Market Update/Thoughts On Current Events

Hey friends, the Bitcoin correction that is happening right now has extended to 35.6%. This is just over our first major correction of this bull market which was just over 34%. That makes this correction the largest correction that we have had this bull market yet. If you compare this correction to every other Bitcoin bull market in history, this is average.

With that said I know that some of you are concerned with the prices. Just about everyone is bearish right now. As many of you know, I took out 30% of my Bitcoin at $100k, $105k and $110k. It took a little while for those numbers to hit but eventually they did. I also sold some of my ETH as many of you know. Also many of my early bull market alts I sold after they doubled in price. Not all but a majority. Yes many alts have not done well. BUT that is why in our portfolio BTC takes up my biggest bag. I will never have a bigger bag than BTC. I think that is completely irresponsible even though I took some heat for that early on this cycle when we had a very nice AI alt run. Even with a relatively moderate portfolio such as this we still realized incredible gains during that time.

If I were concerned right now I would consider dumping some of my weaker bags which have not done well. I would also consider selling 20 percent of my stronger alts here. Why? Because if I am wrong and we do end up going into a bear market, I would at least want to extract some value out of these coins. When this bull market first started, I was very clear that I would be dumping almost every alt this bull cycle. The only one that I would ride all the way back down would be most of the ETH which I have. Why? Because on a macro level I see ETH still being the backbone of much of the future financial systems. It’s not going away. Also people are still building on ETH every day. You also have some of the brightest minds working on ETH. There are too many people buidling on ETH for me to just let it go. I view this as a multi decade investment. If you don’t see it the same way then it’s completely fine to let it all go or even some of it. For me I am putting my money where my mouth is.

With all of this said, if you are concerned and are losing sleep over this market, it is perfectly fine to let some coins go. It isn’t worth the stress. We are all in different financial situations and there isn’t a perfect profit taking solution which fits all pocket books. Personally I am excited that I can dollar cost average into Bitcoin here and even more if it goes lower. Bitcoin isn’t going anywhere. It will eventually go to a million dollars and above but that will take time. How low will we go in the short term? I don’t know. Nobody knows. However I can’t ignore sentiment right now and I can’t ignore countries wanting to buy Bitcoin. I see too much going on to throw in the towel here. Yes alts are a different story but as you know they take up a small portion of my entire portfolio.

I think going forward the alt space has changed a bit. The top 10 coins are the safest bet. Also the occasional coin like HYPE which has an epic business model and makes tons of cash is a good bet over the long run in my opinion. I’ll continue to monitor the market. Once again I am going to dollar cost average into Bitcoin on the way down. So is Wall Street and so are many different countries. The game has changed a lot after the October 10th liquidation event. It’s no longer the crypto bros in charge. Wall Street is clearly in charge and they know how to flush people out and make people miserable. However if you know what their desire is (Bitcoin) we can take advantage of that. Fundamentally Bitcoin hasn’t changed. The Bitcoin owners are. Look no further than massive OG whales from 2011 selling their Bitcoin for billions. Where is that Bitcoin going? Wall Street. I am not about to let those guys buy up everything. I am going to nibble.

Take care and I will keep you posted as this correction plays out.