You WILL go Crazy during the Bitcoin Bull Market
The Bitcoin bull market is unlike anything you will have ever experienced before. It can completely transform lives financially in an incredibly short period but can destroy them even quicker.
That is only the half of it.
There has long been a theory amongst Bitcoiners that it will eventually cause one of the largest transfers of wealth that the world has ever seen. They believe that the people who’ve been investing in it consistently will be greatly rewarded. And those who haven’t will end up suffering the consequences.
People who have fallen down the Bitcoin rabbit hole not only believe that Bitcoin is the next big thing, but that there is no other logical option. It’s not a question of “if,” but instead it’s a question of “when.”
Those who can survive the Bitcoin market until it reaches its potential will become wealthy. But the problem is that no one knows how long this will take. It could happen in 3 years, 10 years, 20 years, or may never happen at all.
The hard truth is that being active and investing in Bitcoin will be one of the most stressful experiences you have ever gone through. Most people come into the market excited at the thought of becoming rich and soon make a quick exit.
Once you begin to truly make it in Bitcoin and crypto, your portfolio will soar to amounts that you never thought you’d be able to achieve. Soon you will begin having thoughts about finally paying off all of your debt, buying your dream house, going on lavish vacations, starting your own business, or even retiring early.
Bitcoin is a contrarian and thrives on delivering as much pain as possible. When everyone believes the price will go up, that is when the rug is pulled. Then when people fear that the death blow and finally been dealt with, that is when BTC begins to soar. There is no predicting what it will do. You must always maintain your conviction and stick to the long-term plan. This isn’t a get-scheme. Rather it is a building wealth for the long-term plan.
During the height of the bull market, you will be on the verge of finally achieving your dream, and then it will be taken from you.
From that point on Bitcoin will retrace by 70% and stay there for 2+ years, until we begin to approach the next BTC halving. For most people, seeing their portfolio shrink by such a large amount so rapidly is too much for them to handle. It begins to affect their sleep, bring unprecedented stress, affect their health, and make them regret entering this market. Causing them to fulfill the pattern of buying high, and selling low.
The people who have had success with Bitcoin have consistently maintained conviction and continued to buy throughout the ups and downs. Remembering that this is a long-term play, and keeping their eye on the prize.
There will be days with Bitcoin when the price drops so radically that it feels like you’ve been punched in the gut. These are the days when everyone is selling, but you should be buying. These are the days that can transform your life, and there are a few that happen every cycle.
Last cycle there were two such opportunities that could have been life-changing if you took advantage of them.
The first was on March 13, 2020, when the price of Bitcoin dropped by 50% down to $3,5000 due to Covid fears. There are even rumors that the price could have dropped even further if Arthur Hayes hadn’t unplugged the BitMex exchange.
The other life-changing opportunity was after the FTX fraud came to light. This was the bottom of the bear market Bitcoin’s price dropped down to $15k. Another incredible buying opportunity for those who were able to buy when everyone was declaring doom and gloom.
The Bitcoin bull market will give you a dose of euphoria, unlike anything you have experienced before. It will make you feel invincible, and that you are on the verge of making it. However, as Bitcoin gives, it takes. The bear market that soon follows will send you into the deepest valleys of emotions.
You can make great gains during your first full Bitcoin cycle. During your second cycle, you can become rich. During your third cycle, you can build generational wealth. Always keep a long-term approach and that will help you stay sane in this market.
How about you? How have you handled the ups and downs of Bitcoin cycles?
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