Nerves rule the roast when it comes to Bitcoin price

in cryptocurrency •  3 months ago 


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Two months ago, Bitcoin was pumping above $8000. A lot of analysts were nervous that it was going up too fast too soon.

Now just two months later, the mood is different. Even well-known crypto evangelist Michael Novogratz admits he would be 'nervous' if Bitcoin dropped to $8500.

I'm not sure I understand this logic. Especially given Bitcoin is less than $2000 away from that price.

Less than a month ago, the price of Bitcoin dropped $1000 in a day. It then recovered. As I stated in a previous post we have legions of quasi-bulls predicting a substantial drop in the Bitcoin price before another run-up.

Between now and the halvening, the Bitcoin price can do just about anything. For me, it's healthy for your heart to brace yourself for that fact.

Managing emotions is a key part of investing in cryptocurrency. I try to mentally prepare for the inevitable feelings of regret whether way the market goes.

If the price tanks, I'd wish I'd taken profits. Even if I had taken profits, I'd wish I'd taken more; maybe a slightly higher price.

If the price pumps, I'd wish I accumulated more. Or worse, that I hadn't taken profits when I did.

It is part of the course. That's why I hedge my bets accordingly.

The only way to feel nervous at the price falling to $8500 , would be if I felt that such a price would somehow be the deathknell for Bitcoin.

I'm not sure such a price point exists. However, if it did think $8k was it, I'd reduce my exposure accordingly.

In the end, it not what the market does that catches you out. It is what you do in response.

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If the price tanks, I'd wish I'd taken profits. Even if I had taken profits, I'd wish I'd taken more; maybe a slightly higher price.

Let's watch this in an 'animated way' can we? };)

If the price pumps, I'd wish I accumulated more. Or worse, that I hadn't taken profits when I did.

"Never take your eyes off a 'bull' no matter how calf it is."

lol

Thank you for the reminder about an essential tool for traders, a strong and disciplined mind. I think this phrase is key:

In the end, it not what the market does that catches you out. It is what you do in response.

Yep, you need to have a plan, be strong enough to stick to it, and understand there will always be the potential that you could have acted differently to be more profitable.

These 20-40% corrections will be laughed at in 5 years. Many people will say, dang bitcoin was only $10k, what a deal! Lol

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I am holding my emotions and will just hold my BTC and also earning SP and all the tokens that I can stack-up despite all the news, I am staying at this game @nanzo-scoop :D

One thing I learned while I was trading the Forex market is to never regret missing out on moves or booking profits too early. That is how you end up unsatisfied and feed the urge to take riskier bets.

Diversification cures the urge. Reinvest profits in appreciating assets.

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I have kind of accepted that i just don't know what will happen so i'm just strapped in for the ride so to speak...

The market can be a drinker of men, lol literarily I think sometimes these prediction are based on stats and previous occurrences and I definitely think the time will come when Bitcoin will break boundaries and unexpectedly moon the way people won't comprehend, this was proven in December 2017. However you're always Lost in that dilemma not knowing whether to sell and regret it when it moons further or not sell when then it drops, in other words it's emotional rollercoaster there and we can only hope sometimes

Cool to see. Even though BTC is the front runner right now, I feel that other projects are important to keep an eye on. Market cap is only one indicator of the success of a coin among multiple others. I also have my eye on XRP, LTC, and LINK.

Congratulations @nanzo-scoop!
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Bitcoin at $100 K... soon !

Guys, if you dump your BTC below 8500 rest assured I will buy it ;)