Bitcoin has pulled back from the all-time-high of around $67,000 it reached earlier this week. But it’s still looking great at around $60,000.
A pullback here is actually quite healthy. We don’t want it to go up vertically. Parabolic (near vertical) moves inevitably correct hard. Steady growth is sustainable growth.
Select altcoins have also been doing well — especially Ethereum (ETH) and Solana (SOL). It’s a wild crypto market out there.
I continue to believe the bitcoin bull market has the most staying power. Bitcoin’s institutional adoption angle is powerful and somewhat unique in the crypto world. The vast majority of new professional investors coming into crypto are going to start with a healthy allocation to bitcoin.
I wrote last week that it seems very possible for bitcoin to reach $200,000 in price in the next year or so. And that view hasn’t changed. If we get that type of return, I’ll be quite satisfied.
Eventually, I may cave in and buy some FTX Token or Solana. But for now, I prefer to wait for a major pullback (which may never come). You can’t always chase, after all.