Hardly 20 days ago, almost everyone started to believe that with the 'ETF hype' settled, the bullish trend for Bitcoin was over. There were 'bikini surveys' to 'fox mouths' that called it a game over for Bitcoin. They were sure as hell that Bitcoin would falter with $20k levels once again. That was FUD at Full Force and what we are witnessing with $100k chants is FOMO at its best.
However, I was prompt to refute their claims with my 'not-so-technical analysis' here on Publish on Jan. 27.
Well, I was right (as almost always🙏) and the return of Bitcoin has boosted my confidence to tarnish the ink of those pens who have once again started to write hyperboles - hyperboles from hypocrites. Bitcoin corrects a bit, they erupt with another death warrant and the same media, when Bitcoin jumps a little, predict $100k to $1 Million in no time.
These predictions, IMO, are nothing but a selling product for those who overbrim their minds with FUD or FOMO. What we are witnessing currently is a recovery phase of Bitcoin. There's no FUD and FOMO. But when you attach your mind to either of these, you are actually going almost the opposite of where market is heading.
Let me clarify a bit more. Didn't you hear the stories before the ETFs approval that Bitcoin will implode and move past $100k with billions added by institutions? The FOMO was there, but what happened was the complete opposite. Those who believed in FOMO, were rekt and others, mostly whales, enjoyed.
The current scenario for Bitcoin reaching to $50k looks almost sure. However breaching past ATH before Halving or more significantly breaching $100k is full of suspense, however I believe that both will happen in 2024. To support, I have again taken route to 'my Not-So-Technical Analysis'. Have a look.....
For the bear cycle, Bitcoin bottomed out at $15.5k on Nov. 21, 2022 and it reached $25k on Feb. 16, 2023. So it took almost 3 months to +10k after the bottom.
Then from $25k, Bitcoin again slid back to $19k in March, 23 before shooting up to $31k at the start of April 2023.
This $31k top of April, 23 couldn't hold as well and came crashing back to $25k in June, 23. However, the price recovered to $31k in the same month only to dwindle back to $25k in September 23. But again it reclaimed $31k in Oct 23.
$31k is a 100% gain from the bottom and it has had enough pf build up leading there. So, anticipating the start of bull run and the hype for bitcoin approval led to a candle of almost $5k in single day. And Bitcoin breached $35 for the first in almost 2 years.
That was symbolic to the bull run and there is no denying that the huge candle on Oct 23 will stay as a security for all of us until or unless some drama like FTX or Luna crash floors up. That extended rally lead the prices breach $40k, then $45k. Ever since that Bitcoin had retested below $40k levels twice.
This build up with corrections and small bull runs has decided that Bitcoin will surely go beyond $50k but as usual. There is still a possibility that Bitcoin goes back to test the above $40k levels. But to slid back to below $35k, it needs a whole turnaround now.
So, what's that FOMO about getting to $100k? Bitcoin will reach to $100k or to $1000k on its time. It takes time to reach to certain levels. It even takes 9 months for a baby to come out of womb. Why is that restlessness? Why are they crying $100k, $100k? Don't just let the FOMO or FUD rule your decisions. Think rationally and go with the wind.
For the last two years or so, the wind has been blowing in the direction of 'accumulation' and only 'accumulation'. Bitcoin has been in the zone of buying ever since it bottomed out. If you care for your fortunes with Bitcoin, it's better to keep distance from FOMO or FUD and just keep buying with full force. Doing DCA or recurring buys will tick all the boxes right.
At last, the million dollar question.
Will Bitcoin ride high and breach its ATH before 'Halving'? The straight answer to this is Probably Yes'.
After the halving in mid 2024? Definitely Yes.
At the end of 2024? Noone's gonna wait till then.
When 100k? Sometime in 2024 after the halving, most probably in January 2025 and definitely before March 2025.
If you want to follow the topic and earn sats by participating in discussions, you can join me on Stackernews.com, a platform much similar to Publish0x.
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As Always Thanks for Reading and Tipping
Adios ... Ciao.... Bye ... Take care ...
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