My Thoughts On Crypto for the Future – Rashad Majdoubeh

Intro:

Trending

Roya News (2021-10-24)

If you are reading this article, then chances are you are probably familiar with crypto-asset trading which has become a mainstream topic in the world we live in. Whoever thought there would be an opportunity to either make millions or even lose all your money all within a matter of months?

The problem right now is that people enter this industry with the intentions of becoming overnight millionaires, armed merely (at best) with some basic understanding of ‘japanese candles’ and believing it’s as simple as some colored red and some colored green, some heading up and some heading down. However, the lack of knowledge in this industry combined with human greed is a reason for why 90% of those traders will lose 90% of their funds in the first 90 days of trading!  

The most successful traders in this industry are the ones that rely on indicators as well as technical analysis tools to study the market extensively, and most importantly understand that their investment is for the long run. Because when studying the market they can identify the right time to get in and the right time to get out. Most people suffer losses due to the lack of knowledge in this industry and not being able to correctly indicate when the market is going in an uptrend or downtrend.

 BTC Today:

Since reaching its all-time-high in Nov 10, 2021.  BTC fallen from $69,045  to  $20,803 (as of Jul 18, 2022).  To date,  BTC has lost more than 65% of its value.

 While Bitcoin’s price initially has generally been following an upward trend in early 2021, over time,  Bitcoin’s price fell sharply, dipping below $18,000 (approximately -77%). 

My Thoughts:

Many of us speculate as to the direction or trend that the BTC market will take in both its present trajectory as well as to its future. However, without proper underlying technical analysis, we cannot be certain of the accuracy of these speculations as they do not rely on sufficient data to account for all potential outcomes and possibilities. Additionally, there exists in this industry, certain entities that are commonly referred to as “whales”, and I am but a humble fish in a sea full of them, as such, my own outlook on the market is influenced by this perspective, or rather in other words; I suspect that we shall soon witness a new downtrend that will be followed by a reversal culminating in a new high for the market by year’s end. I base this on my independent view of what can be described as the most predominant theme that can be extrapolated from technical analysis and reports published by prominent analysts, traders, and pundits recently being published. Bitcoins history taught us not to rely on our information alone, but also learn from Bitcoins previous actions as well.  Looking back at previous years, after every quarter BTC would visibly go on a downtrend and reach a bottom during the year before reaching a new high for that year. Based on this I personally believe we will continue to witness a downtrend for the remainder of this quarter and then see Bitcoin’s price increase in the final quarter of 2022 to a new high.