What I Learnt From the Current BTC Dip
We are in a very interesting and unexpected season with regards to the crypto market. It is clear that, the bears are currently driving the market crazy, and this is very disturbing if you already have accumulated more of your favorite coins with the hope that the market will not dip further like it is doing now, you will end up staring at the lower prices multiple times now without any funds to buy more . The unfortunate thing is that, most of us currently do not know the next possible move of the market. Alts are going crazy as BTC fall below $23000, the last time we experienced this kind price of BTC was December 2021.
Source
Ethereum as the biggest alt coin is also not left out in this plunge. The total marketcap of the crypto market fall below $1trillion. Taking a look at all this happenings, you will realize that, the strong hands are seriously accumulating, this should serve as a lesson to noobs like me who have joined the crypto space just recently.
The first lesson I learnt from the market is to always set targets and be grateful when your targets are achieved. I was taught by my mentors that the market has no mercy for greedy folks, and yeah, we are seeing it now. In the first place, you have to understand yourself as to whether you are a trader or an inventor. Even though you can decide to be both an investor and a trader at the same time, you have to play your cards very well and extra care needs to be taken. Before you go into any trade or investment, you have to set your targets well, which clearly states your entry and exit criteria. For scalpers, always set your target for the day and when the target is achieved, it's better to leave the position and plan your next move.
Long-term holders should also be practicing dollar cost averaging to be able to accumulate more in situations like this.
A meme from twitter
Another thing I have realized is that the crypto influencers are not saints. There are a lot of individuals on the various social media platforms, especially crypto twitter and they share their ideas about the crypto space. Some of them turn out the expected way, but in most cases, you will end up at a loss if you depend on them blindly. Hence, to be safe, invest more in your knowledge to the extent that you can do your own research in order to be able to trade or invest with confidence. This will reduce your losses and you will be able to manage your survival in bear markets.
In conclusion, the two important points I have stated in this write-up are that it is all about trading with extreme care and doing your own research. Thanks for reading and have a nice day.
Hello @salamdeen
I don't know if really the bearish with their actions are driving the market crazy, why, we would have to assume that the bullish also drove the market crazy when they inflated the price and left it in a bubble. I have learned that every price action of any financial asset executes a parabolic move and Bitcoin is no exception, correcting is necessary for the health of the market, remember that Bitcoin started its bull run at $9K.
Best regards, be well.
Yes, you are right on this one, the market need to cool down and that is what we are currently experiencing
Your post was upvoted and resteemed on @crypto.defrag
the crypto is end
Dear @salamdeen
Thanks for sharing your experience buddy.
Wise lesson. Setting targets and having some strategy is the best way to control our emotions. And to avoid emotional financial decisions (which then we regret more often than not).
I found it quite interesting to realize, that such a drop (like the recent one) doesn't create panic in my head. On the contrary - I feel greedy and I feel kind of FOMO anytime such a crash is taking place. I see it as an opportunity and I wish to have more FIAT or stable coins to invest now.
I've realized long time ago, that whenever markets are at such a low levels -> this is the time when large players (those accumulating BTC) will do anything in their power to spread as much fear and panic. To maintain low prices and to bring markets even closer to its knees.
And this seem to be happening just now.
So I would not expect that another bull run will start soon. This sort of accumulation periods may easily last months. Wouldn't you agree?
Cheers, Piotr
Exactly. And i have a strong believe that, the market will keep a little bit long within this range
Like one said. It seems BTC will still keep going down but I believe this is the time to find more buying opportunity
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