You all must have fallen for the buy the rumor sell the news story. One of the biggest ones was the ETH move to POS or Shapella upgrade on April 12 of this year. that pushed ETH over the 2K and a week later it was back down to 1.8K.
The crypto space is driven by narrative and upcoming events. If you are not keeping the audience enticed with an upcoming change your price is bound to go down.
Now B&B (Bitcoin and Blackrock) have been doing a great job of keeping the market pumping and engaged with their ETF story. Based on all the details we receive on changes and SEC talks...and even Gary Gensler changed his tone after the courts called it out to be a fraud and a huckster.
NASDAQ is meeting with the SEC according to a Memo that claims they discussed Nasdaq's rules for listing ETFs because Gary needs to protect the investors....from making money.
And Blackrock has been updating its ETF proposal adjusting to a cash redemption option to align with what the SEC prefers.
Hence all the signs are pointing at an ETF in early 2024 if not in January 2024, or maybe just maybe Grinch Gary will drop us a little post-Christmas present making it a greener than green Christmas even if we get some snow.
Of course I have not or at least if I had I would never tell you that I have seen it. First of all, knowing the future makes me money, secondly saying I know the future would make me worth millions or crazy.
But I am kinda certain we will get the ETF approval. And then the million-dollar question will be, what will happen next?
We all (should) know that gold did 350% between 2004 and 2011 after it´s first ETF approval. And yes it will bring the space closer to the boomers with the big bucks to invest in.
But in the short term, it might dump. Gold´s prices move like thick mud compared to Bitcoin, so that 350% in seven years will be a joke. But just have a look at what the gold market did right after the approval and before;
It goes up, peaks on approval, and then people sell the news because they bought the rumor.
I say this is an inevitable event, and again comparing how gold pumped on the rumor we will see a significant drop.
That drop will happen.
It´s only normal that the BTC price should see a 25% percent correction every once in a while, and due to the tension built up by Gary G and the SEC, it´s not happening or did not happen for way too long.
That in itself might cause that first healthy correction in months to be even bigger than that 25% average I just used.
Now do not call me the baby of doom & gloom, I am like Jesus a Baby Bringing Light. Because for all of those people getting in early on those ETFs it will give the almost instant gratification because that 25% dump will be gone in no time.
Then these peeps will be in profit, they will tell their BTC miracle story to their boomer friends who will get in and:
We Will All Moon
Yes, that second group flowing in will make the needle move and cause BTC to pump like.....ehh BONk?
The best news is yet to come because many people were waiting at the sideline too long this first run asking: "Wen Buy?"
These guys and dolls are gonna be over the moon buying the BTC they did not buy at 20K at a 25% discount and for those lazy sons of lazy mothers, 25% will take BTC back to around 30K.
Now some of your favorite finfluencers might be a bit over the moon with this ETF and what it will do.
What about little old me?
Me, I will remain conservative. I will put my trust in the diminishing cycles as I told you in this article:
And aim at that 125K Bitcoin when it peaks in 2025. If it´s more great! I hope somebody is happy that they were rightfully predicting what is unpredictable.,
I will be happy too!
I will be happy to sell the ETF approval and buy back the dump. Now there always is a chance I am wrong but the signals in heaven are aligning. The historical data has proven time and time again that this type of news will trigger that dump.
The only thing that might change my mind is if we see that huge ass correction before the ETF approval.
Personally, I do not see anyone selling till then, which should keep the price stable and slightly upward trending.
If we get that, correction I will use all the dry power I gathered selling of bits and pieces over these last profitable months and buy the MF dip. And yes sell the news, although we would probably not dip as hard if this scenario plays out.
It would be awesome to see those years of grinding through the bear market pay off. Just reeking in the benefits from being there when times were hard, and seeing the sheeple poor in with their worthless fiat trampling each other to get the BTC I bought when there was blood on the street and influencers calling for a 6K BTC.
That is my plan, for now, and if you forget everything I wrote just remember these three things:
Thank goodness you made it till the end Pees, Love and I am out of here!
[Source Pic](All meme by me)
