- Mike Novogratz warns against choosing a price floor as it is dangerous for the cryptocurrency community.
- He also noted that most altcoins are down more than 80% from their highs, and losses in the 2018 bear market are more than 95%.
- As a result, the altcoin will fall another 70% from its current level.
- Robert Kiyosaki also stressed that a market crash could be an opportunity for ‘the wise investor to become the very wealthy winner’.
Galaxy Digital CEO Mike Novogratz has warned against choosing a price bottom in a persistent bear market as it is dangerous to the cryptocurrency community. According to Mr. Novogratz, anyone who wants to see the bottom of the cryptocurrency market should do so gradually.
Novogratz also highlighted that many altcoins are down 80% from their recent highs. But given that the same altcoin made a 95% retracement during the 2018 bear market, more losses could soon follow. Thus, he predicted that altcoins could quickly drop by another 70% from current levels. that said:
Alt is down more than 80% from its highs.
to  It was over 95 percent. It’s down 70% more.
My point is that picking a floor is risky, and shrinking it slowly is risky.
Bear Markets Make Smart Investors Winners – Rich Dad Poor Dad Author
In another tweet, Robert Kiyosaki, author of Rich Dad Poor Dad, stressed that bull markets make stupid investors look smart. But a bear market turns foolish investors into losers and smart investors into winners. He also pointed out that a market crash could provide an opportunity for smart investors to become very wealthy winners.
Kiyosaki shared his insights into bull and bear market mechanisms in the following tweets:
RICH DAD said, “A bull market makes foolish investors look wise. Bear Markets make foolish investors into losers and smart investors into winners.” The market is collapsing. It’s time for smart investors to become very wealthy winners. How are you
— Real Kiyosaki (@theRealKiyosaki) May 21, 2022
Bitcoin continues to consolidate between $30,000 and $28,000.
Regarding price action, Bitcoin continues to consolidate between the $30,000 resistance level and the $28,000 support level. King of Crypto continues to trade in bearish territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages as shown in the following BTC/USDT chart.
However, the daily MFI, MACD and RSI are in oversold territory and could indicate an attempt to recoup $30,000 as a continuation or support of the consolidation.
But given the bearish mood surrounding traditional and crypto markets as various global central banks, including the US Federal Reserve, are raising interest rates to curb inflation, we should be wary of craving Bitcoin.
As a result, the consolidation observed in Bitcoin could be the source of another decline to lower levels, such as the recent low of $26,700 or even lower than the $20,000 predicted by Arthur Hayes.