Pushing Back The Little Devil Inside My Head

Signs of Recovery

The cryptocurrency market seemed to be showing signs of recovery after the rumor that Amazon might start accepting cryptocurrency spreads which pushes the price of Bitcoin to $40k for a short while. Of course the price quickly went down after Amazon denied said rumor, but again, only for a short while.

Currently, Bitcoin is trading at $40k or more as of time of writing but is unsure if it’ll break through $40k which seemed to be the barrier that needed to be broken if the market is to enter another upward trend, or go down to $30k again. Not that I know which way it will go since I’m no analyst.

Anyway, although the rumor only pushed Bitcoin to $40k at most, it still gave the cryptocurrency market a much needed boost. And considering that the market had been dry and stale for quite some time now, the current boost was like a cold rain in the middle of summer – refreshing and cool.

Also, seeing the value of my favorite cryptocurrencies going up made me especially happy. I’m pretty certain that I’m not the only one though. After all we have all been waiting for something like this for some time now.

It’s just that the boost in the market also has its side effects. For example...

Pushing Back The Little Devil

Seeing the cryptocurrency market doing quite well in the past few days made the little devil inside my head active once again. As such, in the past few days have been hearing a little voice at the back of my mind urging me to sell my cryptocurrencies at the current market price.

Don’t misunderstand me though, I haven’t lost my mind yet, nor am I possessed (lol) by something. This should be the “voice” that many of us hear inside our head from time to time so I think it’s normal (I hope).

So as previously mentioned, this “voice” or the little devil as some people would call it was urging me to sell my cryptocurrencies to earn a bit of profit as there was really no assurance that the current market trend would continue to go upward instead of downward. If not for the fact that I have been constantly reminding myself to be patient and not be blinded by greed, I would have sold my coins already.

Thankfully, we have already seen the price of Bitcoin reaching as high as $64k this year so $40k isn’t so tempting anymore. That being said, many should be tempted to sell their cryptocurrency at the current market price. And if you’re one of those people I suggest pushing back the little devil for now. That is, of course, if you are not in desperate need of money.

Why am I asking you all to be patient and hold onto your coins instead of selling it?

Well, for starter, the market had only shown signs that it’s recovering and hadn’t really recovered yet. Moreover, the highest that Bitcoin had reached this year was $64k which means that selling your cryptocurrencies at the current market price would ensure that you'll suffer a loss.

As such, if you can afford to, I suggest waiting for a little bit more. At least wait till the price of Bitcoin return to $64k or something in that range.

Another reason why I’m suggesting that everyone should wait a little longer was because some analysts had predicted that Bitcoin could reach as high as $160k by the end of the year. That being said, it was just a prediction and like most predictions, it rarely comes true.

But even of the price of Bitcoin didn’t reach the predicted price; it’s still highly possible that Bitcoin could recover to its previous all-time high before the end of the year. Moreover, in the cryptocurrency market, the more you wait, the higher the possible profit which mean that $160k is not really out of the question.

It’s just that you might have to wait for a year or two before reaching that point. But by then though no one would say anything even if you listen to the little devil inside your head and sell your cryptocurrencies as your profit will justify the wait.

Having Patience and Self-Control Does Payoff

I think that the current boost in the market is proof that patience and self-control does payoff, and more often than not, only those who were impatient or those that lack self-control suffer loses in the cryptocurrency market.

Of course, I’m not implying that patient people will always win if they're patient it’s just that they tend to win more than people that are impatient. Patience is a virtue after all while haste or impatience is not.

I also think that if you know what you’re doing in the cryptocurrency market and coupled with the fact that you’re a patient person; there’s a high chance that you’ll get back, at barest minimum double that of your initial investment. But if the opposite is true and you lack patient then you’re more than likely to lose all of your money.

I understand that it’s not easy to ignore the voice of the little devil inside your head but if you could, try to persevere as long as you are able to as the payoff will surely be worth the wait.

Thank you for reading.

****

My other articles: https://read.cash/@beastion