I LOST $7000 - Crypto Weekly Diary #12

What a rough week it has been... We've just been a part of probably the worst 48 hours in crypto for quite a while now. A lot of FUD spreading through the streets. I feel lucky to have picked up on crypto early, because if I hadn't I'd be straight negative in my portfolio! I'm not going to sugarcoat this. Waking up and looking at my portfolio right now is kind of depressing. I wish I could give everyone here more assurance on the future of this space. All I know is I'm long term. I haven't sold anything back into fiat since I've bought it. Maybe a dumb decision since I was hitting amounts of money I thought would take me a year to get, and maybe that will be the case now. But below I am going to put down a couple bets that I think will happen in the next couple months and throughout the rest of the year. Remember, there are 365 days in a year. Last year saw crypto go up thousands of percentage points. Just because we've crashed today, doesn't mean we'll still be crashing in 6 months.

MY THOUGHTS ON THIS MONTH

We're probably still going to go down overall for a few more days. If not great, but there's a lot of technical analysis that says BTC and the market in general is still on a downturn. However, the crypto scene is resilient. There's a lot of support at the base level and I see a very small chance of the entire market crashing. Remember, a lot of these coins, these projects are revolutionary. There is no way Ethereum crashes for example.

I would like to think that the end of this month will be a hectic buy spree, seeing BTC and other Alts moving out of this slump. They probably won't test ATH's but you never know. I just think that the bleeding isn't over yet, but we definitely won't bleed out.

MY THOUGHTS ON THE REST OF THE YEAR

I wasn't in crypto this time last year. God I wish I was. If you were you'd know that there was a bit of interest going around. If you'd bought a Bitcoin then it would've cost you just under $1000. If you'd kept it even now you'd have made an 8x profit. Markets will move up and down. There is money to be made here and people will keep trying to make money off of it for the rest of this year. The trick, the skill isn't picking the 24 hour winners, it's picking the yearly winners. I will be holding my money in crypto for the rest of this year. I am supremely confident that I will be in a better position in a year than I am today. The long term trend is up.

WHAT I'M DOING AT THE MOMENT

I've put another modest $100 into BTC at the moment. I want to add more but I only like to allocate myself small amounts each week to invest in crypto to keep my general wealth portfolio balanced (e.g. holding a certain amount of cash and other investments along with crypto). I want very badly for this just to be a slump. I could be completely and utterly wrong, it is always important to keep that in the back of your mind. I could also lose all my money, but if I did I wouldn't care, I'm willing to lose what I've invested (purely because I believe I won't lose it).

I hope you are all doing fine. It's tough time but I promise there is a light at the end of this dark tunnel.