Bitcoin and crypto were announced dead by the media again. What does that mean? Is this really the end for $BTC and the Altcoin. Well, of course not. I have no idea what other people think about the future of this tech, but I am a firm believer in Satoshi’s vision. I would gladly HODL $BTC and $ETH down to 0, even though that’s extremely unlikely to happen; that’s how much of a Diamond Hand I’m. In all seriousness, I’m still holding mostly stablecoins, waiting to buy more dip.
Every time $BTC was declared dead by the corrupted media, the bottom might be in. Notice how I used the word “might” as there’s really no certainty in this market; those who tried to brawl with the raging bear. Died! Literally, I meant financially. I’ve seen a lot of Twitter pundits try to call the bottom of $BTC and $ETH, but they have all failed so far.
“20k is the bottom; $BTC won’t go below the ATH of last bull cycle.”
I guess everyone has a bottom price target until they get punched by the bear. But of course, the diligent pundits will keep trying to predict the bottom until they are correct.
“See! I called it!”
Eventually, that’s what they will yell out in the Twitter feed. Don’t get me wrong. I don’t blame the skill of those experts as it’s almost impossible to predict the bottom. An astrologist and an experienced trader might actually have an equal chance of calling the bottom of $BTC based on charts; the market is very complicated, man.
They say one should never try to catch a falling knife, but one must try as all the gains are at the bottom. Let’s try to prophesy the bottomless bottom of $BTC from the point of view of crowd sentiment rather than drawing a chart.
The recent price movement of $BTC is chaos and volatile.
What I’m trying to say is the capitulation is not here yet.
Capitulation should be death and silent.
Capitulation should feel like acceptance. When crypto bros finally accepted their fate as minimum wage workers at Mcdonald’s, that’s the bottom. When $BTC is genuinely at the capitulation stage, no one will argue that it’s time to buy the dip. Crypto topics won’t be trending on Twitter. The follower growth of Crypto influencers will be stagnant. The no coiners will enjoy their 3-4% APY by putting money in their saving accounts. Most importantly, I won’t be penning this essay.
P.S. Despite the recent rally of $BTC, I still think it can go down below 17k again in light of the above.