The Bitcoin market is a place of FOMO and hopium, where everyone has dreams of someday making it and changing their lives financially.
We have all been fed the dream that Bitcoin is not only the next big thing but that it will change the world. Hyperbitcoinization could ensue, and it would cause one of the largest transfers of wealth the world has ever seen. People often enter this market with the hopes that this could be the lottery ticket that helps to finally get them ahead in life.
However, things are different this time around for Bitcoin.
The last cycle was not kind to people investing in the cryptocurrency market. Not only did Bitcoin fall drastically short of most bull-cycle price predictions. However, there were self-inflicted wounds in the market that caused many experts to declare that the death blow had finally been dealt to Bitcoin.
Insolvencies ignited like fire across the industry and it seemed like there was no place to run. It was capped off with the historic fraud by FTX and SBF; causing the price of Bitcoin to drop down to $15k.
Being an active crypto investor during this time wasn’t easy, and it caused many to leave the market. For those who stayed, we were all left with PTSD. Just hearing the words that a new company is offering a service to “earn a yield with Bitcoin” is enough to make anyone’s PTSD flare up.
We were told that Bitcoin was finished and that it might not even reach a new all-time high after the next Bitcoin halving. Crypto influencers were even declaring that Bitcoin’s price would drop down to $12k, and moving below $10k was a real possibility.
Investors were waiting for this entry point, trying to time the market.
However, Bitcoin didn’t cooperate and began to be a contrarian.
Due to the announcement that BlackRock filed for a spot Bitcoin ETF, and its later approval; Bitcoin’s price would soar much faster than anyone anticipated. It was even able to achieve the unthinkable, reaching a new all-time high price before the Bitcoin halving. Something that has never happened in the short history of Bitcoin.
Now the floodgates of FOMO have begun to enter back into the Bitcoin market and people have begun to dream about just how high the price could go. If it was able to reach $74k before the having, reaching hundreds of thousands this cycle is a real possibility.
Yet, the people who were sitting on the sideline remain in disbelief and that is why this is the most hated Bitcoin rally.
The longer that you invest in the Bitcoin market, the more you will begin to understand that time in the market is better than trying to time the market. The reality is that there are only a handful of days throughout the year that Bitcoin sees its best performance. If you aren’t already invested and miss those days, that would have cut your performance drastically.
This is why the strategy of dollar-cost-averaging has become so popular.
Those same people who missed out on their "perfect" Bitcoin entry price will continue to wait. The Bitcoin ETFs have changed the game and there is no limit to how high the price will go.
One thing is for certain though. As the price continues to soar, the pain and regret these people feel will increase astronomically.
