BTC Madness

We almost did it people. Bitcoin almost reached its all time high of almost 20,000 dollar on 24 November, just 4 days ago. To be exact, BTC topped at 19,412 dollar, just 371 dollar shy of the all time high of 19,783 dollar on 17 December 2017.

If you've been following the bitcoin technical analysis guys on YouTube, you already knew what was going to happen next: all the thousands of people who bought into bitcoin on or near the all time high would cash in in an effort to finally break even. That is, the ones who hadn't done so already and taken a loss. I'm not a trader myself, I just buy some very small fractions of a bitcoin whenever I have some money left at the end of the month, and just hodl what little I'm able to accumulate that way. My hope is that one day I'll be able to reach one quarter bitcoin. Yes that's right: I don't even have 0.2 bitcoin at the moment, next to some small amounts of LiteCoin, EOS and Ethereum. I only invested around 2000 dollar in total over a three year period; I started my crypto adventure in June 2017 when its price was approximately 3000 dollar. I knew it was the right thing to do, mainly because bitcoin and other crypto-currencies will become the only real money as soon as governments and banks succeed in their plot to eliminate cash money, but also because in the next two months the price already surged to more than 4000 dollar.

Before that, along the way to a BTC price of almost 1200 dollar, we saw a big retracement of the price, with the exact same reason why we see the current retracement; people who bought in at the previous all time high of almost 1200 dollar started to cash in as soon as that price was reached, just to get their money back. Think of technical analysis what you will, but often these TA guys are exactly right in their predictions. Problem is that I've also seen them being awfully wrong, which is to be expected I guess with an asset as young as bitcoin. We now have more than a decade of price history however, so I believe we can now start to have some faith in bitcoin's repeating price patterns. So, although I will not be trading myself, today I'll link a video for you all from a TA channel I've been following for quite some time now, one that's been right more often than wrong and one that actually shares their own trades, and always warns about bitcoin's "surprise-factor". If you feel lucky, and if you think bitcoin will complete its matching of previous movements, expect the price to fall further down before bouncing back up. Oh, and this is not financial advice of course; always do your own research and never blindly follow my or anyone else's advice on these matters, not even that of professional technical analysts like the one in the video.

And before I go, let me explain why my personal target is to reach 0.25 bitcoin. This is because of an article on bitcoin that went viral in February this year, and has been reported on many times since. The article's title is HOW MUCH BITCOIN YOU NEED TO BE IN THE RICHEST 1% OF BTC HOLDERS, and gave a reasonable explanation of why it only takes 0.28 bitcoin to be virtually guaranteed to be in the top 1% of bitcoin holders some day. The main reason is that there will never be more than 21 million bitcoins produced (mined), that many of them have already been permanently lost on account of people having lost their private keys, or having passed away without ever giving anyone else their keys. One quote from the article is that "no more than 5-10 million people will ever own a full bitcoin". If you are in bitcoin, let that story about the lost bitcoins be a warning, and share your private keys with one or two of your loved ones, or let them know where they can find them, because none of us will live forever and you never know what'll happen tomorrow. I even wrote a short post on that subject three years ago on Steemit: Please, Crypto-Brothers And Sisters, SHARE YOUR PRIVATE KEYS!!.

I hope that, if you're not into bitcoin already, this has been an encouragement to change that. There's really no need to buy a whole bitcoin, neither do you have to be extremely knowledgeable about trading or technical analysis to get your feet wet. And finally, you don't need to invest large sums of money; as you can see, I'm not doing that, I'm not rich and only invest what little cash I sometimes have left at the end of the month, and what's certain is that these small savings will yield a lot more than any savings-account will ever get you. The small percentages offered by regular banks, the corrupt middle-man, doesn't even cover inflation.

Thanks so much for visiting my blog and reading my posts dear reader, I appreciate that a lot :-) If you like my content, please consider leaving a comment, upvote or resteem. I'll be back here tomorrow and sincerely hope you'll join me. Until then, keep safe, keep healthy!