BTC is NOT Crashing

Sorry guys, but I don't buy into this whole "Chinese new year" crap. All the Chinese BTC holders decided to sell at the same day? Especially when Chinese new year is 3 whole weeks away...

I can see the resemblance on BTC charts in January each year, and general bearish trend around January every year might have been caused by Chinese holiday, not gonna deny. Still, yesterday's overnight decrease in price which crashed supports out of the blue is not justified by Chinese holiday season, if you ask me.

Still, BTC is gonna go up again, without doubt. From where it will bounce back up to enter a bullish market like it used to, no one can tell for sure. Because while technical analysis is a great tool and is essential for investors, crypto market's fuel is 80% speculation, if not more. You can get my point, if you see last night's charts. BTC was bullish and was giving "buy" signal around midnight (UTC). It was only a few hours later that it decided to tumble down so hard that it broke several bones, which we call "supports". So, technical analysis failed greatly yesterday, and fundamentals was in play. Speculation was in play. China-related news of crypto-bans, which do not reflect the truth, were in play. Pure speculation.

I also know most of you guys are praying for BTC to decline to 5k level, but market is not fueled by prayer.

Whatever the reason of last night's huge tumble was, what most of alt-coin lovers don't understand is if BTC goes down, everything goes into toilet. USD price of your so great "donnowhat-coin" is determined by the coin's BTC price times BTC PRICE IN USD. So, even if your shitcoin makes %25 profit while BTC goes down %40, you are STILL LOSING MONEY. With that in mind, imagine what would be the price of ANY altcoin, if BTC price goes down to 5k, like most of doom-callers are praying for. Getting back to normal from those levels would also mean lots of months of hodling.

So, like it or not, BTC is the backbone of all the cryptocurrencies. Therefore, we are most probably still so far away from it to "crash and burn". We just need to watch support levels closely and if they break, we should position our holdings accordingly.

What does a smart investor do? They never panic-sell for any John Doe to cheaply collect (that's a steal, even!) their hard-earned Bitcoins. Stay strong, mentally.

Patience is key, guys.