I recently was blessed with the opportunity of seeing "The Crypto oracle" face to face.
If you don't know him, he is one of the more prolific crypto traders that has been in the game since 2010. He more or less lives off his trading profits, and he isn't just "surviving" off them. He actually has an above average lifestyle.(and a $100000 armoured G-Wagon, but who's counting)
I asked for a meet up on his twitter and was very surprisingly granted one. So we met up earlier todsy.
I asked him a few questions on Bitcoin, such as where he thought it was headed, and how the crash affected his holdings.
He said that although the crash affected his holdings significantly (and who's holdings weren't affected), he doesn't really mind because he has been holding those Bitcoins since 2013.
(Now that's consistency. My "holding" periods usually span 6 months, at which point I give the hell up.)
On the basis of the next direction of Bitcoin, he really gave a long talk on that, but since I didn't write any of it down, I'd have to summarise it here.
He said that he believes that this crash is artificial. The big bitcoin whales started transferring their Bitcoin's from their private wallets to their exchanges when the spike to 10250 happened.
When one of the biggest whales brought the price down to 8000, the others saw what he was doing and followed suit.
They rebound the price a little and then dumped it hard. Their plan is very simple.
They wish to double their holdings of bitcoin without spending any more money. So they emptied their entire stash all at once(which explains that long wick down to 3700) so that they don't have any Bitcoin left, but they have millions of USDT. Then in panic, everyone drops the price further down from where they dropped it, and then they begin to pick up the lows. They then drift off to waiting again, this time having twice as much bitcoin as they had before.
These people are basically the smartest people I've ever seen.
So they double their bitcoin balance by introducing fear into the market. It's a really simple strategy that simply takes time to achieve.
And ETH and BNB whales also followed the same procedure.
On the basis of where the price is headed next, he simply said that when the big sellers are out of the market, the only way for the price to go is up. And when it would go up, it would go up really hard.
Now I'm not saying that his word is law. That this should be taken as financial advice.
But thinking about it, it does make sense. Bitcoin doesn't react to regular economic news, so this one was awkward. The big sellers are still heavy in the market. As I said in my previous analysis, the RSI is approaching zero. This will be the prime time to buy in my opinion, because you will 5x your money.(still not financial advice)
But this is also a prime time to double your BTC holdings for free. The whales don't have to be the only ones.
Buy low and hold hard. That's the name of the game.
Bitcoin is going through a tough patch, but it always bounces back. That's why it's the king of crypto.
Remember what Warren Buffet said: "Be greedy when others are fearful and fearful when others are greedy". There's no better example of that than now.
Buy when there's blood in the streets. Even if that blood is yours.
This article does not constitute financial advice in any way. The professional technical investor I met with is not a certified financial advisor, neither am I. If you wish to know if Bitcoin is a good purchase, contact a professional financial advisor or portfolio manager.
