We thought BTC was finally about to hit $70K. At 68k, we assumed the sky was the limit from here. The hype was there, the expectations were there, history says so, and bullish sentiments were there as well, but it fell hard in two days, has been falling for two days now, and we are back at 65K.
So, did someone dump? Is it the ETF's movement? Is anyone taking a profit, unsure whether this is the peak of the run? We do not know and cannot say. We are excited that BTC is finally moving, and then a day later we see a dump that takes us right back where we started.
CRAB-Tober
October has literally been the King of Crab Walk rather than the Month of Gains, and this has not historically correlated. I have said it many times: this cycle is dynamic. At this point, retail is not pumped, and some people are probably exiting, unsure what will happen next in this cycle.
This is the standard playbook.
When BTC moves like this, it is shaking off weak hands. We have not seen the reset that makes people think it is over. Maybe this is it, if BTC returns to 60 from 65k, as it currently is. We have not seen the parabolic movement that causes FOMO, and I believe that until this happens, retail will be afraid to enter the market.
At this point, many shake-ups are still expected, but few believe they will continue in October.
For what it is worth, I do not believe the US elections and other events are the reason we are here; the market is doing some internal cleansing, and to be honest, dips like these are fantastic buying opportunities; it may not appear so, but this is the market giving people the opportunity they deserve. Unfortunately, many people will not accept this due to the uncertainty of whether we will have a run or not.
October Analysis
BTC began the month at 64k and has climbed as high as 68k. Most alts that follow the BTC movement have returned to where they began, even though BTC is still up and no longer where it was at the beginning of the month; however, there is not much difference. It began at 64k and has now reached 65k on the 23rd of the month.
However, it is what it is, and there is absolutely nothing you can do about it.
You can sell everything you own and either leave or wait. Nobody can actually advise anyone at this point. The market is demonstrating that it has not bled out and may require more time to do so, and moments like this are what determine who gets to profit and who has to wait for another cycle.
Crypto Harsh Lessons
When it comes to waiting for the next cycle, it is not always easy. Crypto is gruesome, and if you are not financially secure, the volatility can be detrimental to your mental health. Going through various cycles and having your financial health harmed by the ups and downs is extremely detrimental.
This is why I believe everyone should have a defining cycle in which they can achieve a level of financial independence that is stable enough. When you begin to see the bear market as a wonderful buying opportunity, you will know you are financially secure; however, until you begin to see the positivity of a bear market, you have not made any meaningful money with crypto (unless you are already loaded).
I believe that everyone should strive to reach a position like this. However, it requires risk and guts. Being financially independent with cryptocurrency is nearly impossible, unless you grind and are brave when everyone else is afraid.
In Conclusion
More than half of the population is currently fearful and has given up hope. This is why many people will miss out on good buying opportunities, but I am sure they will not mind; many people do not care how much profit they make from the market as long as they know they will make a profit. It's why most people don't get rich in one or two cycles.
I have previously stated that many people may require as many as 5 to 8 bill runs to make enough money, but 8 bull runs may not be feasible, given that that is approximately 24 years. During that time, a person could be dead, sick, no longer interested in crypto, lost focus, or something completely different.
I am not saying it is impossible to see 8 cycles; it is theoretically and practically possible; however, many people will fade out in their third or fourth cycle for a variety of reasons, failing to achieve the financial freedom they sought at the outset.
To achieve crypto goals, you must be fearless. This fearlessness is how you'll be able to shut out external noise and build and be able to achieve anything with crypto.
In reality, more than half of the population will always rely on bull markets because they were too afraid to participate in bear markets. The most common sentiment is that there will be no bull run, but in 6 to 8 months, the sentiment will be one of regret and pain.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
