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You know that scene from S3E4 of It’s Always Sunny In Philadelphia?
The one where Frank pushes one of the McPoyle brothers off a roof?
…but then the camera zooms out showing it was less than a one story drop, and we (as viewers) learn that McPoyle was never in any real danger.
Yeah, well there’s a lesson to be learned there:
When in doubt, zoom out.
The crypto markets feel like they’re in a tough spot right now (and they could well be), but before we go and hit the panic button — which we’ll do in the next article — let’s set some context, by first zooming out.
Like, out out. Back to previous bull runs.
What you’ll notice is that after hitting new all-time highs, Bitcoin has a tendency to consolidate within a range, and ping-pong sideways for 4-5 months, before moving up again.
Bitcoin reached its latest all-time high of ~$73k on March 13, 2024 — which means July 13 (roughly) marks a potential beginning for the crypto market’s next leg up.
Is it a perfect predictor? No. It’s hand wavey as all heck!
The point of all this isn’t to predict the bottom of this short-term down trend.
Instead, it’s a process designed to keep your emotions in check.
Cause it feels like the crypto market is currently hanging by a thread, from a 100 story skyscraper…
But, for now, it’s still within the parameters of previous bull cycle behavior.
