This is not how bear markets start its how they end

Well this sucks.

Yesterday was a full blown C-R-A-S-H

How bad?

3rd biggest transfer from Whales to Exchanges ever.

People sharply moving their coins back on exchange in preparation for potential selling 

This one worries me - its *close* to a bottom but can’t rule out one more thrust down.

This one is more like it - the short term trader difference between market value and what they paid.

You can see (and feel) that this is literally AS BAD AS IT GETS.

Guys, the level of fear, and panic right now (including in our own slack channel) is out of control.

I’ve got numerous messages today from people freaking out.

Here’s the deal.

It’s very simple. 

We are engaged in a battle for the old July lows. If we breach those we could see people giving up completely, which would probably get ugly, but also probably shake the last of the diamond hands out.

Above the line, tentatively ok. Below the line, it’s gonna get real.

Either way, this is not how bear markets start - its how they END.

I’m gonna say that again, louder for the people in the back.

This is not how bear markets start, it's how they END.

I’m not saying we bottom here and now, but we aren’t that far from the lows, time wize. 

The only problem is that altcoins are gonna get mega wrecked in any thrust down and will probably recover slower.

Here’s how to play it.

You want to be in BTC or ETH (but probably BTC) during ANY bear market.

We are close to the end but probably not AT the end.

Why do I know? Because panic. It’s everywhere. I felt physically sick the other day for the first time since March 2020.

If I’m feeling like that, people who haven’t experienced it will be puking like crazy.

For some good news… BTC holders aren’t getting out of their positions, only alts.

BTC non-zero wallets are at all time highs.

This gives me quite a bit of hope.

Don’t be a hero and bottom fish.

Do be defensive, BTC is a good asset to hold.

Don’t engage in all or nothing thinking. If you think “do I sell or not?” you can sell half, and the all or nothing thinking is a sign your brain isn’t working right.

USDC is better than tether IMO, but to be honest if tether goes the whole industry is dead for 3 years. Doubt they will let that happen.

Scott