NOT FINANCIAL ADVICE:The bizarre crypto market

I AM NOT A FINANCIAL ADVISOR.

I remember earlier this year, when I think the price of Bitcoin had dropped to around $7000, telling my ex recruiter Shelly, that while I believe the long-term future for Bitcoin and the cryptomarket is bright, that things were probably going to get worse before they get better. It looks like I was right but prices are up today. Bitcoin is up to $4200 and XRP is almost back to 30 cents for the first time in over a week. WOO HOO!

This market is so bizarre! I remember when BTC first reached 4k in August of last year and I got so excited I was practically doing back-flips. Then I was kind of depressed when it dropped to 7k from 20k. Now here I am getting excited about it rising from under 3k to 4200 and I will bet I am not alone. How strange is that?

There is this guy on youtube who calls himself Davinci. He looks like an old out shape Charles Barkley but, is actually an ingenious software engineer who has been advising people to buy bitcoin since 2011. He mined an enormous amount of BTC years ago when you could still do that on a home computer. My guess is he mined at least 1000 BTC. Apparently he has made many accurate predictions on BTC and in a recent video he revealed that he sold most of his BTC at 17k and has been waiting for the price to drop back down to between 2k and 1k. He also says that he believes BTC will get up to between 5 and 6k around the time BAKKT is released late next month, and thinks this will be a good time to sell.

He says after that price rise next month, the price will eventually drop to between 2k and 1k but he also says that the price will eventually rise to $1 million within the next 5 years.

I may be wrong, but I think he is wrong about BTC falling THAT much. I think prices WILL drop again but my gut is telling me 3k is the bottom (NOT FINANCIAL ADVICE!). Last year shortly after BTC passed 4k I posted a tweet on twitter saying that I believed 2017 would be the last opportunity to buy BTC at under 3k. I believed that BTC would rise a lot before the end of 2017 but I also fully expected a bull market this year. It came close to 3k earlier this year but then bounced back up. I think there is a lot of support at this level and just can’t imagine it falling anywhere close to $1000. Again I could be wrong but that is my feeling. If it does fall to 1k I will be maxing out my credit cards to buy as much BTC as possible. (AGAIN NOT FINANCIAL ADVICE)

I am going to wait and see if Davinci is correct about it getting close to 6k next month. I plan on taking 1k out of BTC and then start buy back when it falls down to 4k and hopefully will be able to slightly increase my position in BTC.

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