A Scary Chart.
While scrolling through my Twitter timeline, I came across an interesting chart. It sent me back to the days when I seriously got into crypto. You can see that my first couple of years in the industry were pretty rough.
Source: Twitter.
I got my first crypto job at an investment company a couple of weeks after the market topped in 2017. Back then, I and everybody around me were in denial. People thought that BTC was experiencing a pullback and would return to the bullish mode by spring 2018 latest.
The bounce at the beginning of February fueled strong optimism. I remember getting calls with inquiries about crypto products. Some people were trying to buy the BTC dip; others were trying to get into ICOs. It’s funny that I thought that those folks were doing the right thing at that time.
And, I think, so thought my seniors. Internal discussions were bullish, and some guys from C-level staff talked about buying crypto on podcasts. I don’t know; maybe that was psyops.
In any case, the reversal never happened. But, it doesn’t mean that people quickly turned bearish. In my opinion, the first signs of serious desperation started to surface by the end of summer 2018. So, over six months since the market, top people denied the bear market.
I’m not saying that this time will be similar. We have so much money injected into the system that it has to stop the market from falling and push it back up at some point. However, I don’t want you to think that something brutal isn’t possible.
Because those who survive will always be optimists that overlook bad stuff. If I were a pessimist, I wouldn’t have held onto the market that was almost constantly falling for two years.
I didn’t know how the bright side looked until the recent bull run. But for you, things may be the opposite. You may have seen the market only going up with occasional pullbacks. In that case, brutal and prolonged price action will get on your nerves.
When that happens, make sure you remember Rule #1. I know people who lost a lot during the previous bear market. Those who stuck around made it all back and a lot more.
SIMETRI Portfolio – Under Pressure
As BTC is falling below $40,000, the outlook for altcoins cannot be good. The overall portfolio ROI went below 1,000% and it may go lower if the broader market continues declining.
