In Bitcoin We Trust

Short-Term Mindset – People Are Not Interested in Buying Bitcoin at $41K, but Rush To Buy at $47K

Short-Term Mindset – People Are Not Interested in Buying Bitcoin at $41K, but Rush To Buy at $47K

October 1st marked a major shift in sentiment in the Bitcoin world. In a matter of hours, the market went from extreme fear to a neutral sentiment approaching greed.

This is a reminder that anything can happen very quickly in the Bitcoin world when the fundamentals are excellent. And for Bitcoin, they are! All the on-chain data confirms this.

All of a sudden, everyone who was afraid to buy Bitcoin in late September 2021 when its price was around $41K started to want to buy Bitcoin in FOMO mode. Yet there was only one green candle of just over $4K on October 1, 2021:

Bitcoin then broke out of a Falling Wedge at the top.

While many were waiting for Bitcoin's price to fall towards my $38K before taking action, they had to face the facts: Rektember is over, Bitcoin is entering Uptober now.

The -7% performance in September is already forgotten, and everyone seems to finally realize that Bitcoin is going to give us a phenomenal Q4 2021. Just as Q4 2020 was phenomenal, so will this last quarter be.

Bitcoin has everything it takes to beat its April 2021 ATH and go much higher. I'm talking about the $100K mark. The shorts that were waiting for a fall in the price of Bitcoin were liquidated on October 1, 2021, which allowed the Falling Wedge to be exited at the top.

You might think that the shorts had a strategy and that they were simply wrong this time. In a way, that's what you might say. The problem is that you and I both know that these people still wouldn't have bought Bitcoin at $38K. Indeed, these people would have waited for the price of Bitcoin to fall even lower.

To $35K, then $30K, then...

You get the idea. These people have a short-term mindset and are therefore unable to take action. They waste their time following the Bitcoin price day by day without ever taking action. Yet, if they stopped obsessing about the price of Bitcoin, they could focus on the incredible future that awaits Bitcoin.

The whole secret to making the most of Bitcoin is to focus on the why of Bitcoin and the changes its revolution will bring to the world in the future.

Final Thoughts

Once you have made this intellectual effort, you will realize that the success of Bitcoin is now inevitable. To justify this assertion, I see 6 main reasons:

  1. Hard money > Weak Money

  2. Decentralization > Centralization

  3. Privacy > Surveillance

  4. Truth > Deception

  5. Freedom > Oppression

  6. Future > Past

As Victor Hugo said, nothing can stop an idea whose time has come. Bitcoin's time has come, and its revolution cannot be stopped. The best thing you can do is to try to make the most of this revolution to change your money future for the better.

The best thing you can do is to make the paradigm shift from a short-term mindset to a long-term mindset. Once this is done, you will be able to make the best decision for yourself.


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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
In Bitcoin We Trust

In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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