Don't Know Where Bitcoin Is Heading Next? You Don't Need To.
We come at a time where the Cryptocurrency market is at one of the most crucial moments in its history yet. After a 27% gain from the recent lows of around $6,650, Bitcoin has suddenly become the talk of the town again as headlines are flooding the population's eyesight with 'bullish' and positive articles praising the crypto market once again and more commonly seen right now, the ever-famous 'expert analysts' price predictions of 100K BTC this year. A key element in the mainstream media's goal of selling unrealistic-overnight dreams to those clinging onto dear life after buying at all-time-highs. Whilst it's great to live off the faith and happiness of these articles to help better ourselves about the fall in the value of the cryptocurrency market, many are missing the real underlying issue here and that's the powerful influence of the media to dictate when things are going good and when, unfortunately, things go bad. From January to just the week prior, it would be the equivalent of finding gold at the end of the rainbow as it would to find a positive crypto article identifying the incredible partnerships, test-pilots and roadmap completions happening in the background as the market falls frenzy over price fluctuations. Yet, after a slight jump in the market, the articles couldn't paint a clearer picture of not only their true intentions to influence price valuations but also on their main agenda to alter the mindsets of those participating and those sitting on the sidelines. Some articles are even putting focus on the small intra-day gains of Bitcoin moving 3% right now to influence those accustomed to the Stock & Forex markets, a key audience still not fully involved in the market.
What's important to take into account is that from a technical perspective, the surge has come following a major lower leg being formed at a key support level of $6,650, the exact price BTC respected and spiked towards $6,000 from before eventually reverting back to $12,000 and plummeting to the current price levels we are seeing today. We have seen similar upswings since the start of the bearish market around $17,000 and they have all been followed consequently by further lows and even bigger drops to the downside than the upside swings. It's become a re-occurring theme for every swing higher to be followed by flooded joys of cheers and 'moon lambos' but very quickly reverses in mood when the market fulfills well-needed corrections lower. As of now, I am not fooled by the 27% surge (And even more in many circumstances with altcoins), because we've seen this many times over and right now Bitcoin has sustained a major resistance level, forming a new lower high and failing to find the momentum to push higher past $8,500 to show there's enough of a buying force from the big players ready to drive us back to all-time-highs. When I said earlier the crypto market is at its most crucial point right now, it's because we are stuck in what many consider 'no mans land', a point in time where no real reversal has formed, especially from a logical level such as $4,500 where the market exploded out from in 2017 to lead the biggest bull-run we had ever seen towards the milestone $20,000 per BTC figure. If we look at the upside of where BTC could head, we cannot confirm such a reversal and get excited because the $10,000 to $12,000 regions played crucial roles in BTC tumbling towards yearly-lows and from what we see right now, the market is already failing to reach these regions which means if further downside continues back down to $6,650 the headlines will also follow and shake out investors further whilst BTC gets manipulated through $6,000 and beyond.
Was that confusing and slightly unnecessary? Yes, purposely so.
The point is none of this should matter, not the price right now, not the price in a month, not the headlines, none of it. As a cryptocurrency investor you are here to be a part of the future and without a doubt, make a lot of money in the process. The key word here is the future and as an investor, that should be your only end goal, everything inbetween and around is far-fetched and purely noise. Here's the definition from Investopedia of an investor:
An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth.
You see? The future. The prices right now won't make you rich, but buying whilst they're here definitely will get you there faster than anything else you could possibly invest in right now. New investors are under the false assumption they must time the market and buy at the lowest of the lows and sell at the very top, which in reality is easier said than done otherwise you wouldn't be seeing suicide prevention posts online for those who bought at the highs. The media know this and they fish out articles to aid the current market situations and hit deeply in the emotions for those invested within this space. Regardless of what the global elite or the media say, they're involved and heavily invested therefore their ultimate goal is to profit greatly from the price rises, taxation & manipulated price swings down as people panic sell right into the hands of the greedy corporate controllers. A few millionaires made from crypto booming will not hurt the economy or help defeat 'The Man' because The truth is, whilst it would seem that crypto's soaring past all-time highs would make a large majority of the world rich, the truth is, we could experience growth in the 10's of thousands of percentage but it doesn't mean everybody becomes rich as a result. Human emotion has shown already that the majority of the market with no experience (most likely higher than 95% of participants) have already either panic sold and stepped out the game until price breaches all-time-highs again, do not have the funds to achieve millions in profit, never re-invest profits or they will miss the peak of the next bull-run cycle and sell once price is correcting and heading back down to previous highs before the boom - resulting in far less than what they once had.
Want to know how you beat the odds? It's quite simple, you keep buying and you keep holding through the bloodshed whilst the sheep flock to safety. What goes up must come down and right now it doesn't take a genius to know we're down. No investment is ever a guarantee or safe, but being safe and conformed to a 9-5 your whole life is more of a risk than Cryptocurrencies will ever be. Period.