Other than the fact that all centralized (and thus "quick") exchanges require KYC/AML nonsense, making it impossible for me to have an account there, I've never dared to even try once to "gamble" or "speculate" on the Bitcoin price. Instead, I've used a decentralized exchange software (Bisq) to simply buy more Bitcoin for fiat money. Never once sold any Bitcoin.
But then I see all these videos of (apparently) intelligent people (but who have very obnoxious personalities) showing advanced visualizations of the Bitcoin (and altcoin) price with tons of "visual aids" that the software adds or, more commonly, they add themselves because they "notice patterns".
They are always very careful to mention that they are "not giving financial advice" and it's "for entertainment purposes only". But clearly, that's just some legal disclaimer, and then they go on to mention that you get a $680 bonus if you sign up to this or that exchange with their referral link, "only if you are an experienced trader". But what kind of "experienced trader" would be watching YouTube videos about trading advice, and not already have an account set up for trading? It seems to make no sense.
Either way, what I'm wondering is how it's possible for these people to predict how the price will go, at least often enough for them to be making huge profits. Which they appear to be doing. I'm not doubting that part. But how can they dare to trust that what they think is going to happen, is going to happen?
I've stared endless hours on Bitcoin price charts and really tried to follow news and watch videos and discussions and think deeply about this in the shower and in the bed, but I just can't make any kind of prediction other than:
I think that it will slowly climb to a million dollars USD per Bitcoin over the next few years, probably with some serious "dips" along the way.
That's not exactly valuable knowledge. It's not something that I uniquely believe, and it doesn't say anything whatsoever about the short term. It's useless for any kind of "trading strategy". I have no more fiat money to buy more Bitcoin, so I can just sit here and watch the price climb (and possibly go South by 30-80% at any moment). I do not understand how these people are able to see patterns and have access to information that I don't.
It seems like this German Bitcoin trader often is right about his predictions, because he will make a video saying: "It went eeeeeeeeeeeexactly as predicted, guys! Whaaaaat a time to be alive!"
When I see his dashboard with 32 BTC just in one account/trade, I feel like an ant compared to an elephant. He must have so much BTC to be able to have such a fortune in just one trading account to "waste" (potentially). I have too few Bitcoin to ever dare to "gamble" with them. Because that's what it is: gambling. It's basically closing my eyes and and hoping that the roulette wheel stops on the number/color which I bet on.
Speaking of gambling, I've never been a gambler in general either. I've never had a single debt, because it just feels wrong to me. And I don't dare to get one, because I realize how high the risk is for me losing that money. But at the same time, I'm in serious need of increasing my Bitcoin "fortune". So I really don't know what to do.
What is the secret behind these people? I doubt that they have gone out of their way to fake it all. I do believe that they are successful, but I don't understand what their "trick" is. Are their brains simply able to see patterns which mine isn't? Have they spent a huge part of their life reading thick books which I'm too tired to even open? I wish I could understand how they can be so confident about the near-future price changes when, to me, it's a complete mystery. I see no patterns whatsoever.