We’re at an interesting phase in the bitcoin market cycle. There’s been a huge shakeout from 20k all the way down to where we are at 3k. Still, plenty of people are up a huge sum of money from when they got in in the single digits.
Almost everyone I know who’s still in crypto has lost money. Very few of them got in that early, this means almost everyone in crypto has lost money as well.
This is not a place you want to be.
At the same time this is also not a place you want to sell after you’ve held the whole way down to here. Granted you haven’t been trading and your investment is one of a long term investment, with a time horizon of 10 years, now isn’t the time to puke what you own.
I think it’s likely we have seen a bottom on bitcoin. Technical Analysis points towards us being at the bottom, especially when compared to historical data against bitcoin and other assets.
That being said if this is not the bottom then we will likely see $1,000.
$1000 bitcoin would be devastating for the community but the level of religious belief in bitcoin is something that hasn’t been seen before. Sure we saw it with some of the tech stocks from the internet bubble, but we have come a long way since then. Most interestingly is that we now know what the market needs.
We have already tested those waters.
Social media is a already tried and tested business model that creates value on the market.
We don’t need to guess when it comes to crypto’s and bitcoin which is extremely powerful as there’s going to be less guess work for what the market wants, capital is then able to flow freely and easily to where it needs to be and we’ll get better products because of it.
If you’ve held until now, now would be a bad time to sell everything and turn your back on bitcoin!