It is typical of periods of high greed that the crypto community only talks about price. Predictions abound and everyone talks about new rises. Watch out!
It’s no surprise that this week’s most widely read news revolves around price. Everyone is counting the chickens before they’re born. And very few have thought about a possible fall. It’s almost a sin not to be part of the collective euphoria. Here’s something we’ve seen many, many times. The FOMO has arrived. The single aunt, the pretty cousin, the taxi driver, the barber and even the granny are calling for advice. They want to invest in Bitcoin. Apparently, a friend of a friend told them I was coming up. Watch out!
Now, let’s talk about the most read kryptonews of the week
Bitcoin’s price keeps rejecting the $12,000 – this is what can happen with BTC
It wasn’t easy to break the 10K resistance and now it won’t be easy to go above 12K, 14K. We always talk about the historical maximum of almost 20 thousand dollars in 2017, but the truth is that we have never been above the 10K for a long time. The important thing here is time. The more time we spend at current levels, the better. Of course, greed is rampant and for the greedy, a rise is not enough. The more the greedy get, the more they want. Fortune, however, rewards patients. This period of consolidation is healthy and necessary. People need to get used to these levels. That is, to explore and discover. A premature rise now can lead to sharp setbacks later.
In such complex situations with the current one, it is better to go slowly. We cannot forget that the economy is in crisis and all the rises that we are seeing in the financial markets are the exclusive result of monetary stimuli. This new mood that we are experiencing everywhere is thanks to the shower of money caused by the Federal Reserve. This means that at any moment it stops raining and prices collapse. So, calm down. It’s in our best interest to have progressive increases. It’s better than having crazy highs that lead to crazy lows.
Bitcoin price suddenly dropped to USD 11,200 after the disappointing release of the number of US jobs
I am pleased to see that the analysts in this space are improving their aim. Until recently, such news would have been interpreted very differently. I refer to Bitcoin’s rhetoric as the ever-present safe haven, but lately it comes up with a certain shyness. According to this theory, in moments of panic, doubt and uncertainty, the public would run to Bitcoin to protect themselves from the collapse of the system. In other words, the collapse of Wall Street and the economy would mean the triumph of Bitcoin.
In early 2020, people like Max Kaiser spoke of crisis as a blessing for Bitcoin. However, when the panic came in March, to the surprise of many and in radical contrast to what was being said, Bitcoin Circuit was also part of the crash. What happened? The bitcoiners were speechless, but any housewife could explain what happened. To the average person it’s crystal clear, but to the average bitcoiner it was a big mystery.
How would a mom explain what happened? It would be something like, „Well, I don’t know about that. I don’t understand any of it. But I don’t really get that Bitcoin thing. It’s kind of scary. He always says he goes up, but it goes on for months and months and nothing. Be very careful about putting more money in there. Take it easy. Don’t go crazy.“ Real-life quote, February 2020.
Not even a Nobel Prize winner would have interpreted the March crash better. Bitcoin has more in common with Tesla than a safe haven in this respect. Bitcoin is not the child of pessimism. Bitcoin is optimism. Future. That is, it benefits from financial booms.