Bitcoin crash resumes…new lows coming

Bitcoin resumes its crash:

Bitcoin is at $9100, a 60% decline from December highs. To get an idea of how low this is, Bitcoin was at $11,500 just 3 months ago, yet everyone is acting like this is the start of a new rally to new highs. People are so deluded they forget how much it has fallen. Each 100 point rebound in their minds is like 1,000 points.

Bitcoin is still in a strong downtrend and there are zero signs of it bottoming. The bottoming out phase takes at minimum 6 months and as long as 2 years. It has only been the second month. Just zoom-out on a 5-year chart to see how much lower this can fall.

No one is going to get rich with this anymore. The train left that station. It’s time for someone to find a new opportunity. I’ve read stories of people who became millionaires due to Bitcoin. One guy recovered a bad investment he had made earlier buy buying Bitcoin in 2016. That is not how things works. You cannot replace one bad investment with another bad investment and expect to come out ahead in the long run. The promise or expectation of coin riches is little more than Charlie Brown’s great pumpkin. Those who bought Bitcoin before early 2014 are probably going to come out head no matter what, but that is the minority of holders. Most people who own Bitcoin bought in mid-late 2017 and are either break-even or underwater now.

Analysts who shill Bitcoin on TV and Twitter only care about generating revenue for their firms, not whether Bitcoin goes up or down. The make money from clients depositing their money and by generating comissions, not from the direction of Bitcoin.

There are much better ways to make money with crypto-currency than buy and hold, if one is creative and intrepid enough to find them. Buy and hold only works if the market goes up, but odds are it will go down or at the very best stay flat.

As discussed earlier, log charts ARE USELESS. Rubbish. Shysters use such charts to justify absurd $50,000+ targets, or to minimize the apparent size of downturns. A 75% downturn, by fiddling with the log bases and the x-y axis, can be made to look like a dimple, creating the false impression that it’s not a big deal or the false reassurance that it’s just temporary, but the 75% loss to your account is real and is big and not just a smudge. Only a handful of things have been proven to be long-term logarithmic: inflation, real estate prices, stocks, certain collectibles (such as extremely valuable art). There is no guarantee Bitcoin will remain logarithmic.