Where’s drummerboy when you need him?
I'm here
It's an interesting retracement but at the slow speed that we've peaked and then the fast retracement. The market has a lot of the hallmarks of a bear market but still not convinced 100%. However, if BTC has entered the bear market in its normal cycle, this retracement level isn't unusual in reality. Yes, BTC has failed to hit market expectations so far, Russia invading Ukraine has killed bullish momentum compounding the unprecedented economic impact from COVID now starting to bite hard. We've had a massively delayed recession and all of the chickens have come home to roost. But let's not forget that markets are bleeding everywhere (apart from Oil, Gas and Pharma), and all tech stocks are suffering too.
Everything that is being said about cryptocurrency right now is repeating and rehashing everything people were saying in 2017. In 2017, we saw nearly an 85% retracement in comparison to right now sitting around currently at 75% pull back.
Am I worried? Nope - I'm still in profit
But if I hadn't just come back from 6 months travelling around South America and didn't want to move house in the next 6-9 months - I'd be pouring my money into crypto right now and tripling down. Africian and South American countries are primed for crypto adoption, China has already got a CBDC, the UK has formally launched the development of its own crypto CBDC and the States are rapidly trying to catch up. So whilst the price is crashing, what are the whales doing...? Buying everything. IMO, we're now transitioning from retail investors to institutional investors owning the BTC space. Sell now and I still believe you will end up drastically.
Maybe I am reckless? Maybe I'm clever? Maybe I'll be lucky or unlucky? Who really cares? But if I am right, I won't be here gloating about it. The invitation is always open, no matter the market price, if anyone wants to chat about anything crypto, happy to talk all day about it.