Hello Friend,
Today I am going to share my thoughts and why our BTC struggle in market sometimes for no reason.
If you are crypto lover you must have hated title of this post but let me ensure you , after reading this post till end you will change your mind about this post!!
Media
If you are following social media , twitter ,TV media or print media you must have heard many times that bitcoin crashing and soon will reach to Nil ( means 0 value). There are many intelligent people around us in media who never invested in crypto, never deep dive in understanding of cryptocurrencies , no understanding of blockchain & its functionality. All these people are so called writers ,blogger & reporters who always create fear on markets.
This is one of the reason why market struggle sometime when such so called writers ,bloggers, reporters, Youtubers use their misunderstanding about cryptos and spread fear in market.
Lack of education about crypto & blockchain
Another reason I would like to mention here is - Lack of education about crypto & blockchain technology within our community. If you see people around you most of them are just the investors and they just want BTC to grow ( not because they think crypto is future BUT because they want their portfolio to grow) . This greedy approach towards crypto investment without proper knowledge and its killing crypto market too .
There are 100s of 1000nds of people around us who just want their money to grow but don't want to invest their own time on understanding/learning blockchain technology or crypto currency eco system.
Lack of education about technical analysis
If you are in crypto market then you must have been following some people and would be dependent upon someone's advice or may be dependent on some Youtube channel for update/hint on market but ask yourself how much you have educated yourself for market trends ? Do you really know how to read candle charts ? how to read depth chart ? how to see big orders already accumulating on some price? what exactly this confirmation count you see on every transection ? you may be already aware of most of these question but my point is how much you are educated on this field ? are you just a zombie who just follow someone else order or follow others actions?
For example when someone says SYSCOIN will go down in next 3 days due to 1,2 and 3 reason, do you really go back and check if the reason provided by that person is really true or not? ..let's talk further if you already knew all those things then what else you learned in last 1 month which was new ? did you really add anything new to your knowledge base? we are living in digital world where things change quickly , technology changing rapidly and you need to keep learning , its a continue process . My point is if you are not learning thing related to cryptos and just seeing everyday market price, its not going to help you on long run.
Its our responsibility to regularly invest time on ourselves teaching at least 1 new thing everyday ( regardless of how tiny it is) and educate community as well so that they don't come under any fear when people( mentioned in #1) spear fear . If you will have all the technique to measure the market you will not get panic and would be able to sustain in market .
Think if we will all come to same level of education about crypto think where we can reach ??
There are many factors which impacts market but I am leaving it here for you guys to share your thoughts.
Now read back title of my post " Bitcoin going down to its knees " ?
You know the answer if you are educated enough on cryptos. If you go back and see BTC chart you will find since BTC birth till Jan 2017 it was stable and was going slowly but robustly then later on it blasted like anything and reached 20K.
Don't you guys think it was really unexpected ? Just relate it with your daily life , what would be your reaction if in few days price of water/milk/eggs/oil would increase like bitcoin unexpectedly ? Won't we want price of these things come back to its original range? YES we will want that for sure. similarly see BTC price in July 2017 it was $2500 and currently July 2018 its $6300 . Isn't it more then double then last year? Is it down to its knees or climbing up proudly and robustly ? we call it correction and it was the need of market and not at all on its knees.
Conclusion:-
So to me if we understand and educate ourself then we will be able to get answers by own where market is going . Is it on its knees or proudly standing and growing. Comparing it with sudden hike is not a good idea/analysis . Price of BTC currently perfectly fine .let it grow robustly ,slowly & nicely and keep learning new things about market, crypto and blockchain. Don't come under trap of uneducated social media people who are spreading false information about market.