Bitcoin and the entire cryptocurrency market are back in the green. Bitcoin is in the green. The first green week closed the candle yesterday in nine weeks. Is this the beginning of a rally? Is it the beginning of, you know, we’re going to start to turn the ship around? There were $25,000 at the bottom. That’s a really good question.
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Part of me right now, if I’m being completely transparent and honest, believes that it really could be and that I think a lot of people might have gotten fooled out. You see, what I’ve learned with crypto is that people love to buy the tops and they love to sell the bottoms. It’s literally doing it. This is the exact opposite of what you should be doing. You should be selling the tops and buying the bottoms and everyone is super fearful because everything is just massively in the red. We’ve seen this with the altcoins literally for the last almost two months and bitcoin for that matter. People just can’t help themselves, and I know this because I feel the same way. I feel like, “Oh my gosh, why didn’t I sell?” I should sell now before it goes to zero. I should sell now and just get rid of all these assets. You know, the economy is bad. All these other things are going through your head right now as well. The truth is that this could have been potential even in the short term. I do believe, in the short term, the crypto fear and greed index was at 10.
There have been a variety of other indicators that have said that we are bottoming at this point, but there are also a lot of indicators that show us that we could go lower in the future. This is why right now in the market, it’s kind of tricky.
If you were to have asked me six months ago, when I was talking about bitcoin and crypto, I was hyper-bullish and that’s because there were a lot of new projects launching. There was a lot of money coming into the market from inflation. The governments were printing a lot of money, so when that money got printed, it went into the markets. We’re seeing the air kind of get sucked out of the markets a little bit, not only with crypto but also with stocks. There’s a lot less money being printed in general, so what this does is it kind of takes the air out of the entire markets, and that’s kind of what we’ve been feeling for the last few months. But in my opinion, you need to do your own research and you should never risk more than you can afford to lose. In my opinion, this will end too.
At some point, things are going to move back towards the upside because people are greedy. People are greedy, meaning they want to make money. You don’t make money on the way down, you make money on the way up, so they want to either fake people out back towards the upside to make money there and take their profits, or they want to continue to go and make new all-time highs. Right now, it’s anybody’s best guess as to when that’s going to happen, right.
Here’s what I believe could happen next. I think it is more likely at this point where we’re at in the market again that this is just a short term thing and we will head back towards $40,000. I don’t know if we’ll get that high, I don’t know if it’ll be $35,000 or $36,000. I do have a feeling that we could be going back towards the upside again. There are a lot of indicators that are showing us that we’re due for some sort of a bounce. If you’re in altcoins right now, I do think that they will bounce as well if bitcoin and ethereum continue to bounce again. Ethereum is approaching back around $2000 and at the time of this recording, bitcoin is sitting at approximately $31,500, which anything above $30,000 in my opinion is fantastic. I do think that things are going to continue back up that way.
In fact, I shared with a lot of people on the blockchain last week when I was on the show that I was more bullish than bearish at the current moment with the current circumstances:
‘I do think that, we are due for a bounce here. We’re starting to see it. But I do want to be a little bit cautious. But there are some things that I really like in the short term. First, the DXY is starting to trend down. Like that went super duper high, so now that’s like finally coming down.
I watched a video today. You know, there’s an argument that goes against Ben here a little bit, because everyone’s very bearish right now, when we get up to that $36,000 – $38,000. We jump, you know, do a little fake out down, and everyone thinks, okay, that’s it, we got up to $38, 000 feet. We’re definitely going to $20k now, but then we get faked out the other way and we go even higher and then the $25,000 was the bottom right, so again there are arguments that way and I kind of don’t know. It’s really difficult to say. That’s why you know I wear the hoodie where it says just huddle it.
What I want to say too is that if you’re in the red, like the article said, a lot of people are in the red right now, that’s typically not when you sell. Not financial advice, but it’s buy the red, sell the green. When you’re in profits, that’s when you should be taking them and putting that money aside in case we do ultimately go lower.
How am I feeling personally? I’m kind of in between. You know, the bull in me wants us to go back up. Things are looking good for that. The bear in me is still a little cautious about all the other things that are happening in the world, but I like to be a little bit more optimistic and I think that we need to pay attention. We need to see what’s happening not only with bitcoin. A lot of these other altcoins, these other projects that we’re going to be talking about here on the show may, you know, move us back towards the upside, so I like to be a glass half full kind of guy.’
[This article is a transcription of a video made by Joe Parys]
Original video: https://youtu.be/WKmD4nQ3b18 ]