Last 16 June 2022, on my patreon platform, in an article I distributed to my patrons, I wrote the following:
All of the loudest voices in the media about cryptocurrencies have been dead wrong about where their prices were heading all year. And even though BTC has sold off more than 68% since I gave my sell opinion last November 2021 to stand at $22k now, they are either still being wildly deceitful or wildly ignorant about their risk assessment of BTC's (and ETH's) price even at $22k.
And in the podcast I recorded that accompanied the above statement, I explained all the reasons why even at $22,000, BTC still held tremendous risk as an asset. Unbelievably, even though I recently called for an imminent BTC crash from a little under $21,000 to less than $17,000 just a week ago, with BTC now trading at $16,950 (15 November, 9AM EST), and with none of the below analysts having foreseen this crash as well (as far as I’ve been able to ascertain), their response to the continuing BTC crash continues to be a “bad news is great news” take.
The influence of these takes, in my opinion, will be every bit as damaging to many, in their scope of financial destruction, as those created by Covid lockdown measures. Thus, I feel compelled to call out these takes in the hopes of being able to save more people from following these analysts and being sent for the umpteenth time this year to the slaughterhouse. So, for the final time this year, let’s review below some of the most public takes of the current BTC crash (which by the way is disingenuously being blamed on the FTX debacle) as a “positive development” for future BTC prices.
To begin, as I stated in this article, the FTX collapse had nothing to do with the current BTC crash but is just being used to rationalize BTC’s current price collapse by analysts that understand nothing about the real price mechanisms that move BTCs price. The current BTC price crash would have materialized whether or not the FTX collapse materialized or even if the FTT token had risen to $50 this month, and that is why, in my earlier prediction here, I gave the collapse to $17,000 a six week timeframe in which to occur. Even if FTX had not collapsed until 2023, BTC would have dropped to $17,000 by the end of this month. Many bitcoin analysts have since used the FTT coin collapse as a convenient excuse to explain it as the trigger for the BTC crash they couldn’t foresee, but this provided reason is false. The vast majority of most BTC analysts can’t see the forest from the trees, so that’s why they resort to falsely using a correlated event to explain causation. Anyone that’s been following my dozens of BTC articles/podcasts of analysis posted on this platform this year knows this to be true.
Secondly, it’s hilarious to observe any analyst use the FTT coin collapse to conclude that regulators will use this event to undertake legislative measures that will elevate BTC’s status as a competitor to Central Banking fiat currencies and CBDCs. This completely exposes that such analysts making such claims have never read any of the documents publicly available in the EU and the US that discuss tabled and proposed cryptocurrency legislations, which should immediately disqualify them from possessing the label of an analyst.
How do I know that they have not read these documents? Because I have, and had you read these documents and also possess an IQ above room temperature, one can not possibly conclude that the regulations, as currently tabled, will lead to sustainable higher BTC prices. Perhaps, like BTC ETFs, which I also predicted two years ago would cause lower long-term BTC prices against the strong consensus of predicted higher BTC prices that included Bloomberg crypto analysts, crypto regulations may cause a short spike higher in prices due to propaganda surrounding the event, followed by much lower long-term prices. If you have not read that article of mine, I highly recommend that you do so now, for the parallels between that prediction and my prediction about crypto-regulations’ effect on BTC prices coming true are useful to understand.
From a BTC analyst that goes by the tag Inmortal:
“A closely followed analyst believes that the worst of the Bitcoin and crypto bear market is already behind us, presenting long-term bulls with golden opportunities. The pseudonymous analyst known in the industry as Inmortal shares a blog post with his 184,700 Twitter followers that illustrates how markets tend to move like a pendulum. According to the crypto strategist, a new market cycle takes shape when the pendulum is at the farthest from the center, where the force of gravity enables it to gather momentum to swing to the other side. Looking at crypto’s current bear cycle, the analyst says the markets are now at a point where the pendulum has swung to the other extreme, indicating that the over one-year of selling is close to exhaustion.”
The above is one of the most nonsensical, mindless rants about future BTC prices that absurdly attempts to use physics analogies to explain why BTC must now soar higher in price. But Inmortal’s take on future BTC prices perhaps comes in second place to the psychobabble spewed by Cathie Wood’s ARK investment bitcoin analysts Frank Downing and Yassine Elmandjra:
“In our view, FTX’s insolvency is one of the most damaging events in crypto history…It could delay institutional crypto adoption by years and perhaps give regulators license to take draconian measures.”
Though the above may seem on point, below I’ll discuss why it’s just nonsensical psychobabble.