The No-Coiner Defiance Continues
Coming Together?
If this is not your first rodeo, chances are you are beginning to identify the comparisons with previous cycles in terms of market behavior and investor sentiment. The expected price action in terms of the final half of 2023 appears to be aligning relatively well with my predictions made earlier this year. Hopefully, Bitcoin will be able to end the year in the approximate region of $40K, give or take a few thousand dollars either way.
If this turns out to be the case, we are likely to see a slow, yet consistent move towards the previous all-time high. I would expect this to unfold within the first half of 2024 and predominantly within the second quarter. As the Crypto market continues to mirror previous cycles, so does the behavior of broader society. No-coiners continue to display a strong level of disbelief and even skepticism.
This too, has been a familiar pattern of the past and continues to be prevalent even in the current cycle. Even though we are seeing significant adoption and acceptance from TradFi, the majority continue to display the “negative majority effect”. When you consider BlackRock’s bullish stance and the enormous amount of global wealth under their management, it becomes difficult to refute the future of Bitcoin and Crypto, in general.
Yes, the motivations behind BlackRock’s ” sudden shift” are still up for debate. However, regardless of the motivations and intent, global adoption is still the desired outcome. Unfortunately, the average person is not much of a thinker. He goes to work, he comes home eats dinner in front of the TV, and then enjoys his weekend with friends and family. He doesn’t delve much deeper than what he hears or is told.
Those who understand the Crypto market, and its place in the future seek to understand. These people are generally thinkers, innovators at heart, and in some cases, pioneers. For the majority, things work fine as they are, so why would a change be necessary? However, things are not fine. Numerous national currencies are entirely collapsing. The traditional monetary system is showing signs of distress.
Decades of foolish mismanagement, and monetary policies with as much predictability as the wind are finally starting to yield their fruits of destruction. There needs to be the creation of new wealth at the base levels of society. The concepts of Crypto and tokenization make this a possibility. Outside of this dynamic, there is little hope for the average man on the street. It’s funny how people can be so averse to the only “financial salvation” on offer.
When you exclude price and simply begin to look at what is unfolding within the world of finance, and business in general, it becomes obvious that a blockchain-based world is an inevatable end. The defiance from no-coiners is of no effect. If anything, it will be responsible for robbing them of one of the greatest financial opportunities in recent history. Does that sound like a rather tall statement?
We can revisit it in 2033. Chances are the next 10 years will provide a front-row seat in the auditorium of hindsight. I do however believe that once the next bull market truly kicks in, there will be a large majority that suddenly wakes up. However, once again, this is likely to provide exit liquidity for the whales and more astute investors. A larger “awakening” will also produce a larger blow-off top.
Final Thoughts
The pinnacle of the next bull market is going to be a sight to behold. Essentially, I believe we can expect a new all-time high for Bitcoin between $200K and $300K. However, a monster awakening could push it significantly higher, but for a very brief period. At the end of the day, no-coiners will eventually capitulate… it’s just a matter of time. All the best and see you next time!
Disclaimer
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This article was first published on Sapphire Crypto.