My Thoughts on BTC at This Time – Laith Saket
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My Thoughts on BTC at This time- Laith Saket
26th June, 2022
At the time of writing this entry (17th June, 2022), BTC is currently trading at $19,000, with a $40 Billion dollar 24 hour trading volume, meaning it has lost more than 30% of its value in the last 7 days.
The circumstances have not been favourable for crypto traders, regardless of whether you are a day trader, or a long term hodler, ever since the market reached its ATH of $69,000 things have gone from bad to worse. Even billionaire Bill Gates has recently come out and said that he thinks that Crypto and NFTs are all part of the “Greater Fool Theory”. Which basically states that the market will always have investors foolish enough to shell out money for an overvalued investment. Not only that, but as bitcoin “crashes” the articles start to come out once again. The Washington Post has recently published an article saying “The Crypto Party is Over”. The Guardian’s Robert Reich has published an article titled “The Crypto Crash: all Ponzi schemes topple eventually”. Should we be worried? Is crypto actually dead?
We have seen this before:
The simple answer is no. Bitcoin has been declared dead over 400+ times. We have seen this before, and ironically, exactly how it is happening right now. Bitcoin and Cryptocurrencies crash, “experts” come out prematurely to announce that Bitcoin is dead, then Bitcoin goes on to make multiple all-time-highs and these “experts” are nowhere to be seen. We have seen the market crash in the manner of which we are seeing back in 2018. Of Course the unknown is that we may be seeing a horizontal movement when the bottom is in, but in my opinion I think we will see BTC’s price go up soon.
Crypto crashes are not new to this world. In fact, crypto is notoriously known for being so volatile. It is common to observe an 80% crash in a currency, or even see a 30% decrease within hours, this is not something we have not seen before in this world. Such high returns come with the burden of risk unfortunately, but BTC has proved time and time again that it always moves back up. But is that enough?
Data does not lie:
On a more technical note, when studying the charts one positive takeaway is that Bitcoin has recorded its lowest RSI reading ever on the weekly timeframe. History has shown that when the weekly RSI hits oversold, it usually means THE BOTTOM IS IN or very close.
We have seen this playout in 2020 & 2019 right before Bitcoin reached its respective ATHs. It should be interesting though to see whether inflation and potential recession in the US may have an effect on BTC’s projection, however theoretically, Bitcoin was created as a hedge against inflation. On face value, this inflation should see the price of BTC rise very soon.
Conclusion:
In short, we have seen this all before, history has shown us that this is actually the best time to invest in Bitcoin! Sceptics will always doubt Bitcoin, and it does not appear to be changing soon. But now is the time to benefit from the outstanding returns Bitcoin is infamous for and to be on the right side of history as it once again proves the critics wrong.
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