Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Dont ever underestimate the power of greed. Those who bought and are holding at ranges 13-20k had the mindset of selling to recoup or even break even once price reaches those price points again. i have a feeling many of these peoples mindset will revert back to their pre purchase mentality. Hop on board and hodl as the eco system has changed and more belief in btc has come into fruition.
This fictitious group that you created of persons who supposedly bought between $13k and $20k don't really exist in the state that you describe them (except perhaps as a kind of unicorn).
But I get your point.... and it may be true in some cases that there are some people whose portfolios are in the red that might start to become more optimistic as BTC price rises and their portfolio gets back into the black.
Dont ever underestimate the power of greed. Those who bought and are holding at ranges 13-20k had the mindset of selling to recoup or even break even once price reaches those price points again. i have a feeling many of these peoples mindset will revert back to their pre purchase mentality. Hop on board and hodl as the eco system has changed and more belief in btc has come into fruition.
Those who bought in the ranges of 13k and above must have sold their bitcoins in loss. There might be very few people who have such a holding power and a mental strength to hold the coins for over a year and still not panic seeing bitcoin moving down to 3000$.
That's something like what I am trying to say.
I know many a people who invested only what they could afford to lose during those price ranges and are still holding. Whether this subgroup (unicorn investors) extends to an unknown amount of people that could potentially effect the market is yet to be determined or if ever will. I know the mindset of people who have simply thrown what they could afford to lose into btc and have the notion to hold for 5-10 years and or specific price points.
My problem with your hypothetical group of peeps is not that they started to invest in the $13k to $20k range, but that any prudent person would have concluded that bitcoin was a good investment within that price range and then only invested in that price range and left their average price per BTC within that price range. That sounds a bit imprudent and like gambling rather than investing only what you could afford to lose. Maybe I am judging these unicorn kind of people too much because to me it seems a bit like bad logic to set your quota for how much you are going to invest and then fail/refuse to take further action when first of all the unicorn had started to invest after nearly an 80x price peak in bitcoin had taken place and then failed/refused to take further action when the price dipped below $13k for more than a year and a half from early 2018 to now.. Not very prudent in my thinking.
A vast majority of people have some kind of cash flow.... so going all in at the peak seems like a kind of gambling dumb, but continuing to invest over a 2 year time frame would not have been too dumb. Of course, having a time line that is 5-10 years will make up for some of the dumbness as long as these hypothetical unicorn peeps are buying and accumulating BTC during this time rather than attempting to exacerbate further dumb by selling at the wrong time and taking further away from the potential profitability of their portfolios.
There is a decently common expression that it is hard to lose money during a bull market, but I do understand that some people do manage to figure out a way to accomplish such against the odds losing of money, even with such a historical bullish asset like BTC.. and that is kind of what causes them to be unicorns.. perhaps people without brains who have irresistible inclinations towards gambling.
