The Dip is Scary, my thoughts on the current price Action.

in bitcoin •  7 years ago 

People are Freaking out about, Freaking out about the January dip that comes every year, but more then that Freaking out about the new Tax laws. I can almost guarantee that many people reached out to their accountants to inquire about Bitcoin and crypto, only to have their accountant look at them as if they were growing a second head.

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When people are talking about FUD (Fear, Uncertainty, Doubt), this is what they are talking about. People are unsure how they will report their crypto gains, people are afraid of penalties or going to jail, and people are doubting the market because of all of this happening at once.

The main stream media (MSM) had been on a Fear mongering campaign about crypto and for good reason, the people who control the media want to buy more and cheaper so they can get richer and fear works best. Want people to buy you're product, make them afraid of the other products. They do this all because while Crypto will never replace banks it is already affecting their bottom line. Another reason they do not like Crytpo is it lets people get ahead and out of debt, they want people behind and in debt, this is how they make money and stay in control.

Now while many of the points that the MSM make are founded in some truth, they are temporary. The MSM points out that Bitcoin (BTC) transactions are slow, the transaction fees are getting high, but this is all temportary. Look at this list of all the FUD going on right now, followed with the positive light that is not being noticed with each.

  • Fear over Tax Laws (US and South Korea). https://cryptovest.com/news/tether-under-threat-bloomberg-posts-old-news-and-crypto-market-takes-a-dive/. This is a great sign for adoption, the government had to make laws to regulate it, therefore it gains legitimacy. We are no longer in the Crypto Fringes. With the government regulations will also come laws to protect us from scams.
  • Fear of transaction speeds and prices, new mining facilities and miners are popping up every day and States like Virginia are going tax breaks for data centers, people are taking advantage of this. https://steemit.com/bitcoin/@embomb701/virginia-beach-rolls-out-tax-cuts-for-data-centers-and-bitcoin-miners-seize-the-oppertunity. Now while this is the short term solution, the long term solution is the "Lightning Network". The Lightning Network allows for saleable instant transaction https://lightning.network/. Also remember this is a Bitcoin problem not a Crypto problem
  • Fear of Bitcoin not being adopted, this is just ridicules, all of these Alt coin companies are making major partnerships and their products are solving major problems and unless everything is restructured most of us need Bitcoin in order to buy these coins. One example is the Internet of Things (IOT) this will not work without the Block Chain, who would have the control to the gas for their stove or heat accessible through the Internet on standard TCP/IP Protocol? All of these projects for the future will need Block Chain to function, but yes it needs to be improved and yes the improvements are in progress.
  • Fear of price dips, yes the price dips and dips hard, but it also spikes hard, look at Bitcoins history, all those little dips when scaled out to the 2 year view look so small, but look how big they where when they happened. I know this looks terrible, I know your stomach turns when you look at your portfolio and you are afraid of loosing it all but remember dips like this have happened before, and will happen again. This is not some fly by night nonsense, these are tangle companies who have very smart people working very hard to take us boldly into the future, they are not adding better cameras on I-Phones, they are coming up with ingenious solutions to problems that are holding the world back from the next step into the future. They are not going to roll over and die when prices come down a bit.
  • Fear of hackers stealing your funds. Now if you are holding on an exchange with no second level verification you are at high risk, if you have a password that can be cracked by a simple dictionary attack, you are at high risk and if the PC you use to access your funds is compromised with malware you are at high risk. If however you have a strong password, second level verification and or hold your coins in a wallet using a PC that is up to date and malware free, you are less at risk. Now as for an exchange getting hacked, that is possible, but the larger exchanges must have insurance to cover such losses and in order to receive insurance must meet high level safety requirements. If you are playing it smart it is not likely but still slightly possible to be hacked.
  • Fear of the unknown, yes tomorrow is the scariest thing there is, and what scares me more than the above is some new crypto coming out that is so much better then everything else and it gets all the valuation before I get a chance to buy in.

