A few days after the decline in crypto asset prices after the FOMC, it now seems that the market has started to creep up a bit. This is considered by some to be the ideal time, because there is an assumption that currently the prices of all assets, especially Bitcoin (BTC) are being heavily discounted.
One of them is an analyst with a Twitter account named Dave the Wave, who stated that many hero hodlers arrived late, by buying assets when prices were above, to be exact, US$55,000.
“As a conscious investor, I recommend covering your ears and buying a reasonable position here at 18K (one third of the price) based on the longer term trend of the chart,” said Dave, Thursday (22/9/2022).
In the post, Dave states that he can understand why so many disappointed followers, both recent followers, or even unfollowers can take exceptions to this chart.
“If only it was as easy as picking in the air, but it’s not. The curve is still the same as in 2018,” he said.
Also Read: The Fed Raises Interest Rates to 75 BPS, Bitcoin Drops Drastically!
The tweet was approved by a follower named Don Balitor, commenting that the opinion he shared was logical. According to him, people who buy above or near the top are not investors. They are just people who want to get a quick profit within 1-3 months.
“The reason they are not included in the current price is because they know it will take 2 years or more to make a profit,” said Balito.
This also got Dave’s response, where he said that was a good point. What Dave doesn’t understand, however, is the reason to trade Bitcoin (paradoxically it also appeals to hodlers, arguably investors), when one could trade the extra volatility of alts instead.
“The logic is always lacking,” he explained. [Im]