BTC is at 60k today, and no one is particularly enthused or excited, owing to the uncertainty of whether this position will hold, at least for a few days or perhaps a week, before testing 55 to 58k again.
Unfortunately, the month is coming to an end in less than two weeks, and we are entering the infamous September, the Almighty September, the first of its kind, and the ultimate villain of cryptocurrency. Forgive my drama; all I meant to say was that even if we stay in the 60k range until the end of the month (which is impossible without a dip), we may see some crazy dips in September, at which point many people will give up.
A lot of lessons has been learned, I like to think that this cycle has been the most educative cycle so far. 80 to 85% of crypto investors made terrible mistakes in the last cycle, including not preparing/accumulating enough, being greedy and wanting to sell at the top, timing the market incorrectly, and finally failing to take profits.
Some people made a profit but invested in the wrong ventures, and they are now back at square one.
I believe that people did not learn many lessons from the bear market of 2018 and 2019, which is because that cycle was not as mentally challenging as this one. The Luna event actually heralds a ferocious bear market, which results in crypto being heavily sanctioned and canceled by the SEC, Gensler, and the US government.
People have had to literally dig themselves out of that mentally challenging period to get to where we are now.
Many people promise themselves that they will do better when the market improves. Nobody wants to buy fancy cars anymore; instead, they want to achieve financial freedom, and this is all due to the market's uncertainty.
The market will put you to the test; the only exception is if you have millions stashed away in an underground bunker; otherwise, you are prone to making numerous mistakes.
This is a period when many people make plans
People plan even when they lack the resources to carry them out. Those who actually have the means (money) know very little about planning. If people could plan when they had the means, it would be an ideal combination; however, no one is interested in planning when their favorite project is doing X20 or 100; they are simply too preoccupied with how suddenly their bags have pumped, only to forget that the bear market, on the other hand, can last up to three years.
Some people are not even sure if there will be a run.
I mean, they are so caught up in the negative market trends that they believe it may already be over. This is what the market does to people. Everyone is promising to be a good boy/girl if the bull market surprises us again, but whether or not they will repeat their mistakes from the previous one remains to be seen. Promises are made to be broken, which is how the market manages to take everything it offers.
August is halfway through, and September will continue the trend. October, on the other hand, may be different, as I believe it will be a completely different month than what we may see in September. The proper bull run is supposed to start at the end of the year, but we do not know if it will happen in October.
Whatever it is, make and stick to your plans. The next 6 to 8 months will be very different from what we are currently experiencing, and if you are one of those people who becomes overly greedy, the best thing you can do is control your greed and replace it with actual plans.
The run is not over. Again, it is important to state this for clarity. For some market predictions, I still expect BTC to remain between 52 and 62k until the end of September. As for alts, I do not think it is altcoin season yet, so we are all stuck with watching the nervy moves of BTC.
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