So bitcoin made it down to $85k ? where are the crazy speculators who were predicting prices to $150k before the end of Feb? These gurus on X with loud massive followings. That's it, always the case, when they tell you all that you really love to hear so to improve engagement on their pages and leading you into buying always at the wrong timing.
I once read an article by the popular MR. Nos, where he measured knowledge and competence by huge Social following. Which human person with his complete brains dare compares that? Even a drooling Lunatic know, [Am not trolling]. Knowledge can not by measured by huge social following or by anything close to. There are people who know, but they are not known or heard, does that mean that they are not knowledgeable or experts in their field of dealings? Not everyone was meant to be popular. This I will say is completely a choice of which aspect of life an individual choose to develop the most.
How is the market treating you?
Bitcoin dropped to $85k leading most alt to dip nearly 55%. People are beginning to wonder what could be the reasons for such sharp drop in price, Some relating it to the recent Bybit hack event that led to the lost of about $9.5 billion in Etherium. Well, I think people doesn't seem to understand the market cycle. It was totally played and visible in the market that prices where going to drop as we found serious weakness in the market and lack of buy power. So after a huge surge in price, investors/ smart traders were offloading their holdings quietly as we discovered failure to break previous highs and weak buy interest from the bulls.
It's sad to see people repeat the same mistakes year in year out; the market cycle will never change, traders sentiment will never change, they will continue as long as the financial market is involved. Fear and greed index will always play out in the market, but you are only meant to position yourself by following the smart moves of the smart money guys.
Most a times you should notice that when the market reaches it's peak, there will always be an upthrust or an impulsive push up, to get the uniformed investors or traders to believe that the current trend is still valid, but No! you are only deceived to take the wrong side by buying up the supplies at the peak, then you immediately begin to see the market drop drastically leaving you with worthless holdings. I think if people can be observant enough, they can begin to notice these things in the market and adjust their approach, exposure and decision making before entering or buy any financial asset at a give time.
Price and timing is everything
You are as good as the market you trade. Price and time is very important if you want to succeed in this game, you need to follow up the price of an asset, understanding that the more costlier the price become, the more people will be willing to sell, and if people are much selling than the buyers, to keep the up moves going, there will always be weakness in the market, and timing this moments help to make a good and inform decision in the market. I am perceiving that bitcoin might drop further to about $74k, but until then you should trade with dignity. See you again.
