Is it too late to short this market? How much lower can it possibly go?
I don't want "How much lower can it possibly go?" to be my last words.
I know the whole Warren buffet quote yadda yadda but I am very scared and am extremely unsure where the market could go in the next 6-12 months.
I'm seriously considering selling 95% of my coin and just being a spectator. My only concern is that so many people are shorting the market right now that it could mean we hit a bottom soon and bounce back. OR is could just go down further. OR we float around going sideways for the next year or so.
I don't see the latter happening as much simply because their are more people in the market now than ever before, so the market will remain some what fluid and volatile.
Regardless whether we hit a bottom tomorrow or next month or next year I don't think it's going to be a quick bounce back. It's going to take much longer for us to get close back to those All-time-highs we saw earlier this year. For many of those coins that will forever be their all time high. A majority of the currencies out there will not survive. Just like with the dot.com bubble. Not everything is going to be an "Amazon" or an "Apple" or a "Google". It's hard to pick what the winner will be.
The bleeding will slow down but it will not stop. What bleeds 30% this week will bleed 25% next week and 20% the week after. People will start losing hope in crypto and leave (I.e. Myself) and crypto will continue to bleed. At this time crypto will either die forever (even though it really can't because of it's nature, and for that reason I will hold a small amount of BTC no matter what.) or it will find a bottom. A place where there are no more sellers, and it will stay in this place for an extended period of time because anytime it goes over that price someone sells, but no one will ever sell below that price. Most people say that the bottom is zero but that's not realistic for the market as a whole. It's also not untrue to say that, as many coins could go to zero.
I hate to say it but Eth could be the greatest bust ever. Like that number one draft pick that has so much potential but then never performs. The block-chain that was supposed to change the world. What if it got too big too fast and for that reason it will die? Like a celebrity that kills themselves or just completely destroys themselves because they couldn't handle the spotlight. The Princess Diana.
Can ETH go down to $20?
Can BTC go down to $1000?
Those were the prices before all the hype started last year, are we headed back to those prices?
I've only been in the market for 16 months. Which isn't very long, but given what circumstances the past 16 months it feels like it has been much longer. But for the first time I am seriously considering walking away.
