Bitcoin price has plummeted from $20k at its peak to some $7k now. This is a retrace of -65% which is umm…. a lot. So where do I stand now? I’ve learned some new things that keep me from leaping in at the $5k mark as I said before. Hence, I would stand by on the side for now. I’m not even trigger happy and ready to buy in at a moments notice by keeping some cash in the account.
How’s it going everybody this is beat the bush today i like to talk a little bit about the downfall and bitcoin pricing the huge plummeting of that price but first i need to eat some breakfast a store that only sells plastic bag now where the heck am i gonna find a quiet place to talk about bitcoin what is this hawker bizarre thing let’s just walk in and check
It out so right now some of the stores are closed but they’re still up a half of them are that are open they sell mainly fabric stuff but you can see on the roof over here it’s not really a roof it’s kind of like boards and stuff that’s covering the top to exit now let’s go to this some show you po park surely it should be more quiet in there while this part
Is actually pretty big you see there’s a whole bunch of railings around everywhere so you can’t step on the grass or the trees it’s a lot of metal to put in just to force people did not get on the grass so here’s what i think that the bitcoin plummets since i sold it at an average price of fifteen thousand five hundred dollars or so i outlined when the financial
Bubble is and i recognized that it was in a bubble at the time and at the time i sold it at fifteen thousand five hundred and it was not quite at the peak of twenty thousand dollars i sold it once at around seventeen thousand or so and i realized at that time that yeah you know a few thousand dollars off it’s gonna look kind of harsh at the time but then now that
The price is about 6,000 or 7,000 dollars it looks pretty darn smart to sell it at fifteen thousand dollars or even seventeen thousand dollars well if i happen to sell it at twenty thousand dollars i’m even better but we see what a little different set is $20,000 seventeen thousand dollars people now probably wish that they could sell at seventeen thousand dollars
Well they wouldn’t go okay yeah i wish i could sold it at twenty thousand dollars anything you know over ten thousand dollars seems pretty darn smart right now now right now i don’t hold that much bitcoin maybe a hundred or two hundred dollars worth only but all my videos people do comment on it and every single time someone comments and they’re like i’ll look
At the bitcoin now you sure made a great choice i have to say it was a lucky guess but somewhat it was not lucky at all because i’ve been making calls on various equities where i’m a little bit sure of it and then when i’m a little bit more sure than usual i do make a video about it now it seems like every time i look at bitcoin it sort of plummets like a thousand
Dollars every time it was at eight thousand dollars and then i look at it again maybe twelve hours later it was seven thousand dollars and now it’s around six thousand seven hundred dollars or not let me look at it again look at it six thousand four hundred seven dollars when it was back at fifteen thousand dollars calling it to go down to like even seven thousand
Dollars people thought that was pretty crazy let’s go over which phase of the market bubble we’re in right now bitcoin was all the way over here it did this $20,000 run-up there and right now we’re about in the middle of this capitulation phase now what is capitulation if you look at the definition is that it’s plummeted down far enough that people start to accept
That yes bitcoin price really is going to go this low rather than people going oh my gosh it fell now it’s the time to buy at the low some people are still doing that in the comments section saying like oh yeah you should buy but eventually if it goes down further enough people are gonna start accepting it they’re gonna go oh okay yeah this is the new normal it’s
Gonna go keep on going down now what does this mean for you it means that if we’re in this phase right now it’s a falling knife edge so if you buy into it you might be on the roller coaster ride down when i sold that i had the intention that it was in the market bubble and now at this price i am pretty sure it was in a market bubble now so my intention at the time
Was to buy back in after the bubble burst around five thousand to two thousand dollar mark right now it’s around six thousand something so it’s really really close to the buying point but now the question is am i really gonna buy back in when it hits five thousand or two thousand dollars am i thinking is you do need to be a little bit flexible when you’re investing
As you obtain new knowledge as you obtain new information you can change your strategy a little bit my initial thinking was that bitcoin was sort of gonna be a long-term play here so if it ever burst in the bubble market price that i can buy back in and it’ll eventually lead its way up the price would eventually surpass the market bubble amount of twenty thousand
Dollars now what has change here is that when i look at bitcoin when i look at the technology it costs too much to do a single transaction yes there are those little patches that makes it so that it’s viable there’s like a parallel running network so that it makes it a lot cheaper but to me this is sort of like a band-aid for the platform the platform itself
It’s not solid enough to be able to invest in long term so if i were to invest something i would not be buying bitcoin i would be buying some other coin on top of this investing in crypto occurred it’s a little shaky right now because all of the cryptocurrencies all of the alternate points are sort of tied to the price of bitcoin so everything depends on that and
Because bitcoin it’s sort of tapering down it’s sort of hard to invest in all those alternative points so what’s my recommendation for bitcoin or any other cryptocurrency don’t touch it you have to wait until people are afraid of bitcoin of investing in it now it has not fallen fall far enough i see about i don’t know 30 40 % of the population still thinking that
It’s gonna jump right back up now you need to wait until people are afraid this is the despair phase and i think the price on that would be roughly $1,000 now i think the intrinsic price it’s gonna be about $2,000 no it’s really not valued at anything at all because you know it’s not backed by any sort of asset the value it’s only based on what another person who
Pay for now if it drops we load that $2000 point people are gonna have a hard time mining it the network it’s gonna have a lot of stress because the miners will not want to mine it because because to mine another unit of bitcoin it’s gonna cost more in electricity then the value they get back once they get a brand-new bitcoin at this point i’m gonna wait and see
For myself i don’t even have cash sitting in coin base or anything waiting for me to buy back in i’m not trigger-happy on this and i’m just gonna wait it out and i’m not in a hurry to buy more actually so bitcoin pricing a lot of things could happen to it if it falls below that point it could crash to zero because all of a sudden no one wants a miner anymore all of
A sudden there will not be any more computer that wants to back the network anymore therefore the network is in a crumble and then okay it’s gonna be valued at zero however there’s gonna be other cryptocurrencies so you know maybe we have to wait until it crumbles totally crumbles and then there will be other more efficient cryptocurrencies out there and we might
Have to wait until other cryptocurrencies is not immediately tied to bitcoin pricing so even if bitcoin drops below $5,000 $2,000 $1,000 i probably would not even buy it because i do not see a long-term future for the standard bitcoin the most popular one right now now other alternative currencies i think there is a future for those so we might have to wait until
The bitcoin price crash totally like all the way to zero even until it gets decoupled from the pricing of other alternative coins at that point after things get settled out a bit and people get scared of cryptocurrencies maybe then you can look at you know aetherium bitcoin cash or something then you buy into it at that point and then let those kind of let people
Sort of not get afraid of cryptocurrencies anymore and just sort of see that oh yeah you know this next new coin is going to be the thing and then you wait until the pricing on those things go up but right now i do not really have which alternative cryptocurrency i’m actually going to invest it so i hope this helps you guys a little bit in terms of buying bitcoin
And don’t get all too crazy just because the price plummets you’re like oh my gosh it’s cheap compared to $20,000 oh let me put in you know a whole bunch of money in it and then you see it drop further don’t forget to give me a like on this video comment down below let me know where you think bitcoin pricing is gonna go do you think it’s gonna head to 0 before the
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Transcribed from video
Bitcoin Price Plummet February 2018 By BeatTheBush
