Sirwin
Sirwin

Bitcoin's Aggressive Pre-Halving Pump Debunked, And Why History Won't Repeat This Time...


Who would have thought back in 2018 that six years forward we would have a hundred billion dollars daily swings in the total market cap of cryptocurrencies? If I remember correctly, $80 billion is where we bottomed back in 2018, and now we've had over $100 billion influx into the crypto market since yesterday.

That's the whole market valuation for pretty much the whole of 2018. Why is this happening? Well, I guess the ones asking the question "who is going to buy crypto in 2024 and 2025 due to the economic and societal turmoil" don't have an answer to that...

Despite all this, almost every index in the traditional markets is at all-time highs. Bitcoin has marked its ATH already in almost every other fiat currency but the dollar and it is now close to smashing through $69,000. At the moment of typing this post, Bitcoin is at $65,175 and it does not look to be stopping any time soon.

Or is it?! Well, if you remember some of my previous posts (I doubt you do that 😀), I wrote in some of them that currently the spot ETFs are buying about 4,000 BTC per day, and the miners are only mining 900 bitcoins a day... We are less than two months away from the halving, and once that happens, there will not be enough Bitcoin left.

"Not enough Bitcoin left for who, sir?" For us plebs who can no longer afford to be in Bitcoin... Very few realize this, but we will probably never see Bitcoin under $60,000 again. I am not saying we should expect a super cycle or anything like that, but if Bitcoin has shown so much strength prior to halving, imagine the strength it will have after the halving.

What makes this bull market so different from the others?

Well, the damn spot ETFs... In the previous three bull markets, Bitcoin has always pumped hard in anticipation of the halving and dumped pretty severely into the halving or shortly after the halving too. That won't happen this time... It won't happen because the ETFs are not going to stop their buying spree.

No sir, they are not your day traders and your altcoin degenerates that drove the prices up or down prior to 2024. When the spot ETFs got approved in the US, Bitcoin was taken to another level. Altcoins spot ETFs will follow suit, probably not this cycle, but it will happen.

Bitcoin is in a different league now, the same as gold got after its spot ETF approval. What happened after the gold spot ETF approval? An eight-year super cycle? Will we have that on Bitcoin too? I don't know... I would be full of shit if I said the opposite. My gut feeling tells me a bear market is going to follow once BTC tops at around $200,000-$300,000 or whatever.

We will have to see though. What could happen though is that bear markets will probably be "a bit warmer" than they used to be, but you know what the pain is? The fact is that for 99.9% of the world's population, it is going to be impossible pretty soon to own a whole Bitcoin.

Imagine that not so long ago there was this dude who filmed himself buying Bitcoin for $0.3 using a PayPal account. That was before the creator economy started to emerge and before the majority ever considered an alternative to the dollar or saw the flaws that the dollar has... Crypto has entered a whole different playground.

We're playing at the Super Bowl now... That big we are. We haven't won it yet, but we are there. Three to four years ago, I wrote several posts entitled "The fight for Bitcoin". I gave some stupid names to these posts, but in my content back then, I was sharing with you guys my take on the future of Bitcoin and banks.

I was basically saying that banks will either embrace Bitcoin or become obsolete by the end of this decade. Now news is popping here and there about banks offering custodial services for Bitcoin.

Let me tell you one thing: banks' influence over us will get weaker and weaker as we enter the digitization era. Twitter will have its own currency relatively soon if it does not embed DOGE within its app to serve that purpose, Facebook will have no chance but to follow suit, and the world of finance will be so different by the end of this decade.

I know that to some, a $10 trillion market cap for the crypto market is a bit far-fetched, but not to me. The puzzle pieces are falling into place, and the big picture looks damn good. Are you in with me?

Thanks for your attention,
Adrian

How do you rate this article?

40


acesontop
acesontop

I'm an amateur blogger, crypto holder, and a passionate fisherman for as long as I can remember. For more details please ask, it's free. You can find me on steemit.com: https://steemit.com/@acesontop and Hive: https://hive.blog/@acesontop/feed


https://www.publish0x.com/acesontop
https://www.publish0x.com/acesontop

Here you can find my thoughts and experience for everything that I am about to share on this blog.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.