Buy time for Bitcoin and other cryptocurrencies
The "Bitcoin Misery Index" shows a clear buying signal
Tom Lee of Fundstrat, one of the few Wall Street analysts who is seriously investigating cryptocurrencies developed the 'Bitcoin Misery Index'. This signal indicates when Bitcoin is overbought or over-sold. At the moment this is clearly the last, and the indicator shows a very strong buy signal. The last time this happened, Bitcoin was under $ 1,000.
In the long term Tom Lee uses other parameters to calculate the value of Bitcoin:
We have to compare the rise of Bitcoin with the evolution of a social network. The value of a network can be calculated on the basis of Metcalfe's Law.
According to this law, the value of a network is equal to the number of users up to the 2nd power. Metcalfe's Law in relation to the trading volume of Bitcoin determined Bitcoin's price 94% of the time.
Conclusion
It's buying time!
If you are still selling your cryptocurrencies at this point or even thinking about selling them, don't. You are probably making a very bad decision which you will definitely regret. I mean come on; you made it this far. Don't abandon your beloved cryptocurrencies when it can barely get worse.
Personally I have seen the value of my investments drop dramatically, but I knew from the beginning, despite a lack of cryptocurrency experience, that this could happen. I do not have any emotional attachment to my investments; I believe in the projects I support and I have a lot of faith that we will see crypto rise again with time.
I don't like it when the cryptocurrencies drop, but at the same time I also don't care. This is crypto. If you can't handle the 10%, 20%, 30% or even bigger drops; you don't deserve the 100%, 1000% gains.
Stick around, show some patience, you will be very happy with your decision when crypto recovers and yes it will.
Much love from Maxidigi, crypto believer.
Thank you for reading.
Feel free to upvote, comment, resteem and/or follow my blog @maxdigi if you like my content! I greatly appreciate your support.
Cheers,
MAXIDIGI
Next to this I would like to apologise to all my followers for being less active on this platform in general. I am really busy lately since I started working and I am experiencing difficulties finding time to write and read on Steemit.
Blogging and reading is still one of my passions though and this community has always treated me kindly so I want to change this recent behaviour and become an active member again. I will do my utmost best to be more responsive again and read others content.
Keep Steeming my fellow Steemians and forgive me for my recent period of silence... :) <3
Hm? Bitcoin has dropped some in value recently? Ah it`ll bounce back soon though I think.
All cryptocurrencies are only going down for quite some time now, but hey I'm here to keep the positive minds united and share some hope. I really don't believe we have seen the best of crypto yet. As I said in so many previous posts it only takes patience to see some new bullruns and break previous all time highs. The longer it goes down, the longer it will go back up when it does!
Thanks for your comment naglfar, I really appreciate the effort you make by following me and commenting on almost every single post. I will always have your back bro!
Yeah and that is the best way to look at this stuff keep a positive mind in this all and like you said don
t panic and for sure dont panic sell wait that out for when it rises up again. And I agree I do not think we have seen the best of crypto yet either and from what I have gathered thus far even a complete new person to the world of crypto like myself can see patience pays off big time here.crypto value could drop from a high point at one moment but the next time it rises back up it could be double the high value than previously! So I suppose timing is always a big key in this. Ah and no problem man I enjoy reading your posts and getting news or learning new stuff about crypto stuff.
BTFD
Exactly man, what are people waiting for... BTFD! NOW! :)
Thx for your comment.
I strongly agree with you man! :) I have a pretty decent portfolio and may make a steemit post showing it off later on. Its been almost 3 months since we were in a bearish market. I won't lie I do get worried a bit when the market keeps dropping and the future seems uncertain but the faith in the technologies and the research I do with the coins I am invested in and the knowledgeable Crypto YouTubers I watch makes me confident that eventually I will get unbelievable gains! :) Its not a get rich quick scheme, these like everything else takes time and patience. Amazing post like always man! Upvoted! Check my posts too to see if any interests you. I have not heard from you in a while.
I know denox, that is what I tried to explain in the comment on this post but you probably didn't see it. I'm so freaking busy right now that it's hard to find time to write, read and comment on Steemit...
I will check out your posts right now :) We are on the same wavelength concerning our cryptocurrency vision, let's hope the tide will turn soon and we see our investments gain steam again!