The bull before the Bull market

It has been a while since the crypto market was in such a bullish way. It is largely Bitcoin dominated but I believe it is a sign of what is to come.

At just over $71k, Bitcoin has once again set a new all time high. For an asset like Bitcoin, it is a marginal pump but it is growth, nonetheless and there are no signs it will slow down.

Strangely, I've never held Bitcoin because I've always felt like it is pointless for me. I've never had thousands of dollars just laying around to throw at the asset, so I've sat it out.

As I watch the market, I can't help but let my mind wander to the past three years that we've spent in the wilderness. All these years of people making memes and the mainstream media piling on our sorrows.

I think about the events surrounding FTX, FTT token, Lunar and even smaller projects like Thorchain. It has been an endless stream of pain and so, all I have is praise for everyone who stayed the course.

During a bull market, there'the tendency to fill the airwaves with superlatives. Now, I fully support that because when things were bad, detractors didn't hold back in their negative assertions about the market.

At the same time, I always encourage people to gain perspective. Always be vigilant because while things are good now, it is STILL crypto, and you can't take your eye off the ball for even one minute.

The real Bull

I reckon there's still some way to go for this bull market. Bitcoin sentiment is as good as it has ever been but I think there's still room for growth.

I reckon this is the bull market that we'll see Bitcoin hit and then cross the $100k mark. However, I think this will happen after the halvening.

Setting a new all time high is nice and all but Bitcoin tends to absolutely obliterate the previous level. So, while $71k is wonderful, I reckon we will see upwards of $80k and this is all before the halvening.

Post halvening pump will take Bitcoin across the $100k mark but only just. It'll settle somewhere around $105k and that'll be the all time high for a few years.

Future bull markets will see higher all time highs with even greater margins from the previous ATHs because for the most part, it tends to be a logarithmic progression.

About Hive

The charts tell a different story for hive and I don't know if it's good or bad. There's not been a corresponding jump in the value of hive and at just over 43 cents, we're nowhere near face-melting territory.

Hive's all time high is $3.4 and that was set just after the previous halvening in 2021. The question is, will we see something similar this time around?

There has been some accumulation in the background but I fear that there's also some selling pressure holding hive back. Trading hasn't also been too "exciting" with Hive doing just over $4m in the last 24hours while Steem, for example, is doing $12m in the same period on Binance.

Hive has at least pushed up from the 30 cents range to 40 cents range and will most likely crack the resistance and get to 50c. However, while I hope to see a new all time high, I fear it might just be a "healthy" pump to $1.5 range.

$1.5 per hive is not bad at all, to be fair. I just feel like it really could be better. I really hope hive beats my prediction and leaves me red faced. I'd gladly take the L, if it means I get to see another hive ATH.

One thing we know for sure is that Hive is here to stay and is thriving. It is not just a crypto project, it is a living, breathing organism with real people, making real connections and impacting each other's lives.

Posted Using InLeo Alpha