Remember?
Remember?
Well, sometimes it is easy to forget the past and we prefer to look forward to the future. But perhaps there is a 'age' thing in here. I am in my middle ages. I actually feel much older than I really am. I blame having kids are a relatively older age and staying is school for too long (partying) for that. Fortunately or unfortunately, I never forget where I came from, I think that helps me to understand where I am going.
That preamble is due to the current state of the global market, including crypto. In times like this it is easy to start talking about the fact that world is coming to an end; it is NOT! Nov 2021, BTC was north of 67K and we were saying wen 100K (I hate this wen thing by the way, its juvenile!). Now fast forward 7 months later and BTC is trading 23K and dropping into a bottomless pit (or so you say :)). That is a 65% drop in 7 month, and yes it is going to hurt. But please just remember where we came from....
| BTC | S&P500 |
|---|---|
The Global market is rallying since 2009, in the longest bull market in the history of mankind! Even if we consider relatively recent time, past couple of year (the Covid Years). S&P 500 was trading at 3400 pre-Covid, and dropped to 2200 in the first 15 days of March! Our beloved BTC, was at 10.5K pre-Covid and it dropped to 3800 during the same 15 days. I will let you calculate the percentage, as I know some of you love percentages and APRs :)
Where do we go from here?
Yes, rest is just garbage, right. The answer to that question is: I do not have the first damn clue! But I can talk about the levels. They are shown clearly on the chart.
20,000
We are basically almost there. What is couple of thousands dollars among friends! There is nothing to talk about 20K. That was a late 2020 minor high, other than a nice whole number (and that can be important sometimes). But yeah! 20K was the top of the previous BTC bull market, as shown on the weekly chart below. But that doesn't mean there is something magical that will happen there. I will argue, if the global market continue to drop, BTC will continue to drop. The correlations are north of 0.71 these days. I discussed this earlier here.
14,000
This is an important level for BTC. This was the summer 2019 high. Remember all the ETH tokens that summer? 95% of the them are gone, yeah? :)
10,500, oh! Do you like to call 10K even? Fine!
Yeah is the the Pre-Covid high. I hope we don't get there, because if we do, I don't think we will stop there. So please keep these levels in perspective. They didn't happen when you were a kid. They happened just a couple of years back. That is the nature of the beast guy.
Oh, by the way, Market doesn't care what you think, how you feel, or your profit-loss. Market will do whatever it wants to do. It is you who must take care of yourself and family.
People first, then Money!
(said someone, who came from poverty and tried to teach basic financial acumen to a group of people who were largely ignored by the rest of the financial world)
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
Charts are created in Tradingview.com, which is a free service.
