My First Bear Market - Bear Markets ain´t Boring
On my never-ending trip through this crypto-verse, I meet a lot of troubled minds. Some are even lethargic after just a couple of months of bear market.
Thou should not worry, bear markets in general take only 289 days according to Forbes, while the average bull market runs for 991 days or 2.7 years. So if you are not able to stomach a year of bear you might want to consider a different hobby.
Yes hobby, anyone making a full income from being in crypto just knew how to turn a hobby into a continuous source of income.
Call me arrogant for putting it that bluntly, but that´s just how I see it. Who knows maybe I change my mind when I grow up. For now, I see a crypto verse filled with hobbyists, keeping in mind that most people know more about their hobby than their job.
Come to the point
My point is, there are specialists in crypto. How often do I not see that the guy that called the previous bottom is now calling another dump. Or according to this analyst with 1 million Twitter followers this signal signs a new rally.
Don't bullshit a bullshitter and don't BS this baby. All those so-called signals are great, but the crypto verse ain´t that simple.
First of all, due to its small size, it's easy to manipulate.
Secondly, a signal does not mean Freckle if the other factors do not fall in line.
Thirdly, the other factors are what I use to base myself on. A TA of a chart is only helpful if you know what is going on in the ecosystem, in the crypto verse, and in that so-called real world.
That is why I write about those talking P´s, I think that the human sentiment is a big influence on what the market will be doing next. So I love to listen to what all these wise guys have to say when they draw lines and do their TA. And then I am on my merry baby way.
That type of childish behavior can get you killed, or at least rekt. It can also turn $200 into $2000 just playing on an exchange during the bull market. I ended the bull market very positively, but I knew poo about the bear market.
Live, learn and lose and that is just what I did. I got my investment out and saw my 10K profit dwindle down to 2K.
But I had 2.5K in fiat and I started pumping that back in, well that and some more. It´s a risk, but holding fiat these days isn´t going to make you rich either. So I planned to spread risk and invested and invested 8K back into crypto over the course of this bear market. The question is am I in the green?
Dude, who is the fool asking that question?
I am investing in the bear market since it started in January and we are literary at the bottom ....how can I be green????
I am,...hmm let me check:
I got about 3.1K on exchanges and 4.1K in my wallet.
Adding all the bits and pieces floating around I might be able to add another 0.5K which would put me at 7.7K and $300 in a loss.
Now if we drop another 20% before hitting the real bottom, which I still expect to come by the end of Q4 I would be at around 6K and at 2K loss, a 25% loss.
Now I could do a very optimistic future perspective in which BTC will hit a new ATH which means that everything I currently own would do at least a 3X, but the thing is nobody has a freaking clue what will happen tomorrow. So if you invest in crypto, be ready to lose it all, and when I say all I mean all.
- You can get hacked.
- You can make a mistake in a transaction
- You can live in a country where the government bans crypto
- The internet might die, or maybe you do and you did not share your private keys with anyone!
So why invest in crypto?
Because it´s your hobby! That is how simple it is. You have funds that you can lose without too much hassle, you like the crypto-verse and you have nothing else to do with your life anyway. But be ready to get REKT, always.
Don´t cry about your losses, enjoy the trip and write off those investments. I had X amount of fun for 4K per year. That means my hobby cost me 11 dollars a day, am I enjoying this crypto-verse enough to spend 11 dollars each day?
Yes, I do
That is why I can´t stand those comments like the bear market being boring. Dude the bear is the best, all the sats you can make during this bear year will probably pay off trice. And even in a bear market, you can stack sats by trading, even if you do spot trading like me.
ETH and ETC gave me a nice little profit as I started selling the news way before the non-event happened.
XRP provided me with a nice little profit, allowing me to buy more sats. And I tripled my money already by buying and selling BRISE.
Just keep staking those Sats
This bear market is probably going to last till Q2 of 2023, by that time we will have hit the bottom. And the world will try to work itself out of a global recession.
That is when markets will start to recover, that is when money starts flowing again a little. Best case scenario, I might be in the green by the end of 2023. If not, if I am REKT by Jan 2024, if crypto was just a scam, what better could I have done with that 8K? How could I have enjoyed that money every day other than reading, writing, playing, and talking about crypto?
This has been the most fun since I stopped working in a bar and started to live a grown-up life, which probably means that I think life is fun when you live it slightly irresponsible.
Thanks for the read!
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