The month of October 2021 has just ended and the price of Bitcoin closed above $61K. This gave us an excellent performance for October 2021, renamed as Uptober by some, as the Bitcoin price was $43K on October 1st.
The performance of the Bitcoin price was therefore around +40% for this month.
Nevertheless, this should be just the beginning as the next few weeks look promising for the king of digital currency. Generally speaking, November and December are even better than October for Bitcoin.
Of course, history doesn't always repeat itself, but it often rhymes as Mark Twain once said.
Enthusiasm and euphoria are common feelings when Bitcoin is in a Bull Market
Add to that extremely bullish fundamentals, and you can see why I think Bitcoin is in for a run towards $100K in the coming weeks. The performance of the Bitcoin price over October has brought back the feeling of greed in the Bitcoin world.
A feeling of euphoria that is often preceded by enthusiasm. These two feelings are the most common in the Bitcoin world. They can be found when everything is green, and the price of Bitcoin is soaring.
This was the case at the end of 2017, then at the end of the second quarter of 2019, at the end of 2020, then at the beginning of the second quarter of 2021.
When everything is green and the price of Bitcoin keeps beating ATHs (All-Time Highs), it is obvious that it is easy to believe in the Bitcoin revolution. Anyway, even if you don't believe in it, the mere fact that Bitcoin is a NgU technology is enough to convince you. The natural human appetite for money does the rest.
Things get complicated when Bitcoin enters a Bear Market
If you look at the Bitcoin market cycle, you will notice that its price moves in 4-year cycles separated by a very specific event: Halving.
It is this automatic process built into Bitcoin's source code that ensures that inflation in new Bitcoin will reach zero around 2140. Coupled with the limit of the Bitcoin supply to 21 million no matter what, this process allows Bitcoin to be hard money whose monetary policy is entirely programmatic.
All of Bitcoin's value derives from its unique protocol.
Once you learn about the Bitcoin market cycle, you'll notice that after periods of Bull Market, there are always periods of Bear Market. And it is during these periods that you are most likely to lose everything.
During these red periods, the enthusiasm and euphoria disappear, and many end up capitulating by selling their Bitcoin at a loss. This is a monumental mistake, but we have seen during 2018 for example that many investors make it.
Trust and patience are essential qualities that are much more scarce
The reason if these investors give in to their emotions and end up selling their Bitcoin at a loss is primarily due to a lack of confidence and patience.
These two qualities are much rarer in the Bitcoin world. But these are the qualities that will allow you to take full advantage of the Bitcoin revolution in the future. Bitcoin is indeed an incredible monetary revolution that will take time.
Things are already moving very fast since Bitcoin's inception, but you need to be patient and accumulate Bitcoin for the future. Bitcoin is indeed an accumulation game for the years to come. To be able to continue to accumulate Bitcoin whether in times of euphoria or in times of extreme fear, you will have to develop confidence in the Bitcoin revolution.
If you can do this, then you will be able to have the patience to take full advantage of Bitcoin.
Look at Bitcoin’s yearly lowest price, not the highest price
To finish strengthening your belief in Bitcoin before a future Bear Market that is sure to test your emotions, I invite you to focus not on the maximum price of Bitcoin per year, but rather on the annual low price of Bitcoin.
This annual low price is much more telling, and you will see that it only increases over time:
This is what gives Bitcoin its status as a NgU technology that is so important in attracting new people who can then take advantage of its revolution by taking full control of their money.
It's up to you to develop the confidence and patience to make a difference in this world of infinite potential for the future.
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