On Sunday it seemed as though there might be some signs of stable recovery for Bitcoin – and subsequently other cryptocurrencies – but this was followed by another sharp downward spike in the price. At present, the cryptocurrency is facing a shocking 16.63% in day-on-day trading and is trading for some $4472 USD. Both Ripple and Ethereum are facing red figures too with 10.49% and 15.85% declines in day-on-day respectively.
Things seem dire – rightly so – the market is in the worst state it has been in over a year and the community is riddled with uncertainty as to where the bottom of the token might be. According to the eccentric John McAfee, we should simply wait for the bear to stop its aggressive decline before the “glorious spring” bull takes over.
People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth. But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
Although somewhat salty in his approach, McAfee isn’t the only one to share a dash of optimism on the matter. BTCChina co-founder Bobby Lee is advocating that selling during the panicked market is a big mistake when it comes to Bitcoin investment.
Remember Common Mistake #4:
Selling your #Bitcoin during a panic crash.
If you’ve invested in #Bitcoin, then you should know that it’s a long term holding. You’re not looking for quick profits, so don’t get impacted by volatile price movements in the short term. Don’t panic sell! https://t.co/y9EyIq7qc7
— Bobby Lee (@bobbyclee) November 15, 2018