With the Bitcoin price currently down 5-6 percent from its intraday high on August 14, which was just above the $48,000 level, some newcomers to Bitcoin are feeling a little nervous, despite the fact that the price of BTC has risen more than 53 percent to around $45,350 since its intraday low of around $29,600 on July 20.
When popular crypto analyst and influencer Lark Davis conducted a Twitter poll to gauge the crypto community’s thoughts on Bitcoin’s price action, 20.2 percent voted in a way that suggests they believe Bitcoin’s recent bull run is just an “epic bull trap” and that “pain” is on the way “soon.”
This appears to have prompted Davis to try to dispel these people’s sense of impending doom with some wise words.
Earlier today, he reminded everyone that we are still in the early days of cryptocurrency and that while a $2 trillion total market cap may appear large, it is still less than the individual market caps of Apple ($2.5 trillion) and Microsoft ($2.2 trillion).
Following that, he reiterated his belief that the Bitcoin price will reach $100,000 by the end of 2021.
Then he expressed his frustration with those investors who get angry with themselves when the Bitcoin price rises (i.e. they wish they had bought when it was cheaper), but refuse to take advantage when the market presents them with dip-buying opportunities because they believe that this means the Bitcoin price will soon suffer a major crash and that it makes sense for that to happen.
Davis, who just keeps “stacking sats,” then went on to say that he believes such people are unaware that they are engaging in a “buy high, sell low” strategy.