This is the end, beautiful friend
This is the end, my only friend
The end of our elaborate plans
The end of ev'rything that stands
The end
No safety or surprise
The end
I'll never look into your eyes again
(The Doors, 1967)

Well, it finally happened. At the moment BTC is well below $40K, i.e. like 38% down from the top.

WTF?!

People blame Mr. Musk for crashing the market. Personally, I don't think it's the reason. I think it's just the natural course of life, the "institutions" and retailers just run out of money to push BTC further up. The buyers disappeared and the price went down.

Telegram traders are screaming about blood in the streets and buying the dip. They were buying the dip at $55K, then at $50K, at $45K, and now at $40K. Maybe they will have some more dips to buy. Someday they will catch the last falling knife, buy the last dip and rest in peace at last.

Anyway, personally, I pretty much lost my BTC bullishness. I used to be 2/3rds or even 3/4th bullish, but now I'm like 1/2 bullish, at best. We may well see 30K or 20K, even though Telegram traders don't believe it right now. The cryptodegens may still continue gambling on pumped shitcoins, but I think this too will come to an end pretty soon.

I also think the time has come to take a break and to revise bear-market strategies like staking sats and collecting free coins from faucets and airdrops. Short selling and DeFi games are handy too. The goal is to cheaply accumulate as much crypto as possible before the next bull run starts. Let's hope the next one will be even more profitable.

Even if we are really going into a bear market right now, personally I still believe it will eventually recover sooner or later (even if it will take a year or two i.e. like a millennium for an average millennial). I do have a reason for such belief, probably I will put it down later if we do enter a bearish cycle.

And for now good luck to everyone to stay through the dump!

Photo by cottonbro from Pexels

Posted Using LeoFinance Beta