sharing these legendary tweets relating to Bitcoin, I just want to express my point of view or, to be more precise, to give you hints at what I think about the current price correction in the crypto market. So, Fellow Hiver/Hivean be smart!

To be continued ...

As of the time of writing, one BTC costs $48695,03 on the Binance crypto exchange, according to TradingView.


A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 years, and as a cryptocurrency analyst for the last 4 and a half years.


Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.


Check @crypto-guides to learn about the essentials of the major cryptocurrencies.


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