The Market Will Mess With Your Mind (3).
I was not surprised to see BTC drop to 88k from 96k or so and took the alts dumping too. Yesterday was one of the bloodiest days in almost a year.
Of course, I knew this was coming, but I expected a small pump before the massive dump, which I anticipated would occur in the first week of March.
Newsflash!
I was wrong!, but guess what? 90% of those who predicted something completely different were also wrong. I'm not talking about random FUDsters, I mean people who are vested in the game and knows their onions. So if they could be wrong, then who am I?
The market has behaved erratically in the short run, with the last two to three months being the most unpredictable, which I believe correlates with history.
The only distinction is in the type of black swan events. COVID, which was global, occurred in 2020. In 2022, FTX collapsed. These are the black swan events.
So, what else?
Oh, BTC broke its previous all-time high prior to the halving, which was another difference. Okay, we also had a supposed crypto president, which we thought was bullish, but guess what?
People Thought Trump Was All We Meeded
He went on to launch a meme coin alongside his wife's. Okay, something else: there are now more memes and shitcoins on the market, and what else? People are more bearish this cycle than the last.
Everything has happened differently, especially with timing and degree, and this is probably because the dynamics is changing, but a rich part of the history will still correlate to some extent.
Even as I type BTC has entered 86k, welcome to the games!
Surprise! Surprise!!
This cycle may have been brutally surprising, but history at least correlates with what is currently happening at a 70% level, which is still reasonable.
You will not believe what is going on on CT; the space is complete chaos. If you are the type who gets easily depressed, I recommend you stay away. 90% of the people there are clueless, with only baseless thoughts, no knowledge of anything, and constant FUD because their bags are down.
The worst are the supposed influencers who made a fortune during the previous cycle. You'd have expected them to be sensible since they've made some money off of crypto in the past,
but guess what? These people are on tweeting 99% FUD and making their followers to panic sell
Shouldn't You Be Learning?
No one is taking lesson notes or paying attention to technical analysis; it is just FUD for breakfast, lunch, and dinner. I am curious how people will grow if they do not learn.
This cycle is the perfect learning curve for people who haven't got a clue, these experiences will come in handy for them in the next cycle, but guess what? They are not taking notes, but rather wailing and crying and asking influencers whether they should sell or hold.
Granted, there are a few reasonable people attempting to educate the masses, but it is difficult to learn when bags are down and the market is red; what a distraction!
It is like advising someone who is in love or has recently been heartbroken. Unless you pump their bags, you are speaking nonsense.
Break Or Make
If you are out there and the market is not going as planned, you are not alone. Almost everyone has gotten their short-term predictions completely wrong. This does not imply that we are doomed or that they are stupid; it is simply a result of market dynamics.
This is the time when you will enjoy being a no-coiner, but the disadvantage is that they do not expect any market changes anytime soon. Hold tight; the storm may be over soon.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
With all the dump I see since, yesterday, I am still waiting for $Pi to drop down from its current price to at least $0.70 again so I can buy as much $pi as possible. Do you have any idea about the Pi Network token?
Well I know PI but I'm not involved with the ecosystem. Yes, PI should have dumped too so it's a buying opportunity
Yes, I am waiting for it. Then if I earned enough USDT from pumping and dumping, I'll buy HIVE from the profit I made for powering up.
Oh really? You do wish for the price to drop that much. Well, let's hope you get your wish granted soon or maybe, squashed.
This was very educative.
If I was in their situation maybe I'd panicked too:)
Few days ago i playfully asked one of my crypro friend if the bull run is over or we are still expecting, I’m that clueless😁.
But like you said, it is the time to watch and learn for future analysis.
Thanks for reading. In all fairness, crypto is very complicated and complex, I'm talking about understanding how the market actually moves. It's not very easy to do so.
Well you can still use this cycle as a learning curve if you want to. It just takes time and focus
I still believe we are yet to see the father of the dips for this year, this dip is just the tip of the iceberg, it allows us to stack more crypto, so it's all good...
I think this is mother. Although we can' still dump to 80k BTC which I feel will be the last lap, we're still at 87k.
I was reading and studying a few technical analysis posts and they weren't good in the short run, but the long run, perhaps Q3 feels promising.
👌
I think the pump was built on hype, but most of the stuff Trump did so far hasn't been related to crypto. The market is always going to be unpredictable. It can move in any direction so making a plan is better. If it drops, then you won't panic due to the FUD.
Are you talking about the Trump pump or which one?
The first part was about Trump because that was why the market pumped after he was elected. He didn't do much with crypto outside of popping some meme coins.
The second part was about the market in general because we can't control the market.
I think everything went well until he decided to launch a meme coin. Launching that meme coin was probably not a good idea..
Being on the sidelines is a good choice at this point until there's more clarity on how the market will evolve. I'm not particularly sure behind the technical logic that BTC may have to drop further to below 80K, then makes it proper ascend to 108K and beyond. But this is what I'm mostly using as a reference point for now, in terms of understanding how things may play out in the coming days and weeks.
The drops are healthy, they give people more buying opportunities. If price keeps going up, then it's not going to be sustainable for people to buy in. This position is the best buying opportunities but I guess the fear of the market is why many will not make the right moves
It didn't look like an organic fall (I didn't expect it below) they are playing with us and unfortunately by their own rules and not ours. Deep down I understood that everything was too obvious and that something was wrong here. In any case, nothing has changed, if you stayed with your coins and didn't sell - believe in what you believe and keep your crypto to yourself and everything will be OK (unless you bought shit tokens))
!PIZZA
$PIZZA slices delivered:
@russia-btc(5/5) tipped @josediccus