A little over 24 hours after publishing my previous post, the Bitcoin price action dropped from $26,000 to the $21,000 area, sparking a collective panic among cryptocurrency investors and traders.
This feeling of collective panic is part of what in the theory of psychotrading is known as the phase of fear, characterized by the emotional uncontrol and fall of fantasy projections, which end up creating an anxiety that drives most investors to exit their positions.
This collective fear within the cryptocurrency market has increased primarily because in the last 24 hours Bitcoin and alternative cryptocurrencies began to plummet in the early hours of Monday, an action that has been attributed to two of the world's largest cryptocurrency platforms have curtailed their activity as the market collapse continues apace.
The truth is that this new fall of Bitcoin to the $21,000 area, marks its lowest low in the last few months, an element that has undoubtedly raised fear in the market as it is feared that the price action will fall even further. Therefore, in view of the possibility of investors impulsively dumping their cryptocurrency, this being one of the major concerns among the main cryptocurrency exchanges.
Among the major cryptocurrency exchanges that have expressed concern over the massive withdrawals that were triggered in recent hours are Binance and the Celsius network, who in the words of their executives were forced to temporarily halt all withdrawals.
In any case, should the Bitcoin price action continue to fall, we should appeal to our strategy and risk profile for optimal management of our investments, as this can help us feel less fear of losing.
SOURCES CONSULTED
CointeleGraph Bitcoin price falls below its ‘realized price’ but is it time to buy the dip?. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Criptotendencia
Hello @lupafilotaxia, this is a strategy that is very familiar to me, I remember my grandmother saying something like "fishing in a troubled river".
There is a lot of fear in the market and it is difficult not to feel it, many people are making desperate sales without thinking about the possibility of market recovery and this is the "fear" that opportunists sniff out to buy at the best prices.
I still think that the market is going to recover, perhaps in a very long term, but it will happen.
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Hi @tocho2
Correct "fishing in a troubled river" in popular slang is taking advantage of situations that tend to get out of control but still leave opportunities for others to capitalize on.
Best regards, be well.
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I dont know why, but I am feeling some FOMO right now. I feel like the price will not stay that low for ever and that it is a great buying opportunity
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Hello @ga38jem
Certainly it is a good buying opportunity, do not doubt it in the market there is FOMO is a natural thing, now I think the market will enter an accumulation zone, then it will bounce to $26K and fall back below $20K, I think the Bitcoin to be able to start a new bull run, first the price action will have to culminate its parabolic movement and that is already close.
Best regards, be well.
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I feel same way @ga38jem
check out my own comment here
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Extreme market conditions are hitting everyone out there. Exchanges,companies and investors...However, as awful as it looks, chances are we might be so close to the bottom...at least I hope so...
Thanks for sharing :)
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Hello @qsyal
Yes, there is no doubt that external factors have been negatively affecting the reputation of the cryptocurrency market, and its outcome in falling prices.
Best regards, be well.
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Dear @lupafilotaxia
I found it quite interesting to realize, that such a drop doesn't create panic in my head. On the contrary - I feel greedy and I feel kind of FOMO anytime such a crash is taking place. I see it as an opportunity and I wish to have more FIAT or stable coins to invest now.
I've realized long time ago, that whenever markets are at such a low levels -> this is the time when large players (those accumulating BTC) will do anything in their power to spread as much fear and panic. To maintain low prices and to bring markets even closer to its knees.
And this seem to be happening just now.
Cheers, Piotr
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Hello friend @crypto.piotr
Even though Bitcoin and other cryptocurrencies continue to lose their value and investors are withdrawing, from my perspective this price drop is an excellent buying opportunity, fundamentally to accumulate cryptocurrencies let's remember that prices fluctuate, and that these pullbacks should be seen as normal, therefore the purchases we make today will be the positions we will have to sell in the next bull run.
Best regards, be well.
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