120 Days

Sometimes the market seems to deliberately slow down,
just to test whether you truly understand where you stand.

I gaze at the old hand-drawn sketches by Livermore.
Pure hand-drawn lines, no indicators, no noise.
Everything is so clear: accumulation, oscillation, breakout…
Then comes the point where “the next move is more important than all previous fluctuations.”

Next to it is the current Bitcoin chart.
Years of intense volatility.
Panic.
Frenzy.
Collapse.
Recovery.

Suddenly, an unsettling thought strikes me:
Maybe everything of the past three years has only been setting the stage.

The market often uses this tactic.
It circles around repeatedly, wearing you down,
teaching you to become numb,
smoothing out all expectations,
making fluctuations seem “ordinary.”

Until a moment arrives,
compressing everything into a singularity.

It’s not about “about to surge” or “about to crash.”
It’s because the structure reveals itself here,
who holds on because of conviction,
who stays because of illusions,
and who just didn’t have time to exit.

120 days are not about timing.
They are about phases.
When the market is no longer a vague backdrop, but once again becomes the very choice itself.

In such moments, I care less and less about target prices,
but more and more about asking myself:
what do I truly value in my holdings—
a sense of control, peace of mind, being present throughout…
or simply wanting to “bet right once”?

Perhaps, in four months’ time, looking back,
we’ll find everything has settled here.
Or maybe, everything has just begun.