Bitcoin has earned a multitude of monikers over time, ranging from "rat poison" to "criminals' money." In its early foray into the mainstream, skeptics often dubbed it the "next tulip bubble." The tulip mania chart, showcased in the main image, delineates that the tulip bubble endured just one cycle—four years.
Tulip bulbs skyrocketed to "an ATH of 100 times their weight in gold." However, once the bubble burst, these valuations never resurfaced. What sets this so-called asset (tulip bulbs) apart from Bitcoin, despite both being likened to bubbles, is that the tulip bubble ultimately burst, while Bitcoin persists in its inflationary trajectory.
During bear markets, Bitcoin experiences temporary price declines, causing the bubble to deflate. Yet, upon reinflation, it consistently surpasses previous cycle peaks.
The pivotal question remains: will it ever burst? While I cannot definitively answer, as long as a superior form of money ("flight to safety") doesn't surpass Bitcoin, it will maintain its supremacy, with its value against fiat currencies continuing to soar.
In the previous cycle, Bitcoin surged to $69,000, largely fueled by Tesla adopting it as a payment method. However, when Tesla abandoned this form of payment, Bitcoin swiftly entered a bear market, triggered in part by LUNA.
Do Kwon remains in Montenegro, with extradition to the US looming. What will propel the current Bitcoin bubble (bull market) to a new ATH in the coming year? I contend that the halving remains influential, and the near-certainty of Bitcoin spot ETFs in America will significantly contribute.
Some argue that BTC mimics traditional markets in price action, with a slight lag, and current trends suggest an overarching bull market. With the Dow Jones and Nasdaq recently hitting new ATHs, 2024 promises to be intriguing.
BTC is likely to hit its next ATH around July of the next year. Although historically it takes several months post-halving for the next ATH, with two major catalysts elevating the price, this time frame could be expedited.
Typically, when BTC surges, altcoins follow, albeit not at the same pace. Holding BTC in the early stages of the bull market often makes more sense than holding altcoins, except for a few exceptions. Once BTC cools, capital flows from BTC into major altcoins.
After significant pumps in ETH and other major altcoins, profits are realized, and capital shifts to smaller cap coins. In a bull market, USDT or any other stablecoin should be the last resort.
Surprisingly, some crypto investors are still on the sidelines, anticipating BTC to dip below $25k or even $12k. This skepticism seems unfounded, especially considering investment funds like Blackrock eagerly awaiting the approval of BTC spot ETFs, aiming for the highest possible BTC price.
Predicting a $12k BTC at this juncture is implausible. Trust my words.
The most lucrative opportunities this bull market lie with altcoins, especially microcaps like the gems @sapphirecrypto has fervently advocated on Hive. Reflecting on my six-plus years in crypto, I realize this experience hasn't substantially altered my financial landscape.
Approaching 40, crypto currently stands as my potential avenue to accumulate enough wealth to buy a home and transform it into a haven. I earnestly hope to achieve this. Don't squander the current bull market like I did for two consecutive cycles. Immense opportunities beckon; seize them.
Thanks for your attention,
