Bitcoin Just Hit a Wall (Finally)

TL;DR

• Bitcoin went from ~$50k to ~$63k in 4 days, before finally hitting a wall at ~$64k, yesterday morning — giving us hope that we’re not in a left-translated cycle.

Full Story

Remember how, as a kid, every October you’d get direct access to a mountain of free candy and inevitably:

Eat too much → get an instant surge of energy → pock mark your parent’s dry wall with fist size holes → throw up → fall asleep standing up…

No? Just us. Ok, moving on.

We reminisce, because Bitcoin just did something similar — sugar rushing from ~$50k to ~$63k — in what? 4 days??

Before (finally) hitting a wall at ~$64k, yesterday morning 👇

“You almost sound excited? Why is that?”

It’s cause we’re scared of seeing a ‘left-translated cycle’ — which is a crypto cycle that peaks earlier, and drops for longer.

So instead of seeing a slow climb in price over 3 years, then a drop over 1 year, we see a sharper rise over 2 years, and a prolonged 2 year decline.

(See header image ☝️).

“Who cares? A sharp rise over 2 years sounds awesome!”

That it does!

Only problem is — IF we’re in a left translated cycle — we’re already 1 year and 10 months into that 2 year rise (the party ends in April).

Now, here’s the good news:

A left-translated cycle is yet to be confirmed — and the market may just be growing faster, earlier, thanks to the billions of dollars worth of investment coming from the Bitcoin ETFs.

(Which wasn’t a factor in previous cycles).

And we’ll be honest…

Seeing BTC get quickly rejected from $64k (where previously it has been able to maintain and plateau after each pump) has given us hope that we’ve got a good year or more of paced out gains ahead of us.

And we’re holding on to that hope for dear life.