People tend to have a very short memory...

We most often compare these current bull market with what happened back in 2016-2017, and for good reason, it's the closest thing in terms of market structure and ecosystem to what we have now.

Though, admittedly, things are still a lot different now than they were back then.

Specifically the robust derivatives markets, institutional involvement, media coverage, more transparent trading etc.

Anyways, people tend to remember the bull market of 2016-2017 as all rainbows and puppy dogs...

But it wasn't.

In fact there were multiple large draw-downs along the way...

For example, in early 2017 bitcoin dropped by 30% or more twice within the first half of the year.

Check it out:

(Source: https://twitter.com/TheCryptoLark/status/1302384840730271745/photo/1)

Bitcoin won't go straight up...

Back in 2016-2017, the price of bitcoin didn't go straight up during that bull market and it won't now either.

In early January 2017, bitcoin pulled back 37% in a matter of days.

Then in March 2017, bitcoin again pulled back roughly 27% over the course of a couple weeks.

Those are two massive draw-downs and there were several more along the way before bitcoin eventually got near $20k by the end of the year.

Just because bitcoin dropped by over 20% in a matter of days now doesn't really mean anything.

It was par for the course during the last bull market and I suspect it will be during this one as well.

In fact, these big drops might even be what is needed for the price to eventually go higher as more and more shorts pile in, which provide fuel for a bigger move up when it starts going higher.

Stay informed my friends.

-Doc