Am I the only bull left around here? I don't know what to say in this regard, but Hive crypto heads seem quite bullish, while crypto Twitter is a graveyard lately... Everything is dead, from bullish sentiment to vision, logic, and past cycle patterns. Everything.
Some say that the top is in for BTC; I recently blocked an account claiming that BTC has topped for this cycle, pointing to a double top actually. I see things slightly differently. Despite the current ranging period, I still believe the bull run is on, and the fun part for most altcoins is due after BTC and ETH enter price discovery.
Many scared investors are missing the current price action's relation to past price action after the halving, which has always been quite shaky. What differentiates this cycle is the fact that we've had a new ATH for BTC before the actual halving. This has never happened before.
In 2019, we saw BTC run up from $3,000 to $14,000, only to fall back to $4,000 during the COVID-19 pandemic. Despite the sentiment the masses had about bitcoin back then, which is similar to the current one, we still witnessed bitcoin do a 16X from the COVID bottom to the $69,000 top.
The sentiment is once again dead, although BTC is four times its lowest low of the bear market, and alts look so damn dead. I have a deja vu... The current state of the crypto market reminds me so much of the 2020 one. However...
The only thing you will regret at the end of the bull market, which is not yet ended, is not holding enough. Yes, you read that right. Once we exit this zone, many will sell on a double, or even break even, while others will think they've done such a good deal, nailing a 10X.
But the market will go higher, and higher, and higher, and you won't believe your eyes. I say that from experience. I've gone through this with DOGE, ADA, you name it... I've gone through such an experience in 2017 and 2021. It's the same shit every cycle because the market psychology never changes. Once the market makers have drained every bit of bull blood from the masses, the uptrend will resume.
During the 2017 bull market, we had up to 40% corrections, all the way up to $20,000 BTC. Now, most crypto market participants are scared of 20% corrections. Wait until we go ballistic, and most of the masses are left sidelined, waiting to buy "the final dip."
I don't believe in "HODL for eternity," but I do believe that bull markets are about insane price growth and euphoria. We haven't reached that yet. The S&P 500 is at ATHs, and it keeps blasting through them, but the crypto market looks so dead. I think that's about to change, soon... What do you think?
Thanks for your attention,
Adrian