"I told you" just a little while back to get ready for $1,000 daily green candles, and here they are. For the past week or so, Bitcoin has experienced quite a few of these green candles, and there are a bunch of others left ahead until BTC will hit another "great resistance" (probably $45K or so) and experience a little dip again...
We are in a bull market, and there's nothing you and I can do about it. Just as the market didn't give a damn about us when BTC started its painful tumble from $69,000 downwards, it will definitely not "lean its ear" towards what the bears have to say. We're having the halving next year in April for Bitcoin, and most of the Bitcoin spot ETFs have due dates in the same time frame.
The SPX is taking a breather, and it might enter a bear market, but the SPX had its rally over the summer. Bitcoin didn't, and now it's its turn.
Bitcoin is up 2.5%, yet most top altcoins can't keep up.
There's a handful of outliers, but the majority are pure garbage.
No emotions, just facts.
source
This is the tweet from Jason Pizzion, a technical analyst I follow on Twitter, whom I respect for the value he brings to the crypto community. However, I strongly disagree with him on this particular tweet. I won't call him a Bitcoin maximalist, although he might be one, but I will state that if you're looking to make the most out of your capital in crypto and you don't have much capital (like myself), then you should definitely go for altcoins.
The man is right, many of the altcoins have not kept up the pace with Bitcoin since the bear market ended, and the change in trend became obvious (at least for BTC). But didn't this happen in every damn cycle so far? Didn't we always have the case of BTC first entering parabolic rallies, and then altcoins following suit? I'd say that's exactly what happened.
In 2014, BTC hit bottom in the $200-$220 range and then conquered its ATH in 2017 at $20,000, making investors who caught both the top and bottom of this trade something like 100X richer. Then in 2019, the lowest low it hit after the 2017 bubble burst was $3,000, and the peak in 2021 took BTC to $69,000, a 23X from bottom to top.
ETH was valued at $4 when it went live on exchanges and peaked at $1,400 in early 2018, a 350X return for those who bought ETH at that low and held it all the way up. It then corrected to as low as $80 and topped at $4,800 in 2021, resulting in a 60X return on a perfect trade for that cycle. DOGE had a similar performance to ETH since it got listed on exchanges, with its mega blast occurring in 2021, not 2017, like in the case of Bitcoin and ETH.
If you look at other altcoins such as Solana, MATIC, ADA, and many others, you'll see that these perform way better than Bitcoin does during bull markets. Hence, it is altcoins that will make you rich in this bull market, not Bitcoin. You need to have a substantial amount of money to play with Bitcoin in order to make life-changing profits.
Bitcoin and ETH, as we can see from their bear market performance, are gradually becoming the safe havens, meaning that they are safer to hold during bear markets than most of the altcoins. However, over time, the returns one can get from investing in these two are slowly decreasing. I believe that whoever bought BTC at $15,000 has the chance to score a 10X return on their investment this cycle.
But if you're after a 50X or more return on your investment, you should be looking at altcoins. Not all of them will surpass their previous ATH, although speculation can work wonders, even in the case of STEEM, but if you pick the right ones, you're going to do very well this bull market.
We are many months away from a peak for the crypto market, and there's going to be volatility ahead. So, don't expect to have a smooth ride holding either Bitcoin or altcoins. However, in my humble opinion, altcoins will outperform Bitcoin by far in this bull market. It's just that they typically lag for a while, which makes some analysts say that altcoins are garbage and that the only crypto worth your attention should be Bitcoin.
These are individuals who only do chart analysis and don't conduct in-depth research. History has proven that once BTC cools down a bit, it's time for altcoins to show their potential. So, what do you think? Where are you putting your money?
Thanks for your attention,
Adrian
