I am stupidly excited to get to this milestone... AGAIN.
Way more excited than I was the last time this happened.
Why?
Because last time BTC reaching ten thousand dollars seemed inevitable. After the Bitcoin Cash (BCH) FUD body-slammed BTC back into the $5,500-$6,500 range somewhere around November 15, it literally went straight up.
Every day.
Sometimes a couple thousand dollars in a day.
That can't last. It's simply not sustainable.
But to see it crash land and bounce like a red kickball off those exact same levels (a.k.a. around $6,000) during the sustained crash from mid-January to early February... That shows some moxy!
At the time of writing, we are at around a $475 billion market cap for global crypto, which is about 70% off the lows we saw less than 2 weeks ago.
For typically long-term investors like myself, I'm just not used to seeing this kind of action. But also, as a long-term investor, I know that the intermediate stops along the way are just for scenery and don't matter all that much.
This is a bubble in the making for sure, but we have in no way seen the top.
And I think this superb resiliency has proven it.
For all the doubters out there, and hey I know, a $500 billion drop in market cap is a scary thing to watch. Sure, I was a little disappointed to see my portfolio go from 6x to 2x, too... Who wouldn't?
But I was never really worried. Why? I have a couple of reasons.
#1) Fibonacci - I knew one of the support levels would hold. It turned out to be $280 billion, which just so happens to be a nearly perfect 61.8% Fibonacci retracement. Fibonnaci's my dude now. Maybe I'll wrote more about him in a later post.
#2) Chinese New Year - I am married to China. I love the place. But darn it if you can't get anything done in the two weeks leading up to the lunar new year, which occurs sometime in January or February every year. It's happening right now. People are home and bored af in their hometown. So we're seeing volume pick up. But you don't have to take my anecdotal evidence. Why would you? Take a look at this post from 
#3) Portfolio Diversification - I don't have all my money in crypto. I manage a balanced portfolio of uncorrelated assets. That means that when one thing zigs, the others zag. And vice versa. In the long run, this is a proven strategy to build wealth and sleep easy at night. I talk about this over at my blog LowBetaPortfolio.com. It's not easy and it takes some time to master your emotions for sure. But anyone who invests for long-term goals (housing, education, retirement, health care) has got to think this way.
We are now less than $100 away. The excitement is real. People are incessantly shooting off fireworks outside. They must be excited about BTC10K, too!
Oh wait, those are just my wife's neighbors going a little bit nuts for Chinese New Year.
Like they always do.
Happy Chinese New Year everyone! Enjoy the GAINZ!