One more leg down

[darkangel11]

How often do you see this sentence posted all over youtube and other social media with people claiming to be experts and analysts claiming that we need another leg down to start a recovery, or to end a bear market, or to reverse the trend?
I remember seeing this in 2019 when we were sitting at 3k where people, including well known figures like Tone Vays saying that we'll have another leg down to the previous all time high of 1k USD.
I watch youtubers from time to time and the majority thinks we'll either go to the 200 week MA at 2k USD, or touch the old ATH at 20k because some "old pattern" has to repeat.

I find this to be stupid. They're looking for similarities in the corrective move, ignoring the fact that there weren't many similarities in previous bull runs and this one, starting with the fact that in 2013 btc went 10x, in 2017 and early 2018 it went up 20x and this time in it's worst performing bull market in history, it only made 3.5x.
Their defense is that they're trying to make people aware of what can happen, but they're actually getting lost in the same pattern that last year, in the bull market, made them believe that Bitcoin has to reach between 80k and 100k, with some claiming 150k would be the top.

What do you think? Is "another leg down" starting to get old?

[mk4]

How do you think they would pump out more content when we've been in a sideways chop in this range since fk knows when?

The trick is to simply not watch them. There's so much more productive things to do than to watch YouTube "traders".

[batang_bitcoin]

That's the reason why I've stopped watching those crypto vloggers, they all say the same thing and just because they've got something to say, makes them an expert.
But no matter what the situation of the market, they'll just continue to do it as they've loved it as a passion and also because of monetization. It's better to read a brief news about the market and good to read topics and articles about what had just happened to the market.

[Silberman]

How often do you see this sentence posted all over youtube and other social media with people claiming to be experts and analysts claiming that we need another leg down to start a recovery, or to end a bear market, or to reverse the trend?
I remember seeing this in 2019 when we were sitting at 3k where people, including well known figures like Tone Vays saying that we'll have another leg down to the previous all time high of 1k USD.
I watch youtubers from time to time and the majority thinks we'll either go to the 200 week MA at 2k USD, or touch the old ATH at 20k because some "old pattern" has to repeat.

Personally, I find this stupid. They're looking for similarities in the corrective move, ignoring the fact that there weren't many similarities in previous bull runs and this one, starting with the fact that in 2013 btc went 10x, in 2017 and early 2018 it went up 20x and this time in it's worst performing bull market in history, it only made 3.5x.
Their defense is that they're trying to make people aware of what can happen, but they're actually getting lost in the same pattern that last year, in the bull market, made them believe that Bitcoin has to reach between 80k and 100k, with some claiming 150k would be the top.

What do you think? Is "another leg down" starting to get old?

The issue with those that trade the markets by using patterns is that on the surface it may seem as if they have a point as the patterns seem to repeat themselves, however with the exception of the halving everything else is always different. So trying to find in the past an explanation for what is happening now is a mistake, especially since the bitcoin market of 2022 is not the same as the bitcoin market of 2018 as the circumstances have changed dramatically since then.

[ethereumhunter]

I've not paid much attention to Youtubers who say a lot about bitcoin. They can say that there will be "another leg down" and say that the lowest price will be at this, this, and this point, so please be aware and have your money ready to buy in that price range. Yes, they can provide their analysis of where bitcoin will go but keep in mind that no one can predict where bitcoin will go.

As long as you're still willing to try to make your own analysis and don't rely on those "analytical experts," you can see or get other signs of where bitcoin is going. For now, maybe we just need to follow where bitcoin is going. If the price goes down, we buy a little and sell when the price goes up. Maybe we will still see conditions like this for some time.

[STT]

The way BTC is acting a flush out is going to occur.  Reason being its failing below moving averages and also challenging a trend true over many months many times now.   One day it stops holding us up and we take a tumble down the mountainside.   It can recover but first we trade down seems more often to become likely every day is how it appears.

[Yaunfitda]

Funny but true, and it just shows that btc prediction is more complicated than it sounds. As you have said, there's one famous model that predicts bitcoin to hit at least $100k this year but it didn't happen. And I don't think that we this is not the las time that we will hear this kind of terms, to somewhat 'misled', new comers in the market with such technicalities. I guess it's better if we stay away from this kind of crypto influencers specially in YT since obviously they really don't know what they are talking about. Just like you and me, they are making a wild and educate guesses.

