When everyone was telling you that we are dropping to 6k, Rainman told you that breakout is imminent. What happened? Now everyone is telling you BTC will take a dip, well Rainman says no, no, no, no, no. At least not yet. The fourth fractal has awoken and ain't no one gonna be stopping this party.
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The Unintended Consequences of HODLing and the Driving Force Behind the Boom and Bust Cycle of the Crypto Market:This is purely opinion provided per request. Knowing that some (or most) of my followers are HOLDers of some shape of form I’ll state plainly that it may offend you, encourage you, or both. First thing I think that needs to be addressed are the underlying assumptions behind HOLDing. Assumption 1) blockchain is a disruptive tech: well no, not yet anyway. It has the potential to be a disruptive tech on a massive scale but that’s not to say it won’t be upended by other tech, quantum computing and artificial intelligence for example. Additionally, I grant you that progress is being made towards actual uses of the tech itself, the timeline for such wide spread adoption is an unknown AND I think even more importantly , such mass adoption and use may undermine the fundamental reasons for HODLing in the first place. That is to say, mass adaption will more than likely stabilize and perhaps even devalue the market. Where that stabilization occurs, in the price of Bitcoin for example, at 2k, 20k, 200k, or $2 is also an unknown and cannot be quantified. Also unknown are which coins, if any, meaning all the coins at present may die, and the only remaining may be one that has yet to come into existence, will survive to see mass adoption / stabilization of market prices. You’re HOLDing 1 million coins of Verge, your hands might get tired after a while but I guarantee you that you won’t see that coin through to the point of mass adoption.
All that is to say, if you’re a HOLDer, you have to start being honest about the reasons for HOLDing: you want the speculative value of your asset to increase, go up in price whether your gauge is Satoshis or EUR or USD. Now, having said that I’ll add that I am an avid proponent of HOLDing, especially if you don’t have the bandwidth to trade on a regular basis or you just don’t think it’s worth itto. HOLDing is the best strategy to ride out these dips and likely to be more profitable. I’ll remind you however that most people do not have the funds to buy a bunch of crypto and lock it away until an unknown time in the future that may or may not come at all. I do hope however if you do HODL, you do your homework and stay abreast of the viability of the coins, rather than hold to some misguided religious like devotion to your scam-coin of choice.
Back to the market: the only reason that I believe that we will be reliving the market boom of last year is you. The HODLers. There are more of you now, so many more of you because of what happened last year, in fact with every boom and bust cycle of the crypto market there continues to be more of you. You are creating the necessary buffer or cushion that keeps the price dropping down to $0, as the speculative investors would have done if not for you, that’s right zilch, zip, nada. It’s that cushion that we just bounced off of a few weeks ago, and it’s the force of that bounce that will keep this rocket ship flying for the foreseeable future. And as we move up in the coming boom, with every price hike you guys will continue to grow in legion. And when that growth in HOLDing ranks is sufficient enough to carry the world’s economy on its back, then we will have mass adoption. Crazy to think, for those HODLers cursing the heavens about this crash, that you might be the cause and the cure for all this volatility, eh? Well, that’s one person’s opinion anyway. Continue to HODL and god bless you!
For more on the two patterns I talk about in my charts see the below links:
thepatternsite.com/bigw.html
thepatternsite.com/3peaksdome.html
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It's going to be a good week:Note
IF this happens, and it is a big IF, then we're looking at 30k+. That + comes with a great deal of variance.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.