Is Bitcoin (BTC) dead again? This is what the scene says

It has to be said so clearly: Last week was brutal. A Bitcoin plunge  does not leave even hardened Hodlers indifferent. So should we follow the trend and fall into collective panic? What are the reactions from the scene? An overview.

Those who took the lead in the 2017 FOMO bull run have since posted losses of over 70 percent. Nevertheless, this downward slide also needs to be assessed.

Bobby Lee: The four big mistakes of the Bitcoin investment

Already after the chaos of November 14th Bitcoin veteran Bobby Lee reminded us of four fundamental rules for a successful crypto investment. Above all, rule four now applies more than ever:

Crashes are part of it

Those who have been there a little longer can certainly take the recent descent with more composure. Newcomers should know that Bitcoin crashes are a part of the experience. If you think that current sales are substantially different from previous crashes, this table is recommended:

Magnitudes and durations of BTC historical corrections [update] from Bitcoin

John McAfee: Winter follows spring

Bitcoin preacher John McAfee is a man of conflicting opinions. But he sums up the current situation aptly via Twitter:

“People have panicked. But that’s […] not necessary. We are in a bear market. They suck, yes. […] But I am 73 years old and have seen this dozens of times in many markets. Bear markets are like winter. There’s always a glorious spring coming.”

The only question is when.

Where is the journey going?

Of course, nobody knows how many springs Bitcoin will leave before the ground is reached. However, there are a few promising support levels where a reversal of trend is possible.

Chart analyst Murad Mahmudov believes that a crash to 3,000 US dollars is possible, but that’s the end of it:

Perhaps it helps to remember that the infrastructure continues to develop positively, contrary to the exchange rates. Examples include Fidelity’s crypto-trading desk, BAKKT futures and the approval of a crypto-ETP in Switzerland. The signals are therefore pointing upwards. Sooner or later, this will also manifest itself in the price.

intelligent crypto
How are  regular people making returns of as much as 27,144% in a year?  By picking the right coin at the right time - click the button to learn more.
Crypto arbitration still works like a charm, if you do it right! Check out Bitsgap, leading crypto arbitrage bot to learn the best way of doing it.

CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

We will be happy to hear your thoughts

Leave a reply

CaptainAltcoin
Logo