Bitcoin Pump Just Getting Started

Don't be distracted by corrections - the bull market is here...

Author

Mills Mills
December 12, 2023

Last week Bitcoin made a bullish surge towards $43k/44k and we’ve now dipped back to $41k.

7% correction and the predictable headlines scream all over again: volatile, unpredictable, risky! But this is a tiny correction. What might be a big deal in the stock market is merely a blip in Bitcoin.

As Bitcoiners we’ve become used to this, which is why we don’t even flinch.

Volatility is the price you pay for the extraordinary gains. Just look at this incredible chart:

Source: Fidelity’s Global Head of Macro, Jurrien Timmer

Bitcoin is truly in a league of its own. There is simply nothing else that even comes close for risk/reward.

The Bull Market is Here!

This 8%+ fall (and growing) hasn’t discouraged the bull market believers yet.

Since breaking through the 40k ceiling, the price of bitcoin continued to climb up to briefly touch $45k on December 5th, 2023.

Compared to recent history the charts look very strong and signal that bitcoin has officially entered the next bull market. Don’t be distracted by the dips.

For all of you Dollar Cost Average-ers out there - the mission is unchanged; continue stacking. Buy the Dip is more than just a meme. It’s an opportunity.

And as the SEC ETF approval seems imminent (inevitable?!)… it also seems likely that the price will continue to climb with new money accompanying this next phase of adoption.

Coinbase is strongly leading as the primary custodian for the bulk of the ETF proposals.

Many are looking forward to a bitcoin ETF for the ability to add bitcoin to their portfolios in exactly the same was they would buy stocks, oil, gold… through traditional financial instruments

Cathie Wood says that multiple ETFs will be approved concurrently. That means the biggest fund managers in the world like BlackRock, Fidelity, Franklin Templeton and others will all be competing to bring new investors to bitcoin.

Marketing budgets will be HUGE!

And as we continue to quite possibly leave behind this bear market in advance of the ETF, the price of bitcoin will likely be dramatically impacted by increased demand.

While this inclusion is likely to make more people invest in bitcoin, it’s important to note that bitcoin bought as an individual and held in self-custody is available today - and forever.

THERE IS NO SUBSTITUTE TO SELF CUSTODY

So, Where to From Here?

Short answer: nobody knows.

Whatever may happen, there are a lot of comparisons to the 2017 cycle being made lately.

Exciting times to be that bitcoin/crypto person in your family/friend group.

May we all have patience for the inevitable question about price volatility and have goodwill in our hearts as we remember this classic tweet.

xoxo,