The Brief for November 30, 2020
Happy Monday! Bitcoin’s market cap went back to all-time highs. Alts are keeping pace (in some cases, exceeding it).
I have good news and bad news.
The good news: your portfolio is up. Premium subscribers should be way up. And, if you’re following the plan, you should expect to continue seeing your portfolio rise no matter what happens next, because you bought crypto during the last two dips, when bitcoin’s price was between $5,400-$7,800 and $9,800-$10,100—prices we’re unlikely to see again. Now, we wait for the next buying opportunity.
The bad news: bitcoin’s rising price is not sustainable. Yes, I know, institutions, next stop $30k, PayPal, BRRR, etc. I assure you, if we keep going up without a meaningful crash, this bull run will end a lot sooner than you expect, a lot lower than you would like. Not soon, but sooner than you expect. Sure, we’ll come out way ahead, insane ROI, and we’ll get out before the next bear market starts, but you’re not here for +500% returns in less than a year, you’re here to see the value of your crypto go up 10-20x for months on end.
All the news is focused on all-time highs. So, just one item to highlight and a video you may enjoy.
Bitcoin hits the home page of The Wall Street Journal
Bottom line: Wall Street Journal, perhaps the most stodgy, prestigious financial newspaper on earth, published a positive article about bitcoin on the front page of a recent issue.
My take: OMG now WSJ thinks it can make money off of bitcoin articles. Which massive, highly-respected, widely-read media outlet will come next?
Why we care: rich people, politicians, investors, and financial insiders read and trust WSJ. I don’t think I need to explain what that means for sentiment among people with money and connections when WSJ gives bitcoin a thumbs up :-)
Watch this video from Crypto Kirby as an example of a trader’s perspective of the market, notably the focus on reacting to moves in price rather than predicting up or down.
I don’t trade, don’t know anything about his VIP service, and can’t endorse his content. I include it here simply for his interesting perspective.
Who do you follow on YouTube? Please let me know, comment below or email me mark@markhelfman.com.
Relax and enjoy the ride!
Mark, at some point, do you intend to also target the new retail investors? People who are completely new to the space and have joined in the last 1-2 months.
What should their buying targets be if they missed the 5K-9K buying zone?