I was distraught when I read a recent article on Cointelegraph "Be Short After $10.3K Bitcoin Price 'Head Fake,' Veteran Trader Warns" by William Suberg.
Suberg believes that Bitcoin's rise to $10,300 recently, as well as the general progress Bitcoin has held during unprecedented and trying times people across the globe have been suffering through during the COVID-19 pandemic - was all dumb luck in Bitcoin's favor, or an "anomaly" as he worded it.
Suberg advises people to be prepared for losses. That doesn't seem like analytic wisdom in a volatile market, it's common sense - I advise you to remember Bitcoin is a volatile market and you always have the chance of losses.
What Suberg is implying is similar to saying it may rain today when you are living in Seattle, WA during the spring after a hard shower, if you understand my analogy. I wonder why short articles like this with no foundation that are clearly pure conjecture are even permitted on Cointelegraph. It seems to serve the best interests of safe advising AKA pretending to advise, or pushing the price downward.
It reminds me of hand-reading and using cold-reading techniques by explaining relatively obvious things to deduct about a person, but instead is about the market crashing. I suppose a 50% chance of being right or wrong makes for easy nonsense.
I believe a large amount of articles all over the web are meant to influence prices one way or another. A downward push would be in the best interest of investors while upward would be in the best interest of flippers. Simple influence. No tricks.
This takes me back to the concept of all forms of currency and their worth being a social construct. Obviously, cryptocurrency must have a massive following or I wouldn't be writing an article about how a market people doubted is now standing tall over typical markets such as the New York Exchange. That is social support, the very construct that gives blockchain-created decimals and acronyms value.
Why should I be influenced by this type of investing rhetoric any more than my own presumptions?
I don't think I should, and neither should you. I'll always advocate support for my favorite cryptocurrencies and keep stacking them. I feel as if Suberg is like the man who doubted the wheel would ever roll. It's a pessimistic viewpoint on his part, to say the least.
I believe Bitcoin can and will stay above FIAT-based markets throughout COVID-19, and even if Bitcoin were to "fail" it would most likely recover. Worst case scenario, altcoins would become more popular and it would be a cultural adaptation similar to a minority-majority incident with race, where people have to get used to the idea of the new race (or token) being the leader in numbers.
Bitcoin has a master-race stance in the cryptocurrency world, argued only by altcoin enthusiasts. That would make this type of transition difficult, similar to white people no longer maintaining their majority in America while losing the majority-minority to other races. I don't mind myself, I say hybrids make for perfect singularities and speed up evolution. Some people, however, are purists - and can be quite stubborn. Think white power red necks... very, very resistant to change in terms of racial integration.
I compare race and currencies together because they are both social constructs. Neither actually exist. They are nothing more than our opinions put into action on a societal scale - perhaps we should form better opinions and exercise healthier, critical and less biased thinking.
I believe people will eventually grow tired of Bitcoin due to the lack of features that new tokens can provide such as improved speed, enhanced security, staking ability, complete decentralization, etc.
However, I believe there will be a new moon for Bitcoin prior to that happening. I think it's very likely Bitcoin will see massive growth as FIAT continues to fail.
It's not over yet for Bitcoin. I feel that was a bad call.
COVID-19 isn't over either, unfortunately. I swear there are so many people acting like it isn't happening it makes me ill.
Stay safe everyone. Just because a store is open doesn't mean it is safe, use good judgment!
Any thoughts are welcome in the comments, as always.