When it comes to your Bitcoin journey, everyone has the same revelations at some point or another. It’s just a matter of how long it takes you to see the light.
We all enter the Bitcoin market excited and optimistic about the possibility of what could be. After just dipping our toes in the water of investing in this market, we finally go down the rabbit hole. After that point, there is no turning back. Our lives will be clearly divided into life before crypto, and life after it. Our conviction has grown so strong that we cannot fathom a future without it. That Bitcoin is the future, mainstream adoption will soon be coming, and that hyperbitcoinization could soon be taking place.
Most of us will soon go into the FOMO stage of our Bitcoin journey. This is the point when we are completely convinced that the price of Bitcoin is about to go parabolic and that this could be our last chance to ever buy at these low prices. This causes us to invest a large amount of our wealth into Bitcoin and for some people, far more than we can afford to lose. All this is done with the purpose of us being able to see the future that is clearly in front of us. Trying to front-run Wall Street and investment funds before they were able to enter the market. To take advantage of the predicted largest transfer of wealth that the world has seen that will be caused by Bitcoin.
At some point during a bitcoiner's first bull cycle, they begin to grow extremely self-confident. And why wouldn’t you? The euphoria during the bull market can be intoxicating. Waking up each day and seeing your portfolio up by at least 10%. During those times, it seems like you can do no wrong.
It’s a story as old as time, and everyone already knows that this moment is actually when you are in the most danger.
During this time, you begin to think that you know exactly how Bitcoin will perform. You have heard all of the predictions about this potentially being a Bitcoin super-cycle, and that its price could reach $500k, or even $1 million. Without even considering how astronomical those numbers are, you begin to think it happening is a certainty.
But then it doesn't happen.
At this point, you have forgotten the most sacred rule when it comes to Bitcoin. Something that caused greedy people to lose everything.
People all around the market will try to tell you they know exactly what the price of Bitcoin is going to do. After a little experience in the market, you will also begin to feel confident in what will happen. However, the golden rule of Bitcoin is that no one knows what Bitcoin will do, and those who try will eventually get rekt.
The truth is that Bitcoin is like an uncontrollable beast. There is no way you can predict what will happen next. Another thing to remember is that at times it seems like Bitcoin has a mind of its own. When everyone is convinced that Bitcoin’s price will go up or down, Bitcoin does the exact opposite. It thrives on being a contrarian.
Those who bet against Bitcoin are quickly humbled.
The good news is that this is only in the short term. No one knows what Bitcoin’s price will be today, tomorrow, next week, or even next year. However, a much safer bet is the long-term approach. When in doubt, zoom out. Bitcoin may or may not reach $100k next year. But most would agree that it will definitely reach that market within 4 years. Bitcoin might be very hard-pressed to reach $500k to $1 million during the next bull cycle, but if you zoom out and give it 10 to 15 years. All of a sudden that goal seems much more manageable.
The moral of this story is to not be a trader. Those who stack SATS and chill will be the winners in the long term.
How about you? Have you ever gotten rekt by trying to predict Bitcoin’s price
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As always, thank you for reading!
