The collapse of Bitcoin is now taking place. Now will this collapse continue into the near future? We don’t know, but we can surely speculate and say that probably over the longer term we will be seeing lower prices.
“It’s all a BIG show!”
Over the last few months I have told the story of how a friend of mine was very optimistic about Bitcoin and he wanted me to join in on the risk… uhm I mean the ride. He could help but try to sell me something that I told him I wasn’t interested in. I almost feel like he kept trying to get me to invest so that he could feel better with his decision knowing that a professional trader made the same decision as him. Maybe that’s true, maybe it’s not but whatever the case is, I was being sold too on a consistent basis. I tried to explain to him why Bitcoin was an extremely risky asset to purchase and why I wanted nothing to do with it but it seems that he could ONLY see how Bitcoin should only go up based on all the reasons that were being sold in the media.
There were books written about it explaining all the reasons why Bitcoin was going to go up in price to the 100k and beyond. I mean all the science made sense, all the fundamentals made sense…. So the why did Bitcoin collapse from the 60k’s to the 30k’s?
If you fell for everything being told to you by the analysis of those who stood to profit from their deceptions, then how could you possibly expect anything else to take place?
One thing my friend could not understand is that as a professional trader I am ONLY looking for trading opportunities where the odds are greatly in my favour. Getting into positions and getting out at ideal locations to profit from the moves is what I do for a living, this is my profession, and this is my life. It is my job to know things about the markets that no one else knows and I use this information to my advantage to increase my portfolio every chance I get. This is the very reason why I am stood the test of time and will continue to do so.
It is well know that many traders don’t last very long if they eventually find some success because the vast majority of them will eventually let greed get to their heads and then they start doing things they really shouldn’t be doing. I know what I know and I stick to that always and this is where I find my consistent success.
While others were speculating with Bitcoin I was bringing in the profits with my $USDCAD and $EURUSD trades among a few others. These trades were high odds, they were what I was waiting for and they increased my portfolio and I intend to not give any of it back to the markets. Meanwhile my friends investment has been cut in half!
Can you imagine an investment of 100k in Bitcoin in the 60’s now being worth around $50,000? This is all in a matter of a few weeks. The thing about what took place is that the rally we experienced from the 30’ to the 60’s was just to create the greed for all those that invested in the rally made money but probably not enough since the media was sharing stories of millionaires that were created over night. Just when price started topping out, this is where those traders really thought about how much they could make if they invested a larger amount, just what the BIG players needed to get out of their larger positions.
It’s all a BIG show and as I’ve said many times before, you have to know how this game is played and then play the game the way the banks are playing and only then will you see sustainable profits.
To all those in the minus, I feel for you but now is not the time to feel sorry for yourself, it’s time to get a real education and start putting in the real work!