Leave it in the bank or buy Bitcoin?
This is not a BTC maxi post, especially if you're looking for some comforting or reassuring words to invest that 10$ in your Bybit account on BTC. If you are looking at the market and are tired of all the fraud, you will not find comfort here; everyone must grieve on their own; if this phase of the market does not move you, you may just make it to the other side.
However, for the time being, you can spend that $10 on a good meal, call it a day for the year, and return the following year. Only people who are alive can invest; if you are starving, you cannot continue your search for a better life with crypto.
Eat & Enjoy That 10$
Aside from that, the majority of the value that was driven into alt coins starting two to three weeks ago has been wiped out by the dip in BTC, and fast forward to today, BTC has repeatedly broken its ATH, and the alts are bleeding heavily. One might have thought.
"Oh, we are finally moving" and then they get slapped back into reality. If you thought the bear market was difficult, try being in the middle of both (which is exactly where we are). You know most times, we attain clarity from either progressing or retrogressing in life, but when you're just in the middle, then it feels harder and that's where we are with crypto.
We are 13 days until the start of the new year, and you are wondering "when are we going to get alt season?" But believe me, the market is not done testing you.
Except We Become AIs We'll Always Be Emotional
This is precisely the time when people will make rash decisions based on panic, a controversial agenda, and FUD, or simply buy into the insane ideas of a paranoid crypto YouTuber. Regular people are saying that value will not be driven into altcoins because of the incoming crypto president and so on.
These agendas shift as soon as things change. Do you know why this cycle could be similar to 2017? Simple: people will continue to make the same mistakes and exhibit the same patterns and behaviors as they did in 2017.
This is precisely why the cycles occur. It is not like there is a set pattern; rather, it is people behaving in a certain way that triggers a certain cycle.
Bank Or BTC?
Recently, I was reading a tweet on Twitter. This guy was asking whether to throw his 15k$ in BTC at 106k or just leave it in the bank. The funny thing is that this could be one of those people who laughed at people holding Bitcoin at $30k two years ago.
The post pretty much looked like FOMO to me. I mean, he had to wait for Bitcoin to reach 106k before deciding to invest. People like this are early retail: those who would put money into any coin just because it was pumping, not because they believed in it.
If I had 15k at the start of the cycle, there is no way I would not be turning it into 100k, but at this point, I do not see this guy making more than 20k if he invests that money in BTC, though we could argue that 5k is still a lot of money, but why make 5k when you could potentially make 85k more profit? The difference is the conviction.
From 106k, I do not see BTC exceeding 160-170k. In fact, I believe that by the time we see 120k BTC, we will have hit those x5 per week and those massive pumps will have begun to taper off. Whether you like it or not, the alts will fly, and sometimes the conviction to go all out and do the right thing is lacking.
The year is almost over, and here's my prediction for how it might happen.
Alts move slowly, but that is also their strength. They do not take long to reach and exceed their previous ATH. BTC will take 12 to 18 months to do, Alts will just do it in 6 to 8 months after staying almost stagnant while BTC do all the pumping.
It is a psychological test, but I suppose we will find out how this plays out over and over again. The next six months will be dramatic, and this cycle will repeat itself simply because people have a tendency to do the same thing over and over.
Interested in some more of my works
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Posted Using InLeo Alpha
I think it's FOMO and it depends on what they want. At this point, BTC is quite high but it's possible for BTC to go up higher over time if they are willing to wait.
It's quite true that BTC can actually go higher, but I think they all all these months to make the decision and they had to wait till it hit 106k to begin to decide to ape in
One of the worst moves you can make is chasing the market. Buying in when things are near their peak, it a great way to lose money in the long run. Is now the time to dump everything into BTC? No, you should have done that a year ago at $40K BTC, or a few years ago at $9K. FOMO is a great way to lose money!
Hopefully a nice alt run is coming soon, and I think BTC still has some steam left in the engines. Question is only how much?
I think BTC get up to 170k in this cycle, and that's like 64k$ left to go. Most alts still has x50 to do, and that's the difference. Buying at this top is certainly a way to lose money, but then most newbies who will flood into the market will very soon will do.
I know because myself I bought my splinterlands asset at the top because of FOMO and look how that turned out for me. It's just like you've said, people will lose money buying at the top
We've all been there before, Splinterlands did the same to me as well!
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I imagine this guy buying at 106k and selling out of FUD at 99k and swearing to never buy crypto again and that it is a scam.
You're right, I imagine him like this too. Because it wasn't really long I saw that tweet and BTC dump.. people like that don't really understand the sides to crypto