Is the Bull Market done?

During the time it was first incepted and introduced to the market, Bitcoin was fairly used in a small number of individual. Safe to say that Bitcoin was incepted by a visionary developer and it was widely accepted by nerds (lack of better word) who were into board games and then slowly creeping towards mass acceptance. The first company that took this by the horn was Mt.Gox and it was a disaster. They got hacked, sufficed to say.


Bitcoin stayed relatively low in price, while people around the world didn't even know that it ever existed in the first place. When the price hits its first 100 dollar mark, some of the opportunist who saw this as viable option to earn (through mining), the market euphoria started.

It has been more than 10 years since that time, and now Bitcoin is priced at around 41,000.00 to 45,000.00. Anyone who had bought Bitcoin at the price of 3 dollars per piece, has become millionaires while some still hasn't figure out where they keep their Bitcoin. lol. And some forgot their passwords. Fortunately, the amount that is loss is considered Burnt. A month ago, Bitcoin sees 48,000.00 per piece and rejected. The price pumps following the news of the ETF euphoria and when the ETF finally approved, the price of Bitcoin did not pump in actual event, it dumps. This market behavior leave the public investors wondering what happened.

Breaking it down, this is what happened during that period and my thoughts of it:-

1. Market has been bearish for quite sometime during and after the end of 2022. During 2023 the market was bearish throughout the 1st half of the year, marking the all time low since BTC hits 65,000.00 price. BTC hits 18,000.00 for a brief moment and goes back to 22,000.00 to 23,000.00 price point. Total market cap of crypto was at 700 Billion, down from 3 Trillion. Crypto was heavily scrutinized by the SEC while CCP back and forth with their banning campaign.
2. In the 2nd half of 2023, the news in regards to Black Rock possible involvement in crypto investing brings back a little bit of euphoria to the market. With possible 30 Trillion in their asset management into the crypto market. The crypto market was affected by the news yet again, and BTC pumps to low of 30K to 36K, bringing the total market cap of crypto to 1.1 Trillion from 700 Billion. However, the market got a lot more volatile with the figures in finance flip flop in between supporting crypto as a good class for investment. lol. Personally, I see this as their attempt to manipulate the market. Or their test the water to see how far their influence will go. The caveat:- the further the ripple of their actions that they seen into the market, the easier for them to manipulate the market. Duh.
3. Following this flip flop of a market at the end of 2023, Blackrock filed for ETF BTC for approval with the SEC. This is when the investors starts buying into the market and BTC jumped from 36,000.00 to 40,000.00. There were rumors that SEC will reject every application, but we are talking about Blackrock's application. 99% of their application to SEC were never rejected. Knowing this, the market has already priced in, maxing at 48,000.00 per BTC, with close to 2 Trillion of market cap. At this point everyone thought BTC will soon hit 65,000.00 again. However the expectation were dampened due to close to no price action following ETF's approval. There was too a blunder by the SEC's twitter feed being hacked. lol. How does a government's assets got hacked? Believe it or not, it does not matter. Market has already been priced in.
4. At this current moment in time, there are no pump to the market. Refer to point 3 why there are no pump in closest time. To be frank, from my own observation, people are scared that Bitcoin could not pump forever, and thus before BTC dumped, they will dump first. Explaining the current price fluctuation. From 48,000.00 to 45,000.00 and then to high 42,000.00. Tomorrow? Who knows. Could be 36,000.00. Suffice to say that when the market is plagued by over greed. It's a good time to sell, and buy in again down the road. As you can see, that is what the public masses is currently doing.

Personally, from observation, we know that the current pricing of BTC is unsustainable. This is mainly due to the market over expectation of what the ETF could bring to the table. You could read my opinion on the ETF here: Bitcoin ETF:- Make or Break?.

My closing thought

Although the giant has tumbled, it is not the end of it. It is very important to keep in mind that the titans of finance world is already here. However good or bad that is, if you see a dump, grab that opportunity to get more of the tokens you love (deemed suitable for your risk appetite). The high of 100K per BTC is still in the horizon. Even 1 million per Bitcoin is possible. In the future, the government will print more money as their go to solution for financial problems. With more money, more spending, more inflation. There will be a lot of news that will try to manipulate your greed and fear, be it, you still going to buy that dip. Even if it still dip afterward. Rest assured, the world is warming up to the idea of digital concept.

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