Bitcoin update at $66,000

Bitcoin update at $66,000. So, first of all, nothing's really changed. We are in a bare market. That is totally fine. It will be over. Um James Czech, my favorite analyst, says based on every historical Bitcoin bare market, this one will be over likely sometime between May and August. Uh the outliers being it could be earlier than that, which would be this month or uh perhaps February 5th when Bitcoin hit $60,000 was the low. We don't know. We will not know until the future when we look back and either February 5th will be the low at 60,000 or at some point between now and August where you know sort of the farthest outside chance is maybe September. You know we get one last spike down that undercuts $60,000 by I don't know a dollar for five minutes. I don't know. Who knows? Whatever. And maybe that sets a new low. Nobody knows. Literally nobody knows. Uh, but Bitcoin's on sale and as James Czech says, the goal is not to time the bottom. The goal is to buy all of the bottoms. That means the bottom at 66,000, the bottom at 72, this is the bottom at 65. The just buy them all. He's like, look, nobody knows where the bottom is. There's no special prize by buying a Bitcoin buy cheaper than your friends that got, you know, $1,000 cheaper per coin. It doesn't matter in the grand scheme. When Bitcoin's 500,000 or a million dollars per coin, you will not care if you bought it at 66 or 68 or 72 or 64 or 61. It's all of those numbers are just not going to matter. Uh for what it's worth, uh right now feels a lot like 2022 where 70,000 and 17,000 feel basically the same. Uh back in 2022, it was like we peered above 17,000 and then we're back in the 16s. Then a little later we peered above 17,000 back in the 16s. Above 17 back in the 16s. I mean it was like every it felt like we were a uh a prairie dog. It felt like Bitcoin was a prairie dog. Like it poke its head above 17,000 and then back below and then it poke its head above 17,000 back low. Poke its head above and it did that for months. I mean this is just normal anyway. So Bitcoin feels that way except 1717 is now 707D doing the same thing. We poke our head above 70,000 and then we're back down. And we poke our head above 70,000 then we're back down. Poke our head above 70,000 then we're back down. So James Shack says this will go on for some series of months. Uh it's already gone on for a series of months. And on average these things just take time. It takes time to wash out all the weak hands. It takes time for, you know, everybody to I do everything they're going to do in bare markets. That's the same thing for every every asset goes through bare markets. It doesn't matter if it's Amazon, uh, Tesla, Microsoft, Facebook, Google, Nvidia, Tesla, all the top performing stocks of all time have gone through periods like this. Commodities go through periods like this where gold or soybeans or silver or, you know, corn is in a bare market. It's just normal. It's normal for precious metals. It's normal for commodities. It's normal for uh digital assets. It's normal for stocks. So, nothing is abnormal. So, uh, I haven't done as many videos lately, partially because they'd all sound the same. They would all be the same, which is to say, one, everything happening now is normal. Two, behind the scenes, there's a ton of positive progress. Citadel, one of the biggest uh, you know, most forward-f facing financial firms, is applying to be a Bitcoin bank. Morgan Stanley launching their Bitcoin ETF. You got Black Rockck announcing uh, and launching a a new Bitcoin ETF that's got some hybrid features of it. strategy out there, formerly Micro Strategy, accumulating ridiculous amounts of Bitcoin with their STRC product, uh, which is called Stretch. I mean, all of these things, it's just like behind the scenes, all positive. The price does not reflect that. The reason the price is not higher is because almost nobody's paying attention, and so it's slowly just grinding out those people. As Jack Morers says, you know, markets will wear you out and scare you out. Uh, the scare you out part is when there's a big price drop. The wear you out part is this groundhog day up and down and then up and then down and then up and then down and it just grinds people out. It drives them crazy. Hope, despair, hope, despair, hope, despair. They just can't handle it. So, forget about it. Don't worry about it. I took the Bitcoin price off of my Apple Watch. I used to have the Bitcoin price on my Apple Watch and I was like, I don't need to be checking the price 50 times a day. We're going to grind sideways for a series of months. If you can buy more Bitcoin while we're grinding sideways, great. It's basically always on sale. Like any any price under $75,000 is like ridiculously on sale. Um, frankly, any price under $130,000 is also on sale, which means Bitcoin has never not been on sale. It's just on sale more sometimes than others, regardless of how the price low the price goes. It's not anywhere close to the prices of the last bare market. So if you looked at the price draw downs, the percent draw down in the 2012 bare market, it was the highest percent draw down. And then 2014 was less bad. And then 2018 was less bad. And then 2022 was less bad. And then 2020 uh6 right now is even less bad. So everything's normal. The only thing different, the only thing not normal or different about this bare market is it's not nearly as bad as any of the ones in the past. Every Bitcoin bare market of the past was scarier. The price dropped lower. The percentage decline was higher. You know, people were talking about existential threats to Bitcoin, blah blah blah. No, nobody's talking about any of that right now. Nobody's acting like, you know, Bitcoin's over, you know, the government's going to ban it tomorrow, you know, etc. None of that's being talked about. Like, it's just in a bare market like any other asset. And the thing about bare markets is you should look at the asset and say, "Hey, is there a compelling case that this asset is going to come back stronger than