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The cryptocurrency market might be a little difficult to look at nowadays due to the bear market and the correction that we’re experiencing. But before you do anything I suggest that you calm down and not panic.
In a volatile market like the cryptocurrency market, panicking is one of the worst things that we could do as it prevent us from thinking straight which could result in bad decisions. So yes, calm down and don’t be hasty.
That being said, some of you might be thinking of selling your cryptocurrencies even if you know that you will suffer a loss because you are in desperate need of money, and that’s fine. Life is more important than money so do not hesitate to sell your cryptocurrencies to meet yours and your family’s needs.
But if you are not in a real desperate need of money but is just feeling anxious because the value of your portfolio quickly cascading then I suggest that you take a deep breath and think happy thoughts…
Okay, I’m kidding. But I do suggest that you calm down and not be hasty to sell your cryptocurrencies as haste do makes waste. I also suggest that you keep reading as I will tell you the reason why the current bear market and the correction is not a cause for panic.
The famous phrase “haste makes waste” is very apt in the situation that the cryptocurrency market is currently in. It is during these times that weak-willed investors and traders are most likely to succumb to pressure and sell their cryptocurrencies.
So if you are one of those traders and investors, I will ask you to hold your horses and keep holding unto that bag of coins of yours. And here’s why…
A long bear cycle or correction happen all the time – The market often corrects itself resulting in a long bear cycle. There’s nothing new about it and is very normal. Moreover, some corrections often times follow the pattern of previous bear cycles. For example, the current bear cycle was said to mirror the bear cycle of 2013.
In 2013 Bitcoin had long drawdowns (197 days), and considering that we are only 95 to 96 days we still have a long way to go. But as I’ve previously mentioned, this is a very normal thing in the cryptocurrency market. Moreover, after the long drawdowns of 2013 Bitcoin had rebounded and reached new all-time high. So if you sell your cryptocurrencies now won’t you be missing out when Bitcoin and other cryptocurrencies rebounded?
Volatility is not always a bad thing – Despite what some people might think the volatility of the cryptocurrency market isn’t always a bad thing. Volatility is actually the entry point of new traders and prospectors. Moreover, volatility could allow prospectors that are just waiting for the price of cryptocurrencies to fall by a large margin to swoop in and buy the cryptocurrencies sold by impatient sellers.
Surely, you don’t want to be one of those hasty people that only benefit others while hurting themselves in the process, right?
Bitcoin could reach $100,000 or more by the end of the year – Some cryptocurrency analysts predicted that Bitcoin could reach as high $160,000 by the end of the year. And considering that the prices of all cryptocurrencies are affected by Bitcoin, other cryptocurrencies like Bitcoin Cash are bound to follow. Of course these are just predictions and predictions tend to fall short of expectations.
Nonetheless, even if the price of Bitcoin didn’t reach $100,000 by the end of the year, we could still expect some uptrend by December or even earlier. And this is not just empty words, cryptocurrencies often started rebounding when we enter the so called “ber months”, September, October, etc.
Those that couldn’t hold onto their coins loses – You probably heard of this again and again but only those who have the patient to wait win in the cryptocurrency market. Those who are anxious to let go of their cryptocurrencies in the hope of minimizing loses tend to lose more. It’s not an exaggeration to say that only people with balls of steel could survive in the market. And if you do survive the onslaught of the bear market then you could survive pretty much anywhere.
Surviving in the cryptocurrency market is very difficult. Those who do not have the patient and the resolve to wait out the bear cycle are quickly weeded out. Yes, it is not for the faint-hearted as the risk is as big as the reward. Moreover, the cryptocurrency market is more volatile than the traditional stock market making it riskier. But once one get a hang of the market, the profit we could possibly earn would allow us to retire early.
Of course, surviving the countless bear cycles and corrections isn’t easy. Moreover, the learning curve is much steeper than anywhere else. One should expect to lose money several times before one could call himself or herself a veteran trader or investor. Don’t think that those that became billionaires and millionaires through the cryptocurrency market didn’t lose money. No. it the opposite, these people actually lose money more than you and me.
But because they were not hasty, and because they knew that the market will rebound back again much stronger than before, they waited and waited until they earned their billions and millions. Really, that’s just how the market works. The haste ones are defeated while the patient ones reaped and profited.