[coolcoinz]

The way BTC is acting a flush out is going to occur.  Reason being its failing below moving averages and also challenging a trend true over many months many times now.   One day it stops holding us up and we take a tumble down the mountainside.   It can recover but first we trade down seems more often to become likely every day is how it appears.

AFAIK we're already below most of the averages. To me it's mostly US stocks that are dragging us down and the problem with this war and a possible escalation because Putin is proving to be insane. People see it and it shows in the way markets are trading. Stocks in the US, EU and China are down. Nasdaq took another hit today and so did Bitcoin because it is being treated by many like a tech stock.

Experts and traders remind me of this https://cointelegraph.com/news/bitcoin-hits-2022-high-as-analyst-gives-new-80k-btc-price-target

[STT]

US stocks are parallel to us because so much of stock activity is highly rated tech companies that promise lots of growth occurring over 10 years (quite a few arent making money today so lack natural inertia).   If the atmosphere for risk and speculative trades becomes more negative then BTC like many things starts to feel that withdrawal of free capital.  
  Its not that surprising with so many wars and other fears, high cost oil its having a crushing effect on free capital to speculate with.   BTC has done very well so far vs a higher dollar index value, but it can slip some in that general hold its had.   Long term I dont think its negative but alot of trading relies on the idea of more immediate gains.

[Husires]

starting with the fact that in 2013 btc went 10x, in 2017 and early 2018 it went up 20x and this time in it's worst performing bull market in history, it only made 3.5x.

starting with the fact that in 2013 btc went 10x? did you mean 100x because price change in 2013 was bigger than change in 2017.

• They are not trying to find similar patterns, but there are questions that are asked and thus giving a pattern or type of analysis will attract them to views and make the user more confident in what is being talked about.
• all of these videos are trying to find views and therefore they will look for similar patterns, even if they do not exist.

Slow and sustainable growth is better than irrational fluctuations.

[Oceat]

It will probably gonna lost another leg next week.

If I were you OP, I should stop watching those so-called experts on youtube because they don't really care about the price or anything about the market. They are just concerned for the views and if you are a trader you should just read some articles that might help you to know the next move of the market.

And if you are just holding, you should stop watching the price everyday because it won't move just for a single day. Try to minimize watching them or the price so you won't be stressed so much.

[UmerIdrees]

That's the reason why I've stopped watching those crypto vloggers, they all say the same thing and just because they've got something to say, makes them an expert.
But no matter what the situation of the market, they'll just continue to do it as they've loved it as a passion and also because of monetization. It's better to read a brief news about the market and good to read topics and articles about what had just happened to the market.

The YouTubers usually give you a positive side of the picture and they will most probably say that bitcoin and crypto will pump in the short term. Most people want to hear this and hence their focus is to make content that is liked by many people but it may not be authentic.
I think if you are a crypto trader, you should avoid those crypto vlogs and advice through youtube as they will lead to a loss. Also sometimes I see these YouTubers shilling some low cap coins to go 1000x. I wonder if they are being paid by the project's owners to make such predictions for their coins 

[OgNasty]

What do you think? Is "another leg down" starting to get old?

A lot of people think we're still in a bull market.  I'm not seeing the fatigue around another leg down that you seem to be seeing.  Expectations for me personally are that we will continue a slow griding drop in price until the next halving or possibly sooner if an ETF is approved (and it isn't a buy the rumor sell the news situation).  Looking at previous cycles, I wouldn't be shocked if we fell slowly over the next year or two all the way down to $10K.  I'd personally rather we saw $200K, but what I want doesn't matter to the market.  Right now I would put the risk/reward price expectations around $10K/$85K.  That being said, I'm still buying BTC on a regular basis at these levels.

[philipma1957]

Study oil prices in the 1970s.

opec locked them down and went sideways for years.

we have been in a 30-70 slot since dec 2020.

we are mirroring the 1970s.

but not exactly.

high inflation = yes

high interest = no

high real estate = yes.

I feel inflation causes need to hedge

low bank interest causes the need for a different hedge

in this case the hedge is real estate. big profits and gains here in usa.

in both eras stock market traded in a slot say the dow at 500-1100 up and down.

we could simply drift along for next year plus.

