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RE: Buy when there’s blood in the streets.
I've heard the first quote within the first week I got involved with cryptos. Time and time again, I noticed that it's true. When everyone is selling off, it's best to be buying because the prices are down. Most investors know this and they apply this when buying.
Sadly, crypto markets brought in a lot of new people, new investors who have never invested before. A lot of these people bought at the highest prices and started selling off out of fear when they saw the color red.
I think the crypto market is going down so hard mostly because of the newbies that know nothing about investing. A lof of people wanted to get rich with cryptos but they couldn't deal with the fear
Yeah, there's nothing new under the sun when it comes to auction markets. The only thing new here is crypto itself, but market psychology is the same here as it is in any other market. There's an old saying that goes like this: bulls make money, bears make money, but the pigs get slaughtered, and it happens over and over again, and the terrible thing is that it's almost impossible to change: for as much as you want to help others break the vicious cycle, it's a very small percentage that actually want to.