Am I the only bull left around here? It seems like Hive crypto enthusiasts are still quite bullish, while crypto Twitter feels like a graveyard lately. Everything appears dead—from bullish sentiment to vision, logic, and past cycle patterns.
Some say that the top is in for BTC. I recently blocked an account claiming BTC has topped for this cycle, pointing to a double top. I see things differently. Despite the current ranging period, I still believe the bull run is on, and the exciting phase for most altcoins will come after BTC and ETH enter price discovery.
Many scared investors are missing the current price action’s relation to past post-halving price action, which has always been quite volatile. What sets this cycle apart is that we saw a new ATH for BTC before the actual halving. This has never happened before.
In 2019, BTC rose from $3,000 to $14,000, only to drop back to $4,000 during the COVID-19 pandemic. Despite the bearish sentiment back then, similar to what we see now, Bitcoin still achieved a 16X increase from the COVID bottom to the $69,000 top.
Once again, sentiment is dead, even though BTC is four times its lowest low of the bear market, and altcoins look lifeless. I have a sense of déjà vu. The current state of the crypto market reminds me so much of 2020. However…
The only thing you will regret at the end of this bull market, which is not yet over, is not holding enough. Yes, you read that right. Once we exit this zone, many will sell on a double or even break even, thinking they’ve made a great deal with a 10X gain.
But the market will go higher, and higher, and higher, and you won’t believe your eyes. I say this from experience. I’ve seen this with DOGE, ADA—you name it. I’ve gone through similar experiences in 2017 and 2021. It’s the same story every cycle because market psychology never changes. Once the market makers have drained every bit of bullish sentiment from the masses, the uptrend will resume.
During the 2017 bull market, we experienced up to 40% corrections on the way to $20,000 BTC. Now, most crypto market participants fear 20% corrections. Wait until we go ballistic, and most people are left on the sidelines, 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 point yet. The S&P 500 is at all-time highs and keeps climbing, but the crypto market looks dead. I think that’s about to change soon. What do you think?
Thanks for your attention.