Don’t Take Advice From Those Who Were Bullish At 6k, Says Smart Contractor
It is impossible to ignore the fact that Cryptocurrency, besides being a medium of Exchange, is also an investment asset and as such, a lot of the discussion surrounding it has to do with how to and how not to invest in crypto.
When Bitcoin got to almost $20,000 in 2017, there was speculation of both an increase in price and a decrease. When it did drop to around $6,500 in 2018, price speciation continued and even now at just over $4,000, there is no shortage of people claiming Bitcoin will be worth millions of dollars and those think it will become worthless.
When it comes to market speculation, no can truly predict the future, but this is made worse in the case of crypto. Because the industry is so young, no one really knows whose opinion might be informed and who is making wild claims.
According to Twitter user Smart Contractor, anyone who was still optimistic about the market at $6,500 shouldn’t be listened to about anything crypto price-related.
Opinion Not Needed
Even though many were still optimistic about Bitcoin returning to its $20,000 peak before the end of 2018, Smart Contractor has stated that we should have all seen the bear market coming.
“unpopular opinion: you should not be taking advice from anyone who was bullish at 6k.
if you didn't have the foresight to see such a brutal 50% drop, you should not be eligible to advise anyone on anything?,” his tweet says.
But has bitcoin actually seen its peak price with nowhere to go but down? It is hard to say. As of 2017, many more people were entering the market thanks to the amount of press that Cryptocurrency as a whole was getting. Since then, the market has changed tremendously.
There is less focus on the individuals who are entering marker and more on the institutions that are engaging with crypto. JP Morgan announced the launch of their own Cryptocurrency this year and Facebook appears to be carefully acquiring crypto and blockchain-related talent. If nothing else, big corporations seem to still have faith in the market’s ability to grow.
As one twitter use responded to the tweet, the market is unpredictable and making one wrong call (which was popular at the time) does not invalidate the opinions of anyone. After all, the death of crypto has been predicted for years and those who made those predictions are mostly still predicting, despite being proven wrong time and time again. In that case, why shouldn’t those who actually believe in crypto continue to be optimistic, bear market aside?