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One key point you must first understand is that human emotions plays a vital role in market swings. Arguably, it is one of, if not the biggest factor. Hedge funds and other wealthy groups would never simply publicly say – “We’re buying Bitcoin”. They would wait until they’ve finished averaging into the market and then announce it. Whales like Paul Tutor Jones came out recently stating he was bullish on Bitcoin, you can bet your ass he already purchased all of the Bitcoin he could stomach.
Market whales know as soon as they formally come and state they’ve acquired XYZ cryptocurrencies it will start a cascade, or FOMO (fear of missing out) effect. They didn’t make their billions from thoughtlessly announcing or promoting their still young & growing investment choices. The whales are going to push FUD (fear, uncertainty & doubt) down your throat until you vomit. You will either sell at the absolute worst time possible, or your slight spark of interest will be smothered until a later date, making you the late majority to the adoption cycle of Bitcoin.
Fun Fact: Bitcoin has “died” around 380 times.
The amount of oxymoron’s in the cryptocurrency ecosystem are quite amusing. Everyday it seems like another big company or person calls out Bitcoin and says something to the lines of “it’s a scam”, “it’s a ponzi scheme”, “it’s tulip mania all over again”, and yet here we are over 11 years later, Bitcoin still flourishing. If you smell FUD, that usually means it’s a decent time to buy Bitcoin.
In 2017 Lloyd Blankfein, chief executive of the US investment bank stated Bitcoin “is a vehicle to perpetrate fraud” – or how about this one JP Morgan’s chief executive, Jamie Dimon, described it as fraud that would ultimately blow up
Just two years later Goldman Sachs, one of the largest banks in the world will soon begin providing services for Bitcoin by offering trading tools to their clients. This isn’t the first big bank, or person, to FUD Bitcoin only to turn around a few months or years later saying they’re bullish on it. If you fall into this trap of manipulation and you decide to buy in when you see the click-bait title: “”Banks are ULTRA Bullish on Bitcoin!!“”, you are surely “buying their bags”. That fact multiples in severity if you decide to buy into Bitcoin when markets are climaxing with FOMO. In this hypothetical you will be left holding Jamie’s bags, or worse selling your bags at a yuuuge loss.
So lets review; manipulation is all around us, your thoughts are constantly being altered by outside variables. Banks, hedge funds and other wealthy individuals use market manipulation to win. The ideal times to buy Bitcoin are when banks are FUD’ing and the ideal time to sell is when Banks & others FOMO. Sounds easy, right?
Don’t let yourself get caught up in manipulation like FUD & FOMO.