Everyone is now trying to find the Bottom of Bitcoin (BTC).  As Nic Contagion Carter points out, crypto haters are absolutely euphoric right now, dunking – economy is headed for recession/depression – mortgages unserviceable – global energy/food crisis – 60/40 portfolio ruined – sovereign debt crisis – inflation rampant – consumer confidence ATL and they’re celebrating.

It is obvious that cryptocurrency is experiencing its first major financial crisis.  The degree of the Bitcoin crash is exacerbating. HODLers are being pushed to fund their lifestyle to provide for increasing, rent, food, gas etcetera. People need finances to exist, and families need to buy gas.

Reportedly, some of the full-time crypto haters aren’t market participants of any kind.  Some are former traders who got badly burnt and they are using negativity to cope. It is often safe to assume they have no position aside from being intellectually short.

Peter Schiff: “In Dec. of 2017 Bitcoin hit a high of just below $20K. Bitcoin has been dead “money” for the past 4 1/2 years, as its current price is about 2% lower than it was then. In contrast, the price of gold has risen by over 40% during the identical time period.

Reporters are asking crypto “experts” how low Bitcoin or Ethereum prices may fall. The problem is that all of the so-called experts they are asking work in the crypto industry. They’re shills, not experts. Anyone who really understands crypto doesn’t work for a crypto company.

What should really be a wakeup call for Bitcoin maximalists is that Bitcoin isn’t even acting as a safe-haven in crypto. Over the past week as all cryptos collapsed, Bitcoin’s market dominance actually declined. So, Bitcoin went down more than altcoins. That’s an epic fail.”

It is amazing how the Bitcoin gurus and influencers were wrong on timing. It is very easy to get a macro idea; however, it is very challenging to get the timing correct. Everyone dunking was dead wrong on timing and they have been thinking that they were right. Despite, the price going down and the cheerleading by haters, those who have been in the game for quite long have to state that there is a bright future for BTC.

The reality is that real crypto assets have held up far better than some very well-known mainstream tech equities.  Bitcoin falls to 20k for a few weeks and haters point only that forgetting to mention the fact how high it has gone.  Bitcoin is a network and money.  So, it will not die.

Even though Bitcoin has a fixed quantity, it is paradoxically subject to a supply curve. Thinning liquidity widens the spread and acts as a binding price ceiling which will create a falsely perceived shortage and high prices.