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Brace For Impact: A Dot Com Magnitude Crash To Rock The Crypto Market?

The crypto market has been through a rollercoaster of a weekend. It follows on the back of bitcoin listing its footing above the $40,000 level last week, although the digital asset has done a good job holding above the $36,000 support level. However, it seems that the end of this bear trend may not be near given some recent chart action happening in the stock market. If this prediction comes to fruition, then the market may see more value shaved off its market cap soon. A Dot Com-Like Crash? Peter Brandt has recently posted a concerning chart that shows eerie similarities to the dot com crash of the early 2000s. Brandt is known for predicting the crypto market crash of 2018 and is a respected chartist in the space. Having proven to know his charts, his predictions have become quite popular among crypto investors. Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline This is why Brandt posting a chart of the Nasdaq 100 that looks like that of the dot com chart right before the crash has worried investors. Basically, if this turns out to be like what happened in 2001, then the market may see a lot of stocks lose their value very quickly. BTC recovers above $38,000 | Source: BTCUSD on TradingView.com Now, it is important to note that the Nasdaq is trading at a significantly higher point than it did in the early 2000s. However, the recent market movements seem to closely mirror the movements recorded before the crash. Brandt has termed this deja vu with arrows pointing out the similar market patterns from both points in time. "It's Deja Vu all over again"–Yogi Berra, late 20th Century American philosopher pic.twitter.com/aFch8sx1PA — Peter Brandt (@PeterLBrandt) April 21, 2022 How This Affects Crypto As the crypto market has gotten bigger, the correlation with the stock market has risen drastically over the past few months. This has closely tied the movement of the stock market to that of the crypto market. What this means is that when the stock market goes up, so does the crypto market, and vice versa. Therefore, a dot com magnitude crash in the stock market could have some dire implications for the crypto market. If stocks were to lose a significant portion of their value over a short period of time, the crypto market is likely to follow, leading to massive crashes across both large and small cryptocurrencies alike.  Related Reading | Bitcoin Struggles To Hold $40K While Crypto Track US Stocks This does not fall far from Brandt’s prediction for the leading digital asset in the crypto market. Bitcoin which continues to face opposition at the $40,000 mark may decline to as low as $28,000 according to Brandt. This would be the completion of a bear channel, he added. Regardless of whether a dot com-like burst is imminent or not, indicators for the crypto market are currently not favorable. With the market down almost 50% from its all-time high, there may be more downtrend to come as investor sentiment continues to shift into the negative. Featured image from CNBC, chart from TradingView.com

Dave Portnoy Is Now A Bitcoiner, Thinks You’re An Idiot If You Don’t Hold Any

A few days ago, Dave Portnoy returned to Bitcoin with an almost $1.1M buy of 29.5 BTC. Today, he thinks “you are an idiot if it’s not part of your portfolio.” The Barstool Sports owner and main personality might have a point, but the whole situation is still funny. Especially, considering everything Portnoy has said about Bitcoin over the years.  Related Reading | Barstool’s Dave Portnoy Wants to Buy Bitcoin – Asks Winklevoss Twins to Teach Him The born-again Bitcoiner visited Stuart Varney in his “Varney & Co.” show at the FOX Business Network. This is what happened: Always fun joining @Varneyco to talk Bitcoin, $Penn and Brady pic.twitter.com/NNUV3ALlpW — Dave Portnoy (@stoolpresidente) February 4, 2022 What Did Dave Portnoy Tell Stuart Varney About Bitcoin? In 2020, the Winklevoss twins helped Portnoy to make his first Bitcoin investment. There was a small dip, and Portnoy panicked and sold it all. The community mocked him, and he went on to make questionable investments, but that’s neither here nor there. In the “Varney & Co.” interview, Portnoy reveals “I was waiting for my reentry point.” Impressively, he bought in at $36.9K. Then, Stuart Varney reminds Dave Portnoy that he said he was getting out of Bitcoin because he didn’t understand it, and asks him if he does now. Portnoy responds, “No, no I haven’t figured them out. But here’s what I have figured out, Bitcoin is here to stay. It’s not going anywhere. It’s widely adopted. You see main institutions getting in. It’s the future.” Even though Portnoy has a point, it’s funny that he hasn’t even begun to do the homework yet. He just trusts the main institutions’ research and due diligence and goes with it. Retail investors don’t have that luxury, but Portnoy is a wealthy man and his investment is just a small part of his portfolio. In any case, he promises that he will build on it, and eventually, “I’ll probably have a Billion dollars worth of Bitcoin.” What Gives Bitcoin Its Value? Near the end of the Bitcoin talk, Varney challenges him. He tells Portnoy that he’s too old to wait for Bitcoin to take over, and then, Varney tells him what he really thinks: “It’s a gambling chip. It’s not a store of value.” Portnoy, who hasn’t done the homework, can’t answer in a proper fashion. We can, though. According to Varney, Bitcoin’s price “depends entirely on how many people want to buy it and how many people want to sell it.” That’s true, like every market on Earth the price of bitcoin responds to supply and demand. However, the value of Bitcoin comes from the network.  All over the world, thousands of people invested their money in ASICs that validate transactions. They buy energy, secure the network, and get compensated for it by a system that no one controls and has no owner. And, thousands of node operators keep everyone in check. Plus, millions of holders took their money out of the traditional system and bet on this emerging one. And this is just the beginning.  Besides that, those “gambling chips” that Varney mentioned happen to have the characteristics of perfect money. Mankind has been looking for something like this since it realized that it needed some kind of technology to organize and facilitate trade, which is the bedrock of society. However, if someone owned the Bitcoin network, “the characteristics of perfect money” wouldn’t be worth a damn. But, no one does. Bitcoin is for everyone. BTC price chart for 02/05/2022 on Gemini | Source: BTC/USD on TradingView.com What Has Portnoy Said About Bitcoin? Mark this as this article’s comedy section. When Portnoy first liquidated all of his bitcoin investment, these were the numbers he was dealing with: “Portnoy clarified a day later that he actually lost $20,000 from his initial $1,250,000 investment, which amounts to a mere 1.6%. Many in the cryptocurrency space referenced the number, noting how Portnoy wasn’t ready for the fast and volatile Bitcoin market.” After being mocked, he doubled down on his stance and tried to get people to focus on the stock market.  “I’m begging my crypto friends to get involved in the stockmarket. Bitcoin is stuck in the mud. Let me lead you. We will get back to crypto later. The time to strike is now! No time for weak hands! Make the move!” Related Reading | Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin To make things funnier, when Portnoy bought Safemoon, he promised: “I’m never buying Bitcoin. Never never, I don’t believe a thing about it. But I do think it’s profitable, and I think there’s enough steam that it may just continue to go up forever. But I don’t buy the underlying junk behind it.” Maybe that’s because Portnoy hasn’t even done the minimum effort to understand “the underlying junk behind it.” However, cheers to him for admitting his assessment of the situation was wrong and correcting his course. Featured Image: screenshot from Portnoy in Varney & Co. | Charts by TradingView