ever?" And the answer with Bitcoin is yes. It is still the best money in the world. And humans still need money. It's more divisible, durable, portable, funible, authenticable, and scarce than anything else in the universe. It is ideal money. And over time, ideal money beats out less ideal money because people want to hold on to the better money or trade the better money for the worse money. And the US dollar is still losing as much value as ever. And that is likely to accelerate in the medium and long term uh as the government has to essentially lower interest rates and print a ton of money to bail out all these, you know, private private credit funds and all this other stuff. It's just, you know, there's lots of cracks in the economy and international wars that make no sense, uh, make it all worse. So, uh, all of the things that make Bitcoin amazing are only getting better. All of the things that make the US dollar suck are only getting worse. Um, so it's it's a one-way street. It is just a matter of time. And like the adoption of anything, it takes time and it goes up and down and it goes through bare markets. And this is Bitcoin's fifth bare market. So, if you're worried about Bitcoins uh being in a bare market, this is the fifth time. Fifth time. The first four were 2012, 2014, 2018, and 2022. Uh so, this is the fifth one. It's fine. Everything's fine. Don't worry about it. It'll be fine. Uh nothing's wrong with Bitcoin. Bitcoin's stronger than ever. It's all good. So, you know, behind the scenes, you know, things are marching forward. the smart money, Morgan Stanley, Black Rockck, Citadel, they're all doing what smart money does, which is they're preparing for the future. They're building, they're, you know, they're doing all the amazing things you would do if you were building for the future, and you intended to benefit from Bitcoin's long run price appreciation. So, all the smart money is doing all of those things. And the dumb money is selling their Bitcoin because they think it's over. And they don't realize that bare markets are normal. They don't realize that everything that's happening right now is normal. So the dumb money is selling their Bitcoin to the smart money. The dumb money will eventually regret selling their Bitcoin to the smart money. And the smart money is building, building, building and accumulating, accumulating, accumulating, which is what smart money always does. Uh or not always does, but usually does. So if you need anything, let me know. Uh you can always reach me 601-2070813. Uh that number again 601-2070813. You're welcome to text me. Although the best way to reach me is always just Facebook Messenger. Literally just this profile that is live streaming this video, hit message, ask me anything about Bitcoin. I'm happy to answer questions. I'm happy to, you know, hold your hand. I'm happy to be your personal Bitcoin sherpa. I'm happy to tell you that yes, now is a great time to buy Bitcoin in case that's not obvious. Um, so I'm here for all of that. And again, I'm I could record a daily video that says all this stuff over and over again, but it's going to be over and over again until the Bitcoin price starts moving up and at which point a ton of people will be sad that they didn't buy more Bitcoin. This is what always happens. What always happens is we go through these bare markets and then the price takes off. And as soon as the price takes off, everybody starts calling me saying, "Hey Joel, I really I really wish I should have bought a lot more Bitcoin. I I should have bought more Bitcoin. I wish I had, but I didn't. What do I do now?" Well, what I want to say is, well, you should have bought more Bitcoin back when you knew you should have bought more Bitcoin back when the price was cheap and it was in a bare market. But guess what? They're going to stall start calling me at 90,000, 105, 116. Everybody's going to call me and say, "I feel like I missed it. I feel like if I was going to buy Bitcoin, I should have bought it in the 60,000s." Well, guess what? Yes, you should have bought it in the 60,000s. And we've been grinding around in the 60,000s for months, which means you can't say, you know, you blinked and you missed it. No, we've been grinding around in the 60,000s for months. We'll probably be grinding around in the 60,000s for weeks or months more. And so, guess what? All these people are going to say they wish they had bought a lot more. And, you know, they feel like it just sort of left them behind. You know, blinked and they missed it. It's like, no, you did not blink and you missed it. It went on for months. It went on for months. And the reason you didn't want it was it wasn't going up. But the best time to buy financial assets is not when they're already going up. is before they start going up, which is exactly when you can buy Bitcoin right now. You can buy it right now before it goes up and you can buy it on sale and then you can benefit by it going up a lot higher percentage when it does go up, which is inevitable because the fundamental properties of Bitcoin are such that it will go up in the long term and historically it has been the best performing asset in the past. And guess what? In the future, it will also be the best performing asset. It's only a matter of time. So, same formula as always. Buy as much Bitcoin you can hold on to it for as long as conceivably possible. That's what a ton of smart money is doing right now. And the Bitcoin price would be a lot higher if a lot of dumb money was not selling their Bitcoin to the smart money, which is the only reason the price stays down is because there's a seller for every buyer. Well, at some point we will exhaust the weak-handed sellers and the strong-handed sellers will be forced to pay a higher price, which is what always eventually happens. And this will be this time will be no different. Let me know if you need anything. I'm here to help you in your Bitcoin journey. And a whole bunch of people are going to wish they had bought a whole lot more Bitcoin in the 60,000s. Happens every time.