"If the market is listening to one person how fucking stupid is the market?" That was one question, a quiet rhetoric one, that @taskmaster4450 addressed during his last vlog yesterday. I actually watched it right before going to bed and had such a good sleep.
One that is probably not having good sleep right lately is Elon Musk, the man who thought that crypto twitter is becoming his flock of sheep that he can entertain with. Looks like that wasn't the case, at least not for the more salty ones from this space.
JackMallers, a Bitcoin proponent with quite some followers on twitter has had the balls to reply to Elon's nonsense tweets in such a style. I have not followed this guy till today, but I definitely like his attitude.
Many of the participants in this crypto space, and the crypto market to be more precise are indeed plain stupid. As Taskmaster has underlined in his video there are plenty of the ones who blindly listen to Elon Musk, or to influencers alike and trade accordingly. Managing your portfolio based on Musk's tweets is indeed plain stupid.
The recent events in the crypto markets have proven us that the folks involved are in their majority mere sheep. Otherwise we wouldn't have such a dump. The dump/correction is normal for a bull market as Rekt Capital underlined in one of his tweets lately. We have currently a -35% correction from BTC's ~$65,000 highs, but the average Bull Market correction in 2017 was about -35% and we had about five of those in the past bull cycle.
Plebs are not paying attention to charts though, they don't swipe left and check the history of BTC's price evolution and behavior during past bull cycles and they clearly don't follow the right crypto brains. They rather wait like swallows, mouth open so mummy Elon comes and feeds them the next moon coin, which for now has been DOGE, or how bad is Bitcoin for the environment. They should know Elon's rockets are not electric...
Elon Musk is jut one example of crypto influencer, a "quite young one" and already near its end in this career, as quite a few of active members of crypto twitter have showed him the middle finger and proved he's nothing but a clown in this space, mostly misinformed and misleading and not that much of genius as plenty of us believed him to be.
The harsh truth is that most of the investors in crypto don't have the balls to do a bit of research, to compare opinions and think for themselves when putting money into such assets. They rather be waiting for the so called crypto gurus to dictate all of those. Bad move... Only sheep do that, and quite often sheep get slaughtered.
I bet 99% of the ones that have sold based on Elon's tweets will regret doing that and following this crypto clown. I don't care how much money he's made he's a clown in crypto and the DOGE pump has been a clear sign of that. If I were any of his followers, although I'm no longer one, I'd definitely unfollow, block him, start educating myself on crypto and reconsider my investments and behavior in crypto.
If your entire portfolio's faith relies upon some celebrity or influencer on twitter then you're nothing but a dummy and you deserve your painful reality. The bull market is not over, we probably have quite a few months ahead, that if we don't enter a super cycle, and the top is nowhere near. Stay strong, hold tight and be the owner of your portfolio. Don't let some clown decide that for you.
Thanks for attention,