The whole crypto market has been on a roller coaster through out these few past days with the Celsius news, 3AC news and the voyager news. This has made the crypto market tough because these are big time crypto platforms with a lot of crypto influence. What happens when the big time crypto platforms are facing a big time crypto issue? The market is expected to have some swings coupled with the fact that we are in a bear market.
Bitcoin saw a low of about $18k last week which made me consider a possible $16k price but fortunately it rose to $20k afterwards. To my surprise its been holding on this price pretty well. I would have come with some technical analysis telling you what I think or feel about the market, but today I am only stating the obvious. Three things are going to happen to the market, its either going to go up, that is pump, or it’s going to dump, or its going to move sideways.
Although people like to look for a pattern in the market because its assumed that the market is always strategic with its chart. The chart is a historical pattern of the market’s movement, so you use the past pattern to assume the future pattern. That’s how chart reading and Technical Analysis is being done. But this is something I have lesser faith in because the market is only going to move in the way that suits it.
Predicting The Absolute Bottom & Top
While entering a trade, especially a spot trade, timing the absolute bottom and also timing the absolute top is something that most people dream of. This way they are in the best way of making profit. But unfortunately, you can only get in and out of the market like this with luck and self discipline. Any one can get into the market at anytime but not everyone can get out of the market at the absolute top. This is because there are a lot of things that gets involved when you are at the top. You get caught up in this euphoric moment and just like human nature, you always want more, so you decide to wait around for some more.
Some people waited for the bitcoin price to hit a $10k price market so they can buy the bottom because they assume its going to be the absolute bottom. No one knows, they could be right, they could be wrong, you just can’t tell.