I grew my account 5% in the last 45 days. Nothing when measured to the standards of the other 'elite' traders here but after getting my ass handed to me I trade slow and deliberate now.
Sounds like the guy you are speaking about has a feel for the market which probably took him years to tune into. You don't get that kind of insight purely from pa.
'You are being persuaded below the level of choice and reasoning.'
Aldous Huxley.
Seriously, you think you can resist it because you're aware of it but it's not possible other than switching the 'news' off completely.
If it was them, and obviously I'm speculating, then they could dump it so hard and so fast that no one in their right mind would want to touch it after that, especially the long term holders who would have just taken the bath of their lives.
The thing that scares me about bitcoin is apparently 80% of the coins are held in a minority of wallets and no one knows who owns them. If, let's say, the fed have been buying them all up, then they can crush that market whenever they want.
If he's averaging into losers then the big loss is inevitable and will be spectacular.
It's all fun and games until that one day when the market doesn't turn back. :D
It's like driving home in rush hour traffic. Roads are congested making progress slow.
But take the same journey during off peak time and you move further, quicker.
Same with markets. When no one is around, price moves further and quicker.