Crypto 2024: A Bull Market Full of Fear
What's happened to all these "mass adoption, we're going to make it" type of tweets/posts lately? Where are all the bulls, mate, have they all been slaughtered in a corrida or something? All I'm seeing lately on Twitter and Hive is lots of bearish sentiment.
All of that while BTC is consolidating near the 2021 ATH levels after managing to already nail in a new ATH prior to the 2024 halving. Not once in history has that happened, but still, the majority are scared as fuck. You know the saying: scared money don't make money...
HIVE has corrected 10% overnight and all of a sudden everyone is freaking out. Well, have a look at the SOL chart when the project was declared "dead" and see how strongly it has rebounced. If Hive proves to be resilient, and I don't have any doubt in this regard, we are going to see all the losses recovered in a matter of days.
Do not forget that bull markets are about upwards movements and YES we are in a bull market. We are actually in an everything bubble. NASDAQ is at $20,000, S&P 500 is well above $5,400, and we haven't seen peak euphoria yet. But we will...
For the moment, the masses are panicked, especially in crypto, but that will change soon. The moment BTC will have its weekly candle close above $74,000, no matter the exact level that will be, you will see a dramatic change in sentiment across the board. Mark my words.
Then the plebs will start chasing pumps once again and pump our bags to the moon. For the moment, Bitcoin is consolidating. To me, this is a healthy consolidation considering the rally we had from October 2023 until March 2024. This thing felt like it had no ceiling, but at some point, the demand stopped, and here we are now consolidating.
BTC is forming an inverse head and shoulders pattern on the 3-month chart, and everyone is freaking out... Come on, man... Some of you all are panicking once again at the wrong time. The time to be cautious and fearful has not come yet, but sooner than later, we will have to become cautious and start cashing out profits.
I don't know about you, but to me, the current sentiment in crypto feels so much like 2020 when no one foresaw an altcoin rally, when most of the Hivers were disappointed that HIVE was severely underperforming. Been there, done that... All I am waiting now is for time to pass and things falling into their right places.
By no means do I believe that the bull market is over. On the contrary, I remember the coins I was holding four years ago this time, the mentality I had back then, and the poor strategies I was indulging in. This time is different, I'm doing the exact opposite, although the market is behaving pretty much similar to 2017 and 2020.
No one knows how high Bitcoin will reach this bull market and what will be the best performers on altcoin, all we know is that no bull market has ever ended in disbelief... And that's all I am seeing right across the board. Two months from now, all the fear some are experiencing right now will be replaced with greed, and this is where the problem lies.
Instead of being fearful near the top and greedy at the bottom, the majority is doing the exact opposite. Be smart, don't be like them. This is probably the last chance we have to make life-changing money before everything gets regulated with crypto... Bookmark this post and come back to it a few months from now and tell me I was wrong...
Thanks for your attention,
Adrian