[crwth]

They are probably saying things to have someone listen to them. Imagine them being able to create videos and create monetary benefits from it; wouldn't you make any content as necessary? You can post your opinions and share some facts, but that's still up to speculation because it's never going to be correct, right? It's just always going to be a guess.

We will never know what happens in the future; YouTubers probably have to make way for the audience to watch their videos even if "One more leg down" or "another leg down" would be said.

For me, the "one leg down" would always mean that it's going to go down first. In essence, how does one thing go up? If it came from something lower. Like falling, you will get back up, and that "up" means that you stand from a lower place. So technically, if you think about it, people want it to go down so that after that "one leg down it can consider it is going up since it came from below. Do I make sense of it or something?

[lornadane]

That's the reason why I've stopped watching those crypto vloggers, they all say the same thing and just because they've got something to say, makes them an expert.
But no matter what the situation of the market, they'll just continue to do it as they've loved it as a passion and also because of monetization. It's better to read a brief news about the market and good to read topics and articles about what had just happened to the market.

The YouTubers usually give you a positive side of the picture and they will most probably say that bitcoin and crypto will pump in the short term. Most people want to hear this and hence their focus is to make content that is liked by many people but it may not be authentic.
I think if you are a crypto trader, you should avoid those crypto vlogs and advice through youtube as they will lead to a loss. Also sometimes I see these YouTubers shilling some low cap coins to go 1000x. I wonder if they are being paid by the project's owners to make such predictions for their coins 

It could be that what you say is true, but back to their media because making content or vlogs is the same as us who want to be paid, so sometimes what they make is beyond our instincts, yes or no from their explanation.
I've tried to practice it from the results I saw on their youtube but the results are nehi aka I feel like I'm losing.

[Chato1977]

These people needs to tell stupid things so they may gather viewers , because if they dont" then their effort will come to nothing because for sure crypto people will never give them a damn .
but if we know how to engaged with those? then there will no be a problem.

Put them in your Ignore and then surely they will lose chances of gaining what they tend to be.

[kotajikikox]

I have been seeing this since i Was new in this forum or even in crypto . they tend to claim that there are a need to dumping before creating another Hype but what I observed ? this is not 100% real and instead? this has been used for Propaganda and other whales benefiting from this.
Best not to listen to them and just focus on what you think is correctly to come, what is important is that you are trusting your coin and not just a Pump and Dump believer.

[serjent05]

These people needs to tell stupid things so they may gather viewers , because if they dont" then their effort will come to nothing because for sure crypto people will never give them a damn .
but if we know how to engaged with those? then there will no be a problem.

Sadly lots of "stupid" people fell for it.

That's the reason why I've stopped watching those crypto vloggers, they all say the same thing and just because they've got something to say, makes them an expert.
But no matter what the situation of the market, they'll just continue to do it as they've loved it as a passion and also because of monetization. It's better to read a brief news about the market and good to read topics and articles about what had just happened to the market.

It is getting boring seeing the same stuff over and over again, with the same concept with partially different wordings in it.  I can understand these vloggers somehow since they need to get more traffic to be paid more.  Most of them just pretend to be experts who just copy others' concepts and revise, then, claim them as their own.  The sad thing is most of them actually don't have enough idea of what they are talking about.

A lot of people think we're still in a bull market.

Probably they are applying this idea from some article:which I think isn't applicable to the Bitcoin market, wherein the bear market is way longer than its bull market counterpart.

Bear markets tend to be short-lived. The average length of a bear market is 289 days, or about 9.6 months. That’s significantly shorter than the average length of a bull market, which is 991 days or 2.7 years.

(According to the quotation, assuming the start of the Bitcoin bull is its halving last May, 2020, so basically, with the thought on that article where the Bull market lasts for 2.7 years, the bull market will end on Sept. 2022 which isn't correct since Bitcoin market had already entered the Bearish trend way back Nov. 2021 or earlier)

[fzkto]

Better not to watch YouTube with this kind of content or read crypto-twitter because all these pseudo-analysts say the same things. When bitcoin goes up - they talk about ATH and what to buy. When the market goes down, they talk about selling and ATL. It is better to do your own analysis of the situation, because someone else's opinion detracts from understanding the market and can lead to mistakes.