The good ol' gold corn has once again managed to briefly pierce through the $38K resistance yesterday, but the performance was short-lived. Maybe next time... But when will the next time be?
Well, my gut feeling tells me we won't see BTC spending too much time under $38K, but I don't see it challenging the 2021 bull market highs either. I do believe in the $48K BTC happening in the month of December and the following correction, probably as low as $28,000.
The market, or better said, market makers, have their way of flushing both longs and shorts with every aggressive move of BTC. I was just reading a few minutes ago that Christine Lagarde's son lost 60% of the money he invested in crypto. Well, if he's as good at managing money as his mother, then there's no wonder he managed to nail such a performance.
I lost 90% of my money back in 2018, and I didn't cry like a bith about it, and I didn't have Lagarde's money either. I do wish I would have tackled the past bull markets a bit wiser, but being totally uneducated when it comes to investments and making money with crypto, I had to somehow earn such knowledge, and the learning process came at a cost.
Now I'm in a totally different position for the upcoming parabolic run for altcoins than I was back in 2020 and 2021. I think I learned something about this market...
Believe it or not, but there are still quite some people who see BTC reaching $12K or even $6K in the next year or so. I watched a video yesterday from Alessio Rastani interviewing some old dude who says that BTC's time is over, and what we are currently seeing in its price action is nothing more than a bear market rally.
These guys are both wrong. I do respect Alessio, but I do not agree with his take regarding the S&P500 entering a bear market, and I clearly don't see the point of inviting someone on your YouTube channel in the middle of a Bitcoin bull market claiming that BTC's over... You don't do that if you care about your reputation.
I have stated a few times on my blog that I don't see a Bitcoin spot ETF being approved as necessarily bullish for the true mass adoption of crypto because what El Salvador is doing with BTC and what some Hivers are doing with HBD in Cuba, for example, has more to do with the real mass adoption of crypto than the damn spot ETF.
The ETF will bring a lot of money into the market, and my personal take is that due to the fact that the deadlines on decisions on the approvals by the SEC on the current spot ETFs approvals are close to next year's halving, it will ignite a massive bull run for Bitcoin and altcoins. Massive...
I also learned to believe that the parabolic phase of this cycle is closer than we believe it to be, and the next bear market in crypto is also closer than most of us believe it to be. It's like sex, when you get too excited you cum sooner. The same shit will happen with crypto.
This time is different. We're gonna have a super cycle. No, we won't 馃槂. I fell for this nonsense back in 2021, and due to believing that shit, I ended up carrying underwater bags into 2022 and blowing the whole shit up with LUNA as a try to score some "well-deserved" exponential gains. It doesn't go that way.
This time I have invested almost all my money into altcoins during the bear market and will start dumping once my targets get hit (most of them are being pinned under previous ATHs of the coins I currently have), and I will get into accumulation mode again once every dirty shitcoin is 90%+ down from its ATH.
Once I'm cashing in, I'm cashing in; there's no room for betting my hard-earned profits anymore. HBD savings will be one of my safe havens for the upcoming bear market.
Meanwhile, enjoy the bull market, guys, while it lasts. BTC and some of the altcoins have already recovered a decent amount of their bear market losses, but the overall altcoin market is still in hibernation mode. Once that happens, you won't believe your eyes at the price levels some of the shitcoins will get to. Like in every bull market...
Volatility is part of the game; that's why I'm expecting swings like the ones I mentioned in the introductory part of the post, taking BTC to highs of $48K and then sending it back to $30K or something like that. If you have a well-nailed plan, then you're good to go, and no tough volatility can shake you out.
Just remember to take profits because that's what the bull market is about after all...
Thanks for your attention,
Adrian
