Bitcoin is about to shock the world, and it will be sooner than you think. This market will test your conviction, unlike anything you have ever experienced before. The only question is if you will have the patience and willpower to survive the Bitcoin market until that happens.
Everyone would love prices to go straight to the move so that we can all retire, but that isn’t how financial markets work. It will be a rollercoaster ride up and down, and there is a certainty that you will be feeling extremely nauseous by the end.
The event that Bitcoiners have been hyping for years finally happened a few weeks ago. The spot Bitcoin ETF was finally approved and began trading. This ETF was supposed to be the catalyst that sent the price of BTC instantaneously up to $100k and above.
However, the exact opposite happened. Due to the intense selling pressure coming from the Grayscale ETF, the price of Bitcoin dropped from $49k down below $40k before bouncing.
“When in doubt, zoom out.”
Whenever there is panic with Bitcoin, it’s always important to zoom out. The reality is that these spot ETFs have become the most successful ETFs in history. When Grayscale’s ETF opened, there was always going to be heavy selling pressure. That was compounded by FTX selling all of their shares of GBTC as well.
The point is that as the days go by, the selling pressure will begin to wane. All the while, there is still heavy buying pressure from the ETFs. Sooner than later, the price will begin to reflect that and soar.