We had a little bit of gains this morning that are being wiped out by the current dip intra-day. Seems to be some holiday-thin trading volume and continuous caution from investors.
Volatility is (obviously) elevated during these times, especially due to about $24 Billion in Bitcoin options that are due to expire today. Good news with these is that there is currently a 3:1 call/put ratio, which just means that there's more bullish sentiment than bearish.
Other crypto assets are trading sideways or negative on the day which aligns with the ongoing fear in the market. Fear and Greed index is sitting at "Extreme Fear" and bears:bulls analyst ratio on X is about 6:4 signaling that overall community sentiment is bearish.
To me, these are always the times I look to get good entry. When everyone else is scared or fearful or thinks that we are going to crash, that's my metric to start looking on the up side. HOWEVER, I know full and well that I could be wrong and the market could dip more. That's why it's very important to make sure you are not investing more than you are willing to lose.
My Thesis: BTC is a long term hold. Do I think it'll be significantly higher in 5 years than it is today? Yes. I'm okay with going through some volatility on the way there.
What are your thoughts on where we sit in the market right now?