There's always at least two angles from which you can look at a situation/event and both of them are telling different stories. The crypto market is in the red right now. I don't know if it still follows the stocks market, but the thing is BTC has had its first seven red weekly candles in history.
It had to happen, right? Well, yes and no. On one hand if we are in a bear market, then it's probably normal for such price action to occur, but if I remember correctly BTC was supposed to get $100,000+ this year, according to some pros.
$69,000 might have been the top of this cycle, if we are still in a halving caused four years cycle. What if it wasn't?... What difference does it make?
Well, it depends on what crypto track are you on. If you're the leverage trading type of guy you've probably lost tons of money by now and learned the hard way that you can't beat the market, the market doesn't give a shit about you or your emotions and whether you have targets waiting to be hit.
HODLers gonna HODL. But what does that mean? I bet 90% of the people in crypto right now have misunderstood HODLing, cuz 90% of them are constantly checking on prices, panicking, getting euphoric and watching all the crap news that the outlets are spreading. HODL is not your straight line bike ride.
It's more of a mountain track ride where you have to get away from bears, wolves, stay out of flat tires and don't ever look back. Bitcoin is going to $1 million dollars. I personally have no doubt it will reach that sum, like literally 100% sure of it, but basically have no clue how long will it take to do that.
I have been wrong about BTC in probably 99% of my predictions, I admit that, but I am no bear, cuz bears in crypto get nowhere. Bears are fearful to sell the tops, are always buying into euphoria and never catch bottoms. I'm a lion. That's how I see myself in this market.
If you don't feel like either HODLing or leverage trading why not DCA? It's the safe bet. Buy low and sell high, but do that on small amounts. The DCA smart guy, which I am obviously not, has sold some of his holdings when BTC went at least 2x his past ATH and is in accumulation mode right now.
What if BTC is going to mid $20ks then isn't a bad idea to buy now? Yes and now. You never know what the market will do, stop fooling yourself in this regard, thus every sat you add when the market is fearful is a good buy and every euphoria that you dump on is a well deserved profit.
How I wish I knew that the past couple of years. Oh wait, I knew it, but haven't leveraged such knowledge. I bet there are thousands in the same position.
I for once agree with Tone Vays, BTC looks terrible. The more you look at its chart the more it looks like a "head and shoulders pattern". But sir, weren't you a proponent of the super cycle? Yes, I was, I probably still am, but I don't like to fool myself and get blinded by my own ego.
BTC looks terrible, if you look at the price too much... But if you put it side by side with the Turkish Lira or any other national currency that will probably never recover from the abyss it has fallen into, you'll look at BTC as the god given gift for humanity.
I'm not into politics, never have been and never will, but some politicians are the total opposite of what the majority have proven to be. Take for example Senator Cynthia Lummis. How many such public faces are admitting Bitcoin is better than the dollar and would advise people to buy some, even as a retirement plan.
Nothing is certain about Bitcoin, especially the price, but it is the future. It has always been. I admit that a five trillion dollars market cap for crypto would have been of bon augur for this spring, but $1,6T doesn't scares me at all. I won't be scared even if we go as low as the 2017 peak of 800 billion this year. I said I want to do this for my entire life and that's what I'm working on. What about you?
Thanks for attention,
Adrian