Another short order waiting to be filled at 28.8K.
Is the crypto winter over?
- Thread starter schizo
- Start date
On the weekly chart it's a non-event.
Filled, but not feeling good about this one.
Okay, maybe this was a bear trap in disguise. (Help! They're messing with my head!)
Well, that would only happen if NOBODY sells their coins. But, having traded for over 30 years now, I know a bit about human nature, especially greed and fear. And that will never happen. They might say they'll hold their coins in perpetuity. But they won't. The greed factor is too great for them to pass up. It's human nature.
I wrote this elsewhere: people are fickle, and traders are especially fickle.
Bottom line is, don't trust your "crypto family" to be there for you. They'll be the first one to stab you in the back. When it comes to money, all sentiments go out the window. When it comes to YOUR money, you are on your own.
Bottom line, my interest in US $ is for spending it, but my unit of account (wealth accumulation goal) is Bitcoin and crypto assets
I said this before on a previous post to you. We are not the same. I don't fault you for being the same as everyone else
Bitcoin will be worth $1M/btc within 10 years and $10M/btc within 20 years
Fiat currencies are being debased and will continue to be debased. Everyone who are pursuing their unit of account measure of wealth in fiat currencies are fighting an uphill battle but you accept it
All of your assets that you measure in fiat currencies as your unit of account are going up in fiat value measure such as equities, real estate, because fiat currencies are continually debased
You have to follow the path you deem is best for you. I am not trying to convince you of anything
I am responsible for myself and for my family
By the way, your argument is flawed simply because you have not traded anything like Bitcoin
You focused on one variable which is price-change, while completely ignoring others
A higher price is nice, but it is not the most important factor on the value of Bitcoin, which is adoption, or put in other words, the network, you can google Metcafe's law
Let me give you an example, in 2013 when I first got into Bitcoin, it was estimated there were about 50,000 people in the world that owned bitcoins and less than 1000 businesses that accepted it as a payment method
Today, there are 100-150 Million bitcoin owners in the world and who knows how many hundreds of thousands or even millions of businesses that accept it as payment
$100/btc in 2013, today in 2023 price is $29,000/btc
What happens when there are 1 Billion bitcoin owners in the world? 2 Billion? 3 Billion? And with those metrics, ask yourself what would be the price of 1 bitcoin in US $?
Bitcoin is boring stuck at $29k
I got out for a small loss on Good Gensler $genslr
The thing with meme crypto coins is that there's no utility, so how do you know when to get out or if it's going to crash?
Cryptos are transparent on the blockchain. Everything is out there. On the trading side, you can see the volume and transactions on the dexes
And the number of addresses holding the crypto asset, whether it's increasing at a good rate
I still have my $pepe position. More than 100% profit ROI, still holding
Simply hanging out on the Telegram or Discord channels, they have bots that monitor the transactions and can easily verify the bot alerts on the blockchain
tl;dr, volume is good, number of wallet addresses holding $pepe, increasing, so just hodl or btfd