Authored by Bruce Hunt via Hackernoon.com, TL;DR Btc leads bull rally. Top altcoins follow behind bitcoin. Majority of altcoins rally behind bitcoin and top altcoins. Huge corrections begins. Btc corrects, new floor price. Majority of altcoins follow, new floor price as well. Drought for months to a year. Crypto space waits for “huge event” to build momentum from. Rinse and repeat Photo by @bitcoin.day (unknown source). Contact me if this image belongs to you for proper attribution. I will always be proud of buying into Bitcoin around 0, just as I will always be proud of my ability to see past the short term and hodl. Having witnessed and participate in bitcoin leading the bull rally back in 2013 to ,000+ per bitcoin was probably the greatest bitcoin moments of my life. It was better
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- Btc leads bull rally.
- Top altcoins follow behind bitcoin.
- Majority of altcoins rally behind bitcoin and top altcoins.
- Huge corrections begins.
- Btc corrects, new floor price.
- Majority of altcoins follow, new floor price as well.
- Drought for months to a year.
- Crypto space waits for “huge event” to build momentum from.
- Rinse and repeat
Photo by @bitcoin.day (unknown source). Contact me if this image belongs to you for proper attribution.
I will always be proud of buying into Bitcoin around $100, just as I will always be proud of my ability to see past the short term and hodl. Having witnessed and participate in bitcoin leading the bull rally back in 2013 to $1,000+ per bitcoin was probably the greatest bitcoin moments of my life. It was better than sex, and even better than buying the bottom.
Tweet by @Arjunbj on Twitter
I could not even describe the stage of euphoria everyone was in. You just had to be there to truly know what it was like. It was a very different experience than today’s new all time high and bull rally. I mean, this was the time when people were skeptical about Bitcoin and it was considered a fraud, anyone who touched bitcoin was a criminal. It was called internet money, or magic money. This was the time when CNBC and other major news outlet would not even cover Bitcoin unless it was about “Dread Pirate Roberts” and “Silk_Road” or other crime-related news associated with Bitcoin.
This was the time when we only had the Winklevoss Twins publicly supporting Bitcoin and involuntarily becoming the face of Bitcoin. This was the time when we didn’t have Venture Capitalists investing in it, when Wall Street didn’t trade it, when the Silicon Valley talents were too busy working on Facebook, Snapchat, Uber, Airbnb and etc to “disrupt” the world we know today.
This was the time, when the word “crypto” was short for cryptography, not fucking digital currencies!
And we didn’t have #Cryptotwitter! We had a handful of exchanges with trollboxes and IRC to orchestrate our ‘pump and dump’.
Bitcoin & blockchain have come so far:
- Only an idea 8 years ago
- $15,000+ per coin now
- Billions in market cap
- VCs investing in it
- SEC issuing statements on it
- Wall St trading it
- CNBC can't stop covering it
- Silicon Valley talent flocking to it
The future is here.
— Pomp ???? (@APompliano) December 11, 2017
Today, we have bitcoin futures for Wall Street to play with, crypto funds making accredited investors richer, venture capitalists backing and investing in ICOs, Silicon Valley projects and talents transitioning into crypto, and we have banks exploring blockchain technology and making patents in hopes to monopolize blockchain technology for rich ivy-leagued white men only.
"Bitcoin is a bubble because people other than rich white men that went to Stanford are making 100x returns and that makes no goddamn sense."
— KP [Bitcoin $100K] (@_Kevin_Pham) December 12, 2017
Now back to my headline. I mentioned my personal experiences to let you know that I have been there, I WAS THERE, and I think I have more authority on crypto than James Altucher and Tai Lopez combined. So listen to me when I write stuff:
How I think this crypto market behaves:
1) Bitcoin leads the bull rally.
FOMO (Fear of missing out) occurs, non-stop media news coverage, notable bitcoin/crypto figures on television, traditional finance experts analyzes bitcoin’s trend, crypto twitter explodes, new mainstream investors come to stomp coinbase, coinbase loses.
2) Bitcoin reaches new all time high.
People are in stage of euphoria, more hype, more new mainstream investors pouring money into crypto, more figures being interviewed on television, and self-proclaimed bitcoin/crypto experts comes out of their shells.
3) Bitcoin’s price somewhat “stabilizes”, this time its above $14,000+.
The “I told you so” people come out. And,
Niggas put 25$ into bitcoin make 8$ profit and then get on twitter like "idk how y'all do that 9-5 shit"
— Yama (@Yamsleezy) December 1, 2017
Tweet by @Yamasleezy on Twitter
4) A handful of solid altcoins rally behind Bitcoin, $ETH & $LTC leading the altcoins this time.
FOMO continues, reaching new crypto market cap ATH (all time high). Euphoria continues.
5) Top altcoins “somewhat” stabilizes, also reaching new all time high.
The frenzy continues.
Newly minted millionaires and notable figures come out and preaches that blockchain technology and crypto is not about just money, that it is about just being part of the revolution:
6. Have fun and enjoy the greatest wealth creation event of our lifetimes and a transformative technological revolution.
— Ari Paul (@AriDavidPaul) December 10, 2017
6) Majority of cryptocurrencies follow.
People buy the cheapest coins in hopes that they go up as well (in which they do, even the dead coins listed on small exchanges get in on the action with $100k+ volume of trading activities in 24 hours).
7) Majority of crypto including Bitcoin and top altcoins price stabilize.
People settle down, hype activities fade, crypto social media, news media shows sign of slowing down.
Millionaires and notable crypto figures come out and warn people the “dangers and risks” involved when investing in cryptocurrencies because they have nothing to say.
8) HUGE Correction starts
Bitcoins and altcoins starts trending down.
Continues to fluctuates for weeks to months, until finding its new floor price, it is usually nowhere near its ATH.
Bitcoin’s first biggest rally was $1000+, when correction started, it went down as low as $200, and finding its new floor price at $400-$600.
9) Crypto depression
Drought for months to a year.
People start regretting not taking profits, not even 30% of their portoflio.
People back to bitching at ICOs and teams because the price is not moving up.
Just a lot of angry people in crypto when we are in the state of “depression”.
10) Back to step 1, rinse and repeat.
Photo by RyKnow on Stocktwits