The Wolf Den #440 - Light At The End Of The Tunnel
thewolfden.substack.com
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. Our current market downturn has been painful, but it pales in comparison to the bear markets of the not-so-distant past.After Bitcoin’s peak in December, 2017, a brutal 8-month downtrend ensued. Euphoria turned to disbelief and then despair. When price was 30K, market participants were sure that they were simply getting a healthy pullback before an inevitable move to 50K.But instead the opposite happened.Price continued to drop, and then basically ranged in the low $6,000s for 3 months, chopping traders up and destroying any semblance of patience or sanity. It was horrible.Bitcoin barely budged by one percent on any given day. Everyone knew a major move was imminent, but nobody wanted to believe it would point straight down. It was hard to imagine that things could get worse.The break from this range was ruthless. Price rapidly broke through almost every remaining support on the chart. It was literally hell for the crypto community. Bitcoin dropped down to $3K and remained near this level for 3 months, ranging up and down, slowly climbing its way back up to $4K then $6K, and so on.The entire space held their breath and closed their eyes. Not even dip buyers were excited.When price was ranging around 3K, people truly believed that Bitcoin was going to die. Prevailing sentiment was that price would drop below $1000 and that it would never recover..Many altcoins actually died during this drop, while other have never been the same again. During the crypto winter, there was no light at the end of the tunnel. There was no theoretical news story that could "save us," no prevailing narrative, no volume. Traders and investors were forced to hunker down and say a prayer to the crypto gods. The bravest investors bought what might have been the "generational bottom," but most didn't touch this dip in any meaningful way. The sentiment was that bad.There is light at the end of this tunnel, and not just a trickle. Yes, the community is expecting another big move considering the abundance of uncertainty around a number of macro factors. And when clarity comes, it might not be good news. Price could go down.But Bitcoin price is sitting at nearly 40K - not 3K. Retail investors were alone in the crypto winter. This time we have the biggest institutions in the world, countries and billionaires in the bunker with us. Adoption is at an all time high. Hash rate is at an all time high. Money is pouring into the space at an almost unfathomable rate. People actually believe in the future of Bitcoin and crypto.Much of the reason that I write this letter is to bring awareness to the developments around us In order to boost your conviction. My hopes is that this content is a daily steroid shot for your beliefs. I want you to find another reason each day to tighten your grip, to strengthen your confidence and conviction in a tangible way."The finest steel has to go through the hottest fire." It is how we manage the downturns that prepare us for the inevitable glory ahead.In This Issue:Light At The End Of The TunnelBitcoin Thoughts And AnalysisLegacy MarketsNavigating The MetaverseDid OpenSea Get Hacked?Intel Unveils Mining ChipMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #440 - Light At The End Of The Tunnel
The Wolf Den #440 - Light At The End Of The…
The Wolf Den #440 - Light At The End Of The Tunnel
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. Our current market downturn has been painful, but it pales in comparison to the bear markets of the not-so-distant past.After Bitcoin’s peak in December, 2017, a brutal 8-month downtrend ensued. Euphoria turned to disbelief and then despair. When price was 30K, market participants were sure that they were simply getting a healthy pullback before an inevitable move to 50K.But instead the opposite happened.Price continued to drop, and then basically ranged in the low $6,000s for 3 months, chopping traders up and destroying any semblance of patience or sanity. It was horrible.Bitcoin barely budged by one percent on any given day. Everyone knew a major move was imminent, but nobody wanted to believe it would point straight down. It was hard to imagine that things could get worse.The break from this range was ruthless. Price rapidly broke through almost every remaining support on the chart. It was literally hell for the crypto community. Bitcoin dropped down to $3K and remained near this level for 3 months, ranging up and down, slowly climbing its way back up to $4K then $6K, and so on.The entire space held their breath and closed their eyes. Not even dip buyers were excited.When price was ranging around 3K, people truly believed that Bitcoin was going to die. Prevailing sentiment was that price would drop below $1000 and that it would never recover..Many altcoins actually died during this drop, while other have never been the same again. During the crypto winter, there was no light at the end of the tunnel. There was no theoretical news story that could "save us," no prevailing narrative, no volume. Traders and investors were forced to hunker down and say a prayer to the crypto gods. The bravest investors bought what might have been the "generational bottom," but most didn't touch this dip in any meaningful way. The sentiment was that bad.There is light at the end of this tunnel, and not just a trickle. Yes, the community is expecting another big move considering the abundance of uncertainty around a number of macro factors. And when clarity comes, it might not be good news. Price could go down.But Bitcoin price is sitting at nearly 40K - not 3K. Retail investors were alone in the crypto winter. This time we have the biggest institutions in the world, countries and billionaires in the bunker with us. Adoption is at an all time high. Hash rate is at an all time high. Money is pouring into the space at an almost unfathomable rate. People actually believe in the future of Bitcoin and crypto.Much of the reason that I write this letter is to bring awareness to the developments around us In order to boost your conviction. My hopes is that this content is a daily steroid shot for your beliefs. I want you to find another reason each day to tighten your grip, to strengthen your confidence and conviction in a tangible way."The finest steel has to go through the hottest fire." It is how we manage the downturns that prepare us for the inevitable glory ahead.In This Issue:Light At The End Of The TunnelBitcoin Thoughts And AnalysisLegacy MarketsNavigating The MetaverseDid OpenSea Get Hacked?Intel Unveils Mining ChipMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO