Keep calm and HOLD...
It's the bear market...
Alright... here we are coming to the end of what's been probably one of the longest and most brutal weeks in crypto's history, and I know It can be very hard to focus on much else when your portfolio is looking the worse for wear. Many micro factors have combined leading us to this point. Inflation, pandemic, supply chain disruptions, China locking down, the ongoing war in Ukraine, terrible US CPI numbers, rate rising, CoinBase's first-quarter number, and last but not least the infamous de-pegging of LUNA-UST...
So, without trying to cover the blindingly obvious...it's the bear market we've been waiting for...
FUD is everywhere
I'm sure that anyone who's been around for a while has many "battle scars" and the recent crash is just a one. Of course, this is nothing new in the Bitcoin markets. However, it's the time when weak hands start coming out left and right spreading fear and FUD among the crowds. And from my humble experience, I can tell that despite how far Bitcoin has come, there are a lot (I mean a lot) of people who would like to see it fail. They would like to twist the truth and show that crypto was always doomed from the start. That way, they might feel less guilty about not getting into Bitcoin in those years when it was so cheap and when they were dismissing it. That's why we always see (especially at times like this) all kinds of naysayers cropping up here and there on TikTok and Twitter spreading fears and rumors. And unfortunately, sometimes they can push people out of the space. I have a friend who bought Ethereum near its 2017 top and capitulated in the 2020 covid-19 collapse at around $100 level. This is something that he constantly regrets and I don’t want you guys to be in the same position...
Keep looking at the long-term horizon...
Here is a little story. We all know CZ. He is the founder and the CEO of the largest crypto exchange- Binance, but what not everyone knows is that CZ had to sell his house in 2013 in order to buy Bitcoin and after he did Bitcoin crashed by -70%, and CZ lost about $700k. Crazy? Well, that was what everybody said at the time, but now this "crazy" is now the richest man in crypto with a wealth of $60B
All he has done is that he focused on what he believed is right, and when we have a mindset like this, we can see that these massive shakeouts in the market are part and parcel of the long-term crypto bull market. So, if the recent crash scares you about the future of crypto, please ask yourself this: how are the people who've been in crypto for a long time reacting to these rumors and to this market? I mean the likes of CZ, Vitalik Buterin, or even Elon Musk...
From where I'm standing, nothing has changed. Everyone who's working on Ethereum, Binance, Hive, AVAX.. etc are going on as usual.
History has taught us that Bitcoin can be sick sometimes, but it can't be dead. Crypto is not going to zero, it's just entering a painful phase of correction, but it will emerge stronger. Nobody said HOLDING is easy but it's the only way we should go if we want to ride the crypto revolution...
If your portfolio doesn't look that good, then just do yourself a favor. Close the charts, get a snack or go for a walk. There is nothing you can do now, so please don't beat yourself up. Where the market goes, keep calm and HOLD...
PS, Unless otherwise stated, all images in this post are either my own design or from free photo-sharing sites (e.g. pixabay.com)
Hello friend @qsyal.
According to you, the most important thing is to remain calm, not to let ourselves be led to despair, the markets offer us tickets that we have to know how to take advantage of and withdraw on time.
Greetings and thanks for your contribution.
Dear @qsyal
FUD is indeed everywhere.
Of course. During accumulation phase large players will do anything in their power to spread fear and panic. And we are in consolidation phase for quite sometime already.
This way they can stock up with cheaper crypto.
Also reality is, that youtubers are doing better than ever in times of panic or hype. Market moving sideways is just to boring. So they will always try to exploit fear or fomo as much as they can.
My personal view on current market condition is as follow:
Truth be told, I consider current crypto market to be super strong. And pretty much wiped out from so called "weak hands". Even horrible event as War between Russia and Ukraine (followed by global sanctions against Russia) didn't crash the market. It just brought it to 30k levels.
Now as awful and tragic news related to LUNA (which sold thousands of thousands of BTC in their attempt to protect UST peg) also only brought this market to around $30k levels. It seem that every BTC which goes beloww 30k is being "scooped up". And it's only harder and harder to bring enough fear and panic to push more people to sell.
Based on my limited experience: whenever we reach level of total fear, then we're near the bottom.
Cheers, Piotr
You're absolutely right...the sad truth is that they can always push a lot out, something that makes me wonder why people don't take a glace at BTC's history before quitting and hitting that sell button
Indeed. I think most people who hold Bitcoin now will most likely keep doing so, no matter where the price goes, so bringing more fear doesn't make much sense at this point
I share the same point of view too
Thanks for reading and supporting :)
Greetings @qsyal _
It is very true what you say and I share it.
The important thing in all this is to be able to have control and not to despair . the market that will provide new moments to make the entries and exits in the best way and calm is the best friend.
Thank you very much for sharing your publication
You're right. At times like this, calm, patience, and logic are best friends...
Thanks for reading :)
Hello buddy!
I think such days come, yet people who panic and start selling mindlessly are the ones who lose. Yes I can tell that what I have now is way less than before yet I haven't lost anything, actually we never lose until we sell and that's what I'm avoiding to do as I believe this situation won't last for too long and crypto market will recover and be healthy again.
Thanks for sharing!
You've nailed it :)
Thanks for reading :)
Hi dear friend @qsyal
well said, those men became rich because they took advantage of the opportunity, I know many other rich people, maybe not with millions of dollars but with hundreds of thousands, I think it can be achieved if we observe and study the market, a Chinese only took 3 thousand dollars and made a short to LUNA and won 2 million dollars, the opportunities are there, we just take them
god bless you
LUNA is a disastrous story. I hope the team can find out a way to recover it in some form (although it's something that's near impossible).
But you're right, crypto is full of chances. We just have to do our research to find them
Thanks for reading :)
I don't think there is anything bad if you have spare money and decided to hold your position in the cryptocurrency market by not simply selling your token in the cryptocurrency market right away.. Remembered that there is reward if you can go in long term.
My advice is that you should never be moved by whatsoever thing happening in th cryptoccurrency market, beware of FUD