When in doubt, zoom out

Sure we might pullback in the near term, or we might not.

The price of bitcoin goes up and it goes down.

When you get caught up in the hour by hour and day by day price action it can drive you mad and cause you to make some investing/trading mistakes.

For that reason I like to remind myself of where we are going.

If we continue to do what we have already done, here's a cheat sheet as to where we are going:

(Source:

https://twitter.com/PrestonPysh/status/1339961727920779266/photo/1

- PrestonPysh

)

During the last major bull market we following that blue line pretty closely all the way up.

There were dips along the way, but as you can see we stuck pretty close to that line.

If we continue to follow that line (we are currently), we are going to see bitcoin go over $100k sometime in late summer of next year.

The last time around the price overshot that line and stock to flow model quite a bit, if we do that again this time, the price could do something like $300k by end of next year.

I am not counting on that, but who knows, it could.

I think with institutions involved the moves up will be more gradual and there will be more support on dips.

Once mom and pop fomo in though, who knows, we will still see a blow off top.