Winter On The Bear Dominated Market or What To Do With Bitcoin
This week started with a bang: a real bloodbath has begun on the cryptomarket. Substantial support level at the $6000 mark? Gone and forgotten, that became history after massive sales that led to the enormous slump of the prices: аt the moment of publishing bitcoin was exchanging hands for $4 516 per coin, Ethereum dropped even harder, to the low-low price of $132 per coin.
Obviously, that led to the FUD on the market. Optimists consider this as a plus since they promise a massive rebound of the market at the end of this trend, while pessimists preach about the upcoming end of all crypto. Experts are not sure what to think either - and either doesn’t answer at all or make nervous jokes. One of the experts who we asked about this topic, Dr. Mattia RATTAGGI, holds a PhD in economics and has more than 25 years of experience in finance commented it this way: “Future is uncertain and hard to predict, and that's not only about the market, I am talking about forks too.”
Individual members of the market are far more emotional. One of the traders nicknamed GodlMember published this in his Twitter: “I’m capitulating - f--- you all. I lost a lot of money. F*, crypto, worst years of my life. Keep gambling, I won’t. I lost 7 grand. F* the lot of you, I hate crypto.”
Cryptoentepreneur Stephane LAURENT thinks that “slaughter is far from being over: “I am confident that that price will drop even more, my personal target is $3000, but overall, this is nothing to be worried about - with the sheer number of scams and frauds on the market it was obvious that it was going to pop.”
This overall negativity makes it looks like Nouriel Rubin was quite right, at least about some stuff and his ominous “It’s going down and never going to recover, it was a scam from the very beginning” sounds not that radical. But according to the opinions of the market experts that talked with the Bitnewstoday.com on the bitcoin evaluation subject - it’s not as bad as it seems: right now it’s more about choosing the right strategy and tactics, without following emotions.
“HODL” meme sounds as important as ever. Because right now - any player with a substantial amount of assets on the market will lose if he tries to withdraw from the market; short traders, that stay on the market just for the quick buck, should wait this period off instead, since odds of losing much more than they can earn due to the unpredictable price action being entirely possible.
But overall, people don’t see any reasons to lose sleep right now. Peter ROGERS, CEO of Washington based consulting company can’t see a reason why everyone is so dramatic, “There is no reason for panic selling. I think the HODLers will continue to HODL and the traders will start buying in when they think that prices have bottomed out. After that, the price will start rising again.”
This optimistic and “Keep calm and HODL” attitude is shared by other experts that commented on the matter. In fact, most of them consider this being a part of a natural cycle for the bitcoin but ask people to be realistic about some aspect of the crypto.
According to the opinion of Johnny SWANEPOEL, a blockchain consultant from Perth, “Technology and crypto will come shining thru. But let’s be real and don’t kids ourself with the ideas that “Mass adoption” is around the corner and “crypto and blockchain is the new internet”. At best they can be called Arpanet, internet predecessor, as right now they are very scary and stupidly unfriendly as a mainstream product. Let’s not forget that It took a global financial crisis to bring Bitcoin to the light. So maybe it will take another to take Bitcoin mainstream.”
In the crypto, risks and high volatility are norms that people started to forget after just a couple of months of the “calm before the storm” on the market. Slumps, pumps, and dumps are normal, cyclical parts of the pricing action that is essential for the cryptomarket. To some this up we will quote another trader we talked with Vyacheslav BAZYLEV, “This is an opportunity to earn money that everyone should use. If you think that crypto is in crisis - just look at the statistics, the market is incredible. Everything that happens right now is a normal process for any young and developing market.”