OK so I'm sure as most of you are well aware of we have hit a little resistance level when it comes to the price of BTC. Earlier this week we peaked around $2700-$2800, just to have a correction set us back to the $2000 levels. To be honest I feel that the correction is very healthy and will scare many new comers away from the cryptocurrency market. So, do I think that we have the peak of BTC and am I selling 25% of my BTC holdings while the price is still high? Absolutely Not! I am a true believer in BTC and the cryptocurrency revolution we are witnessing. I do think that we have hit a hyperinflation phase as more and more people enter the markets, and flood them with cash. I recently watched a video
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by the proclaimed Clif High the creator of the infamous Webbot, explaining perfectly how he believes that we are not in a bubble because if you go out on the streets and ask people about BTC and other Cryptocurrencies only about 2-3% of population knows anything about it and of that 2-3% only about 1% of those people know correct information regarding BTC. Most people have only heard of Bitcoin as a form of currency drug dealers use of the dark web. Well I'm here to tell you that I believe with Clif and think we are just beginning our wild ride of volatility and the those with weak stomachs will fall over and sell their BTC at a loss to the real winners.
Here is an argument with a graph explaining why we might be considered in a bubble
Here is the actual site that it came from: https://people.hofstra.edu/geotrans/eng/ch7en/conc7en/stages_in_a_bubble.html
I was recently on another horrible social media website and saw this horrible picture! Although this graph does depict a correlation between the recent price increase and decreases of Bitcoin and the stages in a bubble, I still believe that we haven’t hit the bubble stage yet. As Clif said you walk into your local auto shop and maybe 1 out of 10 people will have heard of BTC, while the 9 others have no idea about it. And that one mechanic who does know about it (i.e. ME) would have no real idea about it just that you can buy drugs with it off the Silk Road.
All I can say is that this picture and post will scare the ones who have a weak stomach into selling all their BTC to the smart ones at a low price. Hold on tight guys were in for a wild ride.
@juized creator of 27 Wrenchs for news and tips on how to trade cryptos