I was in a Twitter Space today, listening to a very experienced trader. He confidently told everyone to short Bitcoin and altcoins, predicting that BTC was going to drop into the 90K range and that altcoins would dump hard.
Now, as we approach the end of the day, Bitcoin is pumping already trading above $96K. At this point, it’s likely that his stop-loss was hit, or worse, he got liquidated.
It makes me wonder: how do even seasoned traders still get it wrong on intraday moves?
Let me know your thoughts.
I think that no decision should be made based on information from social media. This is more likely to increase the amount of loss than profit. There are many knowledgeable analysts in crypto who cannot predict correctly. What they predict later turns out to be the opposite. That is why selling your holdings based on someone's decision is not a suitable decision. The price of Bitcoin can increase or decrease at any time, but for those who are long-term holders, investing in Bitcoin is definitely profitable. If the price decreases after buying Bitcoin, it is better to hold it instead of getting excited. Till date, none of those who have held Bitcoin are regretting it, but most of those who have sold they regret the most.