Today, with Bitcoin down almost 15% in the past 24-hour period and currently hovering around the $4,500 level, anyone who bought bitcoin at its all-time high in December 2017, has sadly lost, on paper, 75% of the money they put in. So, it seemed like the right time to try to gain some perspective on this huge price correction from the advice offered by some of the most prominent players in the crypto space.
Mati Greenspan, Senior Market Analyst at eToro
Earlier today, Greenspan sent out this tweet:
If this plunge was caused by the BCH hard fork drama, then why is XRP falling as well???— Mati Greenspan (@MatiGreenspan) November 20, 2018
Please let's all relax, stop grasping at short term events, zoom out, and look at the bigger picture.
Bitcoin is up 500%+ since Jan-2017. This is just a retracement!!!
However, for a more detailed explanation, we need to refer to the "Daily Market Update" he emailed to eToro clients earlier today:
"The year 2017 was an exceptional year for high risk assets, including cryptos and tech stocks. In 2018, we're seeing is a retracement of that. When prices reach levels that are higher than can be justified, they need to pull back and so the cycles continue. It's important to note that over this time the Nasdaq is still up 30% and Bitcoin, well... you can see the percentage in blue on the above chart. It isn't possible to time the markets to a T, so every person needs to take the decision if they're an investor or a trader. If you're trying to catch each and every small move, it can prove to be difficult, especially in times of uncertainty such as these. For long-term investors, results are usually much more predictable."
Anthony Pompliano, Founder & Partner at Morgan Creek Digital
In today's edition of his highly popular daily newsletter for institutional investors, "Off The Chain," Pompliano (AKA "Pomp" on Twitter) started by saying to his readers that they continue to reiteate to clients that Bitcoin is acting as they expected:
"On August 24 of this year, with Bitcoin around $6,500, I wrote 'we are likely to see Bitcoin near $3,000 before we see Bitcoin at $10,000 again. If this is true, that means we still have ~50% price decrease to go. Things may get really, really ugly if this happens.'"
He finished today' post with the following words:
"We are seeing the beginnings of blood in the streets, but there is more to come. When it happens, we will be presented with one of the most attractive risk/reward opportunities in a long time. Those that control their emotions and have the courage to act, while others are capitulating, will be rewarded handsomely. Keep breathing. Everything will be okay."
Chris King, Analyst at Morgan Creek Digital
Ben DiFrancesco, Founder and CEO of ScopeLift
Waiting for the next crypto bull run right now may be like waiting for the next “dot com” bull run in 2002.— Ben DiFrancesco (@BenDiFrancesco) November 18, 2018
One never came, but then one day a couple decades later we woke up to realize the internet had infiltrated & reshaped every crevice of media, politics, business & culture.
Ran Neu-Ner, Host of CNBC's "Crypto Trader"
Up until now even though we have been in a bear market we haven’t seen panic or capitulation. In the last few days panic is clearly upon us. It’s a great signal that the bottom is near...— Ran NeuNer (@cryptomanran) November 20, 2018
Market Call: This May be the only correct call I make this year!— Ran NeuNer (@cryptomanran) November 20, 2018
If you are not actively trading the volatility or buying - don’t even look at the prices today. Your emotions will make bad decisions.
Jake Chervinsky, Lawyer at International Law Firm Kobre & Kim
I didn't know anything about crypto until last year when I saw a random article about price and decided to finally learn what bitcoin was about.— Jake Chervinsky (@jchervinsky) November 19, 2018
Price brought me in, but there's *nothing* price can do to drive me out.
I guarantee I'm not alone. The virus will keep spreading. 👊
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