Nothing is this life is guaranteed besides death, but betting on Crypto now is like betting on the internet before their was internet. Look, I am not some talking head being paid to shill you into Bitcoin or some kind of Bot or made up personality to sway your opinion. I am making this blog for 2 reasons, 1 to earn SBD and 2, to hopefully talk some of you out of selling the dip and regretting it when it spikes. I am just a guy who has been playing this market for a while and I have seen this before. Yes it is scary, for me its not fear that it will never go back up, but fear on how long it will take, because I have plans this year. Look if you are are so scared of this market maybe you should not be in it. These Dips are scary but worth it. Next is a few reasons to HODL and Buy.

  • Wall St. is Bullish on Bitcoin, Futures Short contract is up and now they are betting hard on Bitcoin. https://www.wsj.com/articles/hedge-funds-go-bullish-on-bitcoin-futures-1517006939
  • Bitcoin Dips every January, but soon companies will have their corporate budgets planned and the institutional money will be rolling in.
  • People will receive their Tax Returns and Buy in.
  • The low prices from the dip will attract more buyers which will spark a bull run the likes of which the world has not seen before.
  • The Chinese New Year is Feb. 16th and the East is responsible for most of the trading volume, once they get back to business they will spike the price.

Feel free to comment, I will respond as soon as I can. I am not a financial advisor and this is not financial advice, this is my opinion on the current market so please do your own research and invest at your own risk friends.

No Fancy TA on this, Bitcoin has had a mind of its own ever since the run up from $7,800 all the way to $19,900 so I won't waste my time with Technical Analysis but rather I will give my thoughts on the current situation.
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Check out this article by another great Crypto investor:
https://steemit.com/bitcoin/@btmfd273/bitcoin-breakdown

Final thought. Listen friends, I really do not want to hear about anyone selling the dip and loosing money, nothing is certain but holding and waiting had always been the right more so far, and I don't think belive that is the day that changes. So (Explicit Deleted) the Banksters, and Hold with me and I will see you on the other side.

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Nice hot girl

Thanks!

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Thanks friend! Following!

Great information here! The good thing about a dip is the ride back up and the sale we all get on coins. At this point everyone needs to understand that this is too big to fail. Yes there will be dips, the same is true for the stock market. Some will recover faster than others. I would not be surprised if BTC even dropped to 8k but I doubt it will go lower than that. With that said though, I am still predicting $30k at some point this year and agree with some of the professional assessments that have stated as such.

I am with you on that but I am betting 40k. BTW, buy Ven Chain now, its the next NEO.

Oh yeah? I will have to open a position on it then, VEN right?

I might be jumping the gun calling it the next Neo, but it is a strong candidate and it is very early. You can take a decent stake for a good price.

Buy low, sell high
Take your piece of the pie!

Ooo, I like that!

That is awesome!

That's an old clip from a saturday morning cartoon called School House Rock. It aired on ABC in the United States in the 80's and 90's, usually during the commercial break at the end of a show.

I Just shared it to Facebook.

#bitcoin psycho barrier 10k $ and #FUD are bad for #cryptomarket stay calm and breathe 🙏

10k barrier breach might work out in our favor, they are all saying after the third dip will be the big Run up. I think in 2 months this dip will be just a speed bump in the fast lane to wealth.

Thanks for including my article! I think my name says it all - BTMFD!

What does it stand for?

Buy The Motha F**** Dip!

Taking a second mortgage to buy that Muth F--ka

very good article, I have to say that if peeps still believe that selling in a dip is an option you might as well do and close the door behind you.

Fear can make people do dumb shit.

I feel like the last time we saw this much FUD in the market was in September 2017 on the back of China banning ICO's and good old Jamie Dimon calling BTC a fraud. But a few weeks pas tthat and BTC went to ATH and 2 months laster was at $19k...i'm a big believer in history repeating itself and just like a long bull run will see a large correction. Likewise with prolonged bear markets - I expect to see a bull run happen quickly from mid Feb onwards post the Chinese NY as most trading (as you mentioned) comes from there.

Right on man, that is what I see happening but some real nasty fud could extend this bear market.

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