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In a time when Bitcoin has been smashing traditional paradigms and attracting a class of investor that many thought impossible, we are faced with a rather strange dynamic. As new developments, adoption and growth take place, the price continues to slide. This is actually not that strange when you look at what is taking place on platforms such as Twitter with Elon Musk and others. The level of manipulation, exaggeration and FUD is almost uncanny. One thing you will be able to note if you are a trader is that every time BTC is about to confirm a bullish pattern formation, Musk and others counter it with FUD and break the validation, driving the price down.
Tweets are strategically timed to invalidate patterns and hinder BTC from moving to higher levels. In my opinion, the fair value price of BTC currently should be in the 70K range. The 30K level has however provided very significant support and it is important to remember that many investors will still consider BTC a buy at almost a 60% discount from the local high. Although 64K is an all time high level, it is also the local top, which essentially would qualify the 30K level as a great buy if investors believe a bounce is more likely than a further dump.
The biggest problem that Bitcoin currently faces is that after 30K, the only truly significant support is at 20K! On a positive note, the sideways action in the range between 50K and 60K has actually formed a great support level for when BTC surpasses 60K again, whenever that may be. Unfortunately it has also now created resistance, which needs to be breached before it can be enjoyed as support.
Why do you think that BTC had such a negative perception within the general public in 2018 and 2019? This was not the first bear market! It was however the first bear market that was largely made up of retail traders that had no real knowledge or history within the Crypto space. Your average person is susceptible to trends, is not a leader and is in a desperate state of trying to impress, fit in and be aligned with what is trending. This automatically disqualifies them from ever truly reaching any significant success in the Crypto space.
If you are someone that excludes BTC and considers alts as superior, then you have deceived yourself from the greatest catalyst of every bull market. Without the halving, there would be very little reason for your alts to moon. I own more alts than BTC but I understand and respect the position that BTC holds in this market.
Your average person is unable to hold any commitment to Crypto in a bear market, which means that they can never actually journey a full 4 year cycle , which ultimately keeps them on the sidelines when it comes to profiting in this market!
On the other hand, dedicated Crypto enthusiasts are not concerned about trends, sentiment, or being cool! They have a purpose, plan and strategy that cannot be wavered by the opinions of others. These are the true winners! Today they are sitting at a beach restaurant as they study data and continue working on their dream. Many are retired and could not be bothered by the opinions of sheeple who got up at the break of dawn this morning in order to exchange their day for money, in order to feed, house and buy the things that they think make them cool. They are the ultimate losers and are unable to see it.
As the saying goes, “ A lion is not concerned about the opinions of sheep”. Keep building and hold true to your conviction, as this is your life and your freedom is paramount!