"Bitcoin is Ded", For The Third Time Already...

Ever since Bitcoin's inception and its first listing on crypto exchanges as an asset class of its own, BTC has managed to respect the four years cycles determined by the halving quite precisely. This current market cycle is no exception at all, the way I see it.

The bear market for the whole crypto space(not just BTC) started in Nov 2021 (about 11 months ago) after BTC managed to score a peak of $69,000. What sets apart this cycle from the last one is that in 2021 we have had a double top while in 2017 we got the true parabolic rise culminated by a really nasty but spectacular double top. That means BTC is not always respecting patterns punctually.

We are most certainly in the bottoming phase right now and my take is that BTC will change trends in the next few months. At some point, every fall, no matter how steep, hits rock bottom and from there on you gotta get up, dust yourself off, and move forward. That's what Bitcoin's going to do as well pretty soon. We've been grinding lower for almost a year.

I've got an interesting comment today from @whatsup on my previous post. After reading it, I just realized that we are indeed in the Bitcoin is ded phase of the market which usually sets the bottom for the beginning of the next uptrend. The bottoming of the price is not that much about the price and previous patterns as it is about sentiment.

I don't know how you perceive the current sentiment of the crypto participants and the people that you usually talk crypto to, but I just realized that these ones are so dead about it. I mean, in every discussion I get into by mentioning crypto there has to be someone expecting way lower lows or pointing out towards some media FUD regarding it.

I'm so outraged when I see people taking crypto advice from individuals that have never owned any crypto in their entire lives and I don't get why would you pay that much attention to negativity, but such individuals are "highly relevant" to us cuz these are pure indicators of the phase we currently are in the market.

Sometimes you can just rely on charts.

Price-wise, BTC has painted a V shape price action for the past few good hours, but the sentiment around it is so negative. I have a friend that for a while has to always mention something negative about crypto whenever he sees me checking the crypto prices...

And my reaction is always the same: "have fun staying poor and don't ask me about crypto when it moons". I don't want to be mean or anything, but some individuals do deserve their poverty because they're so doubtful and easily manipulable. These ones are always on the "convenient side of the risk" and never make the money they dream of.

I have not become rich in my five years in crypto, unfortunately, but I can say that I learned a lot during these years I and also managed to make myself a decent income from this thing. Maybe one day I will hit it big, but so far I haven't... I know one thing for sure, though, you have to buy low and sell high and you have to be a contrarian to make it in this market.

Thanks for your attention,
Adrian

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