Zoom out and avoid irrational trades
Fear is coursing through the veins of cryptocurrency investors. To avoid making irrational trades, zoom out and look at the bigger picture. Many new investors get paralyzed with uncertainty by focusing on shorter time frames. Instead, take a step back and look at the 2-week time frame. You’ll see that bitcoin is holding nicely above the price structure it has been building since mid-2022.
Bitcoin follows a pattern
Bitcoin has followed a similar pattern in previous bull markets. It starts with a bottom, which in the last two bear markets was a double bottom. This bear market seems to be following the same pattern. Currently, bitcoin is in phase 1 of its bull market and has confirmed support around $23,000 to $25,000. Even if there is a drop in price, it would not negate this phase and would present a great buying opportunity.
Potential gains and monetary freedom
While the percentage gains in each bitcoin bull market may be declining, a rise to $100,000 is still possible. However, bitcoin is more than just wealth accumulation. It represents monetary freedom and a hedge against the debasement of fiat currencies. As governments continue to print more currency, prices will keep rising and the control of central banks over citizens will increase. Bitcoin offers a way out of this enslavement.
Hot Take: Bitcoin as a refuge
Despite the current fear and doubt among crypto investors, bitcoin is in phase 1 of the bull market and is maintaining its price structure. By zooming out and looking at the bigger picture, it becomes clear that bitcoin has followed a similar pattern in previous bull markets. While gains may be declining, a rise to $100,000 is still possible. Beyond wealth accumulation, bitcoin represents monetary freedom and a refuge from the debasement of fiat currencies. It offers an escape from the control of governments and central banks.
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