Guys, the fear-greed index is at 12, Extreme Fear. We’re seeing a lot of fear, a lot of uncertainty. The Luna situation has only exacerbated what was already a depressed market. But veteran investors are looking at this unmoved.
Remember when Bitcoin was $50k and people were calling that a bear market? That it would never get this low ever again. Well, now it’s nearly half of that. We’re approaching $25k, possibly $20k. We can see ethereum in the $1k range soon.
This is the bear market. This is what looks like. There’s a lot of panic, a lot of people exiting their positions. Shrinking their portfolio. And people are free to do what they want. Even if it doesn’t make sense. Some people like to chase green candles, buy high sell low. And that’s their prerogative.
People like to be nostalgic and wonder what it was like in 2013 when bitcoin was dirt cheap. Remember that? Or when you could get ethereum for a few pennies. Oh those sweet summer days. Made a lot people millionaires, that’s for sure. They like to wonder what it was like. Well, it was like this. Fear, panic, doubt, uncertainty.
Luna crashes and people lose all hope in cryptocurrency. When the markets start bleeding, people stop believing. It’s the nature of man. Even though the technology hasn’t changed, the fundamentals of the project haven’t changed, the team behind it hasn’t changed. But because the price did, that was enough to lose hope.
So all of you who kept declaring that bitcoin was too expensive at $60k and that you would get it when it got cheaper, well here we are. If you think bitcoin will be more valuable in 2-5 years, or that your other alt coins will survive through this bear market, wouldn’t the only logical thing be to accumulate what you believe in?
Everything, and I mean everything is on a fire sale right now. Go check out the bitcoin and ethereum rainbow charts. The moves you make now can make you wealthy. No one thought bitcoin would reach $69k until it did. Do you think investors buying $80 ethereum thought it would reach $4k? Good projects last, bad ones crumble.
You have to look at all the blood in the market like a shark would. Blood is good. Green is bad. Remember it’s buy low sell high, not the other way around.