- Mike Novogratz has warned the crypto group in opposition to choosing value bottoms as it’s harmful.
- He additionally identified that almost all altcoins are down by over 80% from their highs, and the losses within the 2018 bear market have been over 95%.
- Consequently, altcoins will probably drop by one other 70% from their present ranges.
- Robert Kiyosaki has additionally highlighted that market crashes may very well be an opportune time ‘for sensible traders to grow to be very wealthy winners.’
The CEO of Galaxy Digital, Mike Novogratz, has warned the crypto group in opposition to choosing value bottoms throughout the ongoing bear market as it’s harmful. In response to Mr. Novogratz, anybody trying to time the crypto market backside ought to accomplish that step by step.
As well as, Mr. Novogratz highlighted that many altcoins are down by 80% from their current highs. However extra losses might quickly comply with, on condition that the 2018 bear market resulted in the identical altcoins retracing by 95%. He, due to this fact, forecasted that altcoins might rapidly fall by one other 70% from their present ranges. He said:
Alts are down over 80 % from the highs.
In  it was over 95 %. That’s down one other 70 %.
My level is choosing bottoms is harmful and if you happen to do scale in slowly.
Bear Markets Flip Good Traders into Winners – Wealthy Dad Poor Dad Writer
In one other Tweet, the writer of Wealthy Dad Poor Dad, Robert Kiyosaki, highlighted that bull markets make silly traders look sensible. Nevertheless, bear markets flip the identical silly traders into losers and sensible traders into winners. He additionally identified that market crashes might present alternatives for sensible traders to grow to be very wealthy winners.
Mr. Kiyosaki shared his insights on the mechanisms of bull and bear markets by way of the next tweet.
RICH DAD mentioned “Bull Markets make silly traders look sensible. Bear Markets flip the silly traders into losers and sensible traders into winners.”Markets are crashing. Time for sensible traders to grow to be very wealthy winners. Take care
— therealkiyosaki (@theRealKiyosaki) May 21, 2022
Bitcoin Continues to Consolidate Between $30k and $28k
Regarding value motion, Bitcoin continues to consolidate between the $30k resistance stage and the $28k assist stage. The King of Crypto continues to commerce in bear territory under the 50-day (white), 100-day (yellow), and 200-day (inexperienced) shifting averages, as seen within the following BTC/USDT chart.
Nevertheless, the every day MFI, MACD, and RSI are in oversold territory and will sign a continuation of consolidation or an try at reclaiming $30k as assist.
However warning is suggested longing Bitcoin given the bearish temper surrounding each the standard and crypto markets on account of numerous international central banks, together with the US Fed, rising rates of interest to tame inflation.
Consequently, the consolidation being noticed by Bitcoin may very well be the genesis of one other drop to decrease ranges, such because the current low of $26,700 and even decrease to Arthur Hayes’ forecast of $20k.