Boy was I wrong

BitLift

September 8th 2024

Here we sit. 5 months after The Halving. 2 months from the election. 4 months away from 2025.

This week, I looked back at my crypto journal to see what I was thinking at this exact moment during the last cycle - and it was SHOCKING. I wrote:

“Doesn’t look like things will get as crazy as they did last cycle”

Boy was I wrong.

But I can see why I thought that. Bitcoin was at ~$10,500. HALF the previous cycle’s $20k top. And that was the highest it had been all year.

That’s as if we were at $34k right now after bouncing around the $20’s all year long.

Can you imagine if that had happened? Sentiment would be in the trash. We’d be down in the dumps like I apparently was.

Instead, this year we had the BTC ETF. It injected so much energy into the market that it triggered our muscle memory to believe it was time for alt szn. That The Cycle was coming early!

But it’s clearly not the time to be buying altcoins. We’re way to early for that. And we’re being punished for it. The market is great at reminding us of our impatience.

I didn’t buy my best performing altcoin until A FULL YEAR after the 2020 halving. Which would be April of next year. More on that next week.

To the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift

“The Cycle” Update

Tick, tock. Here comes the next block. The Cycle continues.

Bitcoin is retesting it’s $1T market cap and sitting on the 50 week moving average. It feels scary out there, but no reason to panic. When the supply shock hits, and volume picks up, it’s off to the races.

The red bars below are a copy/paste of the previous cycle onward starting from the 3rd halving. Hard to believe that’s possible. But it happened. And that was the least explosive cycle.

Crypto Podcast Snips

I listen to a ton of crypto podcasts and started bookmarking important moments using Snipd to share with you guys on Instagram, TikTok and YouTube.

Jonah Van Bourg: “What’s Bitcoin’s Product Market Fit?”

Nathaniel Eliason: “You Should Avoid Crypto Copycats”

Jonah Van Bourg: “Is Blockchain Falling Short?”

Keep Up With Crypto

What I’m reading, watching, sharing and keeping an eye on in crypto recently.

From the BitLift Discord:

@GERBZ:That wasn't fun to wake up to 😅 apparently a coinmarketcap glitch

@LeaW: Trying to buy buy buy. What was that about not taking holidays? Coinbase ac disabled for 1 month probably from trading in Mexico

@GERBZ: Ughh ~ yeah, I use a VPN for EVERYTHING. They won't even let you buy!? Or just not withdraw?

@LeaW: They made me re-verify my ID and then decided I was a risk and halted my trading for 1 mth. I can transfer it out but that's all.

@GERBZ: Update from Durov (CEO of Telegram)

Du Rove's Channel

❤️ Thanks everyone for your support and love! Last month I got interviewed by police for 4 days after arriving in Paris. I was told I may be personally responsible for other people’s illegal use of Telegram, because the French authorities didn’t receive responses from Telegram. This was surprising for several reasons:  1. Telegram has an official representative in the EU that accepts and replies to EU requests. Its email address has been publicly available for anyone in the EU who googles “Telegram EU address for law enforcement”.  2. The French authorities had numerous ways to reach me to request assistance. As a French citizen, I was a frequent guest at the French consulate in Dubai. A while ago, when asked, I personally helped them establish a hotline with Telegram to deal with the threat of terrorism in France. 3. If a country is unhappy with an internet service, the established practice is to start a legal action against the service itself. Using laws from the pre-smartphone era to charge a CEO with…

t.me

@thejezzajc: For the first time, a client paid me in bitcoin today. Felt good. 🧡 🚀

@GERBZ: You should frame it and put it on the wall

@thejezzajc: Well, he did it on-chain so I guess I could take a note of the block number! 😆

@GERBZ:

@badjanitor: