Turtle Walk

Over $100 billion has been wiped off the crypto market in less than 24 hours. The ETF mania that drove Bitcoin's price to a new ATH before the halving has hit a stall, and we are now witnessing a "well-deserved" correction gallop.

BTC is barely hanging on at just over $65,000, and in my humble opinion, it will soon test the 2021 first peak of the bull market ($64,000). We haven't come this far to go bearish, have we? Well, believe it or not, there are voices already on Twitter saying that $74,000 was the triple top that will send BTC into another bear market.

My reaction to that is: when the hell did such an event (entering a bear market before the halving) ever occur in Bitcoin history? The simple answer is it never did. We are in the everything bubble (see real estate, SPX, Dow Jones, etc.), and there's nothing we can do but sit back and watch.

That's precisely what I'm doing right now. Believe me, I am literally unfazed by the current drop. It's true that I've closed all my longs because it would be such a waste not to buy the dip again after the halving, and now I am simply a spectator of the show. I am 100% sure that what comes after the halving will be a once-in-a-lifetime opportunity.

One that many aren't yet ready for, and thus, quite a few investors will sell way too soon, while others will end up carrying underwater bags into the next bear market. I am hoping to take my fair share of the meat in between, as I don't believe in nailing tops or bottoms to a tee.

The crypto market has matured a lot, and the market capitalization and ETF approvals are proof of that. Back in the days (2017-2018), we used to have a total crypto market capitalization of $100 billion, and now we see daily swings of that amount.

Someone posted on Twitter today that there's a CME gap on BTC standing between $64,000 and $66,000, and probably that's what Bitcoin is doing at the moment. Personally, I don't care. I am too old as a crypto investor to fall for FUD or get shaken out with every correction.

So far, we've had a few 20% corrections for the current bull market, and we might be in the works for a similar one at the moment as well. Remember that during the 2017 bull market, corrections of up to 40% were quite natural, and these were the main reasons for the so-called analysts and anchormen to call crypto the Wild West.

Now we have BlackRock exposed to BTC, which makes the market look more mature, but don't be fooled; BlackRock is not going to prop up the price of BTC forever. If that were the case, this correction should not have occurred. We need to remember that as we get close to the peak of the bull market, which in my opinion will be sometime in late 2024 to early 2025.

I don't have a crystal ball telling me where the peak will be, but I sure know everything in the market will be way higher than it is right now. If I had to guess, I'd say we will reach close to $10 trillion market capitalization for the whole market at peak euphoria.

May God inspire me to dump all my bags when that happens.

Thanks for your attention,
Adrian