Andrew Kang: The current market reminds me of May 21st, when we had grown accustomed to only rising prices and never falling.
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Andrew Kang: The current market reminds me of May 21st, when we had grown accustomed to only rising prices and never falling.
In the face of the market, you must remain humble.
Navigating Web3 tides with focused insightsAuthor: Andrew Kang
Translation: TechFlow
I'm beginning to realize that this is many people's first cycle and full bull market—an astonishing observation.
Throughout this entire bull run, BTC has seen extremely limited multi-day drawdowns—only around 20%—and it seems many people leveraged up during the last correction in April.
Yet in the previous cycle, we frequently experienced deleveraging events causing 30–60% drawdowns, collectively wiping out hundreds of billions of dollars.
Different cycles, different patterns—but disaster usually strikes when people become too comfortable and assume nothing bad can happen.
While I’m bearish, this isn’t me telling you to short the market or sell everything you own. It’s simply a reminder to be mindful of risk, avoid putting all your chips on a single trade, and recognize that if our trajectory exceeds expectations, that same trade could wipe you out.
The option value of holding reserves is infinite.
A private message from a reader to Andrew Kang
The current market environment reminds me of May 2021—not June 2021, and certainly not December 2020.
We’ve grown accustomed to only going up, treating every dip as a buying opportunity, quickly reversed by turbocharged momentum. We saw a sharp pullback from 64,000 to 45,000, and everyone rushed in, expecting the same bounce to happen again. But instead, the price kept falling. We clung to hope: more retail investors are coming; 40,000 is solid support; it’s a supercycle, etc.
It’s much the same today, with 9–10 months still remaining before bullish momentum truly begins. This time, it’s Ethereum ETFs and legendary traders calling for higher prices. I believe GCR is right in their long-term view—we’ll see new all-time highs in Bitcoin by 2025 (though not necessarily all altcoins). But that doesn’t mean we won’t experience extreme corrections over a one-month horizon.
In front of the market, you must remain humble.
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Andrew Kang
