With the Bitcoin price currently down 5-6% from its intraday high on August 14, which was just above the $48,000 level, some newcomers to Bitcoin are feeling a little nervous despite the fact that price of BTC has surged over 53% to roughly $45,350 since its intraday low of around $29,600 on July 20.
When popular crypto analyst and influencer Lark Davis ran a Twitter poll to gauge the crypto community’s thoughts regarding Bitcoin’s price action, 20.2% voted in a way that suggests they think that Bitcoin’s recent bull run is just an “epic bull trap” and that “pain” is coming “soon”.
This seems to have prompted Davis to try to quash the feeling of impending doom among these people with some sage words.
First earlier today, he reminded everyone that we are still in the early days of crypto and while a $2 trillion total market cap might seem huge, this amount is still less than the individual market cap for Apple ($2.5 trillion) and Microsoft ($2.2 trillion).
Next, he reiterated his belief that the Bitcoin price should reach $100,000 before the end of 2021.
Then, he expressed his frustration at those investors who get angry with themselves when they see the Bitcoin price going up (i.e. they wish they had bought when it was cheaper) and yet when the market presents them with dip buying opportunities, they refuse to take advantage because they think that this means that the Bitcoin price will soon suffer a major crash and that it makes sense for that to happen so they buy more BTC when it is really cheap.
Davis, who just continues “stacking sats”, then went on to suggest that he thinks such people seem not to be aware that what they are doing is adopting a “buy high, sell low” strategy.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.