What a wild winter solstice it has been here for me in the south this weekend. It might be something like what Christmas time is for the rest in of the planet in the north. And it’s almost as if, right on cue, our Santa Satoshi pumped the Bitcoin price up through the psychological big even glass ceiling of $10 000.
And Bitcoin certainly raced through it as if it was glass, shattering records for the year and prices like there’s no tomorrow. It looks like Bitcoin wants to reach its old ATH in a matter of days all over again. Remember that heady time just before the last parabolic bull run in December 2017, it only took a matter of about three weeks from when Bitcoin hit $10 000, to makes its way up to $20 000. It doubled to complete the final blow off top in just a matter of days.
And then it crashed back down of course. In other words it’s impossible to say what might happen at this stage. This is one of those classic insane parabolic moves that you will only find in crypto. I personally was in the market around that time, having just found out about buying Bitcoin in late November 2017. So I came into the scene when Bitcoin was at this price of $10 000 ironically. I then saw it top off and crash and because I knew nothing about trading, I bought and sold a bit and tried to trade up, and even succeeded in doubling one investment once, but I also bought in at the higher part of the price action and have been sitting waiting for price to return to break even for me, and those days are fast approaching.
However, I still know how much there is to learn still, although experience does pay off, for I have watched the entire bear market and am now at least losing less and less, and even making mini fractional profits bit by bit. And I watched Bitcoin break through $10 000 live, late last night at about 1 am my time, and boy did I feel the rush of dopamine as I saw that huge green candle push up with such speed and determination that I realized we are seriously in the bull market and it began to feel like those weeks in December 2017 all over again, when Bitcoin was breaking through $10 000 for the first time.
It has of course happened a few times since then but not for a while and not since this year long bear market, so it felt good. Few could have anticipated the force of the bulls to push it all the way to past $11 000 with ease, although I have heard some expert technical analysts hint on the volume in the buy orders being thin once we got over the 10k mark and if we got that far, we would possibly shoot through the last bit of price action up to 11.5k. Well, we saw 11.2k just a little while ago.
And then I just saw a massive 10% price crash in a matter of what seemed like one 15 minute candle. It was graphic and gripping. I couldn’t look away. And I tried to protect some positions and capitalize on other opportunities as the price of Bitcoin and the top alts all swung wildly while a wild winter storm blew outside on the mid winters solstice. It felt truly like a rush of dopamine and cortisol back and forth through my system until I felt exhausted, watching price finally settle more or less back where it started for some, but not for all.
The alts have been a mixed bag, ETH picking up pace and LTC now more sluggish despite the hard fork in August and further upside expected. But it was emotionally wrenching watching near misses of beautiful looking lows and frustrating misses of massive gains. Well, that is the way it goes for a novice like me. I will be lucky to scalp a percent or two here and there while I concentrate now also on defense, or preservation of my stack in stable tokens, as a safe haven from which to trade a few swings.
Of course, besides my trading stack, I have my long term stack stored out of trading altogether. That is how I strategize. Two strategies for two investment types, long term and short term. Otherwise even the best traders can lose more than they should. At this stage in the market Bitcoin "hodlers" are outperforming many traders as BTC climbs like a tornado pulling some of the alts up with it into its parabolic move.
But the alts should come to the party, and they will. They just lag a bit. It happened after the ATH in December 2017. Bitcoin was already dropping from its ATH when the alts began there’s in January a month later. What will happen now, according to experts, is that Bitcoin will carry on up to $11,5k or 12k, possibly throw in a 30% retrace somewhere along the line, and during this time the alts will catch up in Satoshi value, and hopefully dollar value.
First the large cap alts like ETH, LTC, EOS, and others will make some solid gains, and then later some will trickle down to the smaller cap alts over the next few weeks and months as BTC retraces and climbs its way up to new highs. At this speed $20k will be surpassed with ease on the way to ... (leave a guess here). One guess is as good as another. Everyone’s an expert in the bull market. Knowing where to sell is the real genius though and it does exist. So here’s to reading the signs and technical indicators with precision, and until the next anniversary at the summer solstice, or $20k BTC, whichever comes first, may the god of traders, the winged messenger be with us all.
