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Just Another Opportunity For More Altcoin Hunting!
The great thing about buying altcoins that you never intend to sell is that you can pretty much buy them anytime you wish. Obviously, doing your best to buy lows and bottoms goes without saying. It is important to me to continue this accumulation. In February of this year, I made the call to recommence the accumulation of altcoins I tend to hold indefinitely. As it turned out, this was days before alts bottomed. Altcoins proceeded to move significantly higher over the coming months and have recently been losing ground once again. We are currently in similar price zones as we were in February and I am definitely looking to continue accumulation. Unlike trading, long-term acquisitions don’t need to be perfectly timed. What does however count is the continuous accumulation over months and years. Looking back in years to come will generally confirm this strategy, provided you are buying quality coins.
An Interesting Observation
I have been quite actively trading over the past couple of days and have been studying and checking out a number of charts. Something that I noticed is that some coins did not break their previous all-time highs in this recent bull run. Even some coins that are considered “blue chip” never managed to discover higher prices. For instance, Litecoin pretty much hit the same high in 2021 as it did in 2017/18. This is a pretty bleak performance, to say the least.
This just goes to show how careful and informed one has to be when dealing with alts. This is exactly why I tend to lean towards staking and income-generating coins. This additional income does at least provide some relief when things tend to not go as planned. Compounding staking rewards can help to get the “donkey out of the pit” when prices collapse.
What Are The Chances?
I think it is fairly likely that the bottom is in for Bitcoin at 29K! Whether we revisit that level or not remains to be seen. Looking at where Altcoins are in terms of price relative to recent highs, purchasing alts between $30K and $40K appears to be a fairly “safe buy” for medium to long-term holdings. I was not interested in alts when BTC was trading at $50K and above. However, the “lockbox” made a compelling case to recommence accumulation. There are a lot of macro events that could pose a further threat to the Crypto market such as further rate hikes. However, these types of events usually get priced in and only truly affect the price if the announced figures are not in line with the expectations of the market.
Personally, I am happy to buy at these levels. I also got some nice leveraged longs in on ETH in the recent drop to $2750. The best is always to build income streams so that in buying alts you are not in essence buying them. You are utilizing free capital that is being generated daily. This is much better than scraping from your salary and facing potential loss. Passive income is by far the best win/win scenario!
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.