The ups and downs of a bitcoin bull market; it can be one of the most stressful things you'll ever encounter. Especially if you're heavily invested into BTC. Those large price swings upward can make you feel like you're on top of the world. Conversely, the potentially even larger "red" days can leave you feeling quite depressed. Perhaps even beginning to doubt your own confidence in bitcoin. Thoughts begin popping up in your head that maybe all the naysayers were correct about bitcoin and perhaps we were wrong.
Of course we are just victims of the moment. Humans can be quite emotional about things that we care about; especially when it deals with money. It can be very scary to see our portfolios shrinking by thousands of dollars in mere minutes. It is natural that we begin to feel emotional about it.
But don't worry; this bull market is still early and we have quite some time left to go.
You may ask; "But how can you stay so positive?"
I have written articles dealing with this topic multiple times before, but I feel it is critically important to remind people. If you sell now and weren't able to buy back the same amount of BTC that you had before; it is something that you could possibly regret forever. Selling now could very well be the difference between making pretty good gains, to making life-changing gains. At the end of the day; I think that is the main goal for all of us.
o how can you worry less? These very small tips while very small; could add up to something bigger and be the difference that will help you relax and not FOMO sell your stack of bitcoin.
(1) Avoid the Social Networks & Influencers
The 1st thing that I would recommend doing while the price of bitcoin is dumping to decrease your stress is to avoid internet influencers. Avoid watching the doom and gloom YouTube posts. They feed off the interaction and peoples' emotions. Often times they have ulterior motives that always lead towards whichever direction makes them the most money. Their videos are either very positive or very negative. Also don't go on Twitter and read the posts declaring that bitcoin is dead and the bull market is officially over. It sounds like just ignoring everything bitcoin related, and it is true. Ignorance is bliss. This is especially a good idea if you are in BTC for the long haul. If you are, there is no reason for you to become emotional over the short-term losses.
(2) Avoid Constantly Checking the Price
Another helpful tip is avoid looking at the price of bitcoin on your phone, or anywhere else. If checking the price is the very last thing you do before going to bed; it could have an effect on your sleep and thinking. I have been in that position before. It's definitely okay to check the price occasionally, but try to carve out some time before going to bed to focus on other things, or just to unwind and relax. Personally, every night the last 30 minutes before I go to bed are "financial free" moments. Financial worries are often what stresses people out the most. Of course it is important to worry about these things when the time is needed, but it doesn't need to be the last thing you think about before going to bed.
(3) Research More
This might sound silly, but when the price of bitcoin is dropping I like to research even more about it. This might mean going deep on the technical side, trying to learn something I didn't already know. Or perhaps reading the finance world news. The way the world has been going and how finance is being run is enough to remind me why I decided to invest into bitcoin in the first place. Sometimes that is all you really need. I have long been watching how governments run, and sometimes it is hard to contain just how bullish that makes me feel for bitcoin.
(4) Go Through the Stats
Next I like to go through the stats. There is not a lot of bitcoin left on the market. When you have the likes of Grayscale, Microstrategy and Tesla buying up enormous amounts of BTC. Then you have the rumors of countless other institutions, companies becoming much more interested in bitcoin. When in doubt just follow the money. And right now all of the money is flowing into bitcoin. On PayPal alone; there is more bitcoin purchased than is mined each day. Then when you take into account all of the other exchanges around the world and it is easy to see that there is going to be a supply shock much sooner than you think.
Most people have grown accustomed to going to the store and buying anything they want. Sometimes popular items like the new iPhone will be sold out. But you don't have to worry, because you can just place an order and they will still send it at a later date. But bitcoin is different. There is a very real chance that in the future you may not be able to buy bitcoin if people are unwilling to sell it. The world has never seen a scarce monetary asset like this before. This demand will cause the price to soar.
After the price drop we will often see news that during the dip a large company had bought bitcoin. During February we had news of Microstrategy purchasing over one billions dollars worth of bitcoin. During January it was Tesla that had purchased. Companies buying during the dip is enough to reaffirm my confidence and not worry at all about these price dips.
While these are all very small tips, but for an anxious type of person they could potentially be helpful.
I would like to know what things you do to stay positive about bitcoin!? Even during the difficult times.
As always, thank you for reading!
You don't need influence to be driven crazy. It's just a matter of sustaining a good mindset and reacting right when you do. BTC has had a few bad down trends lately but at 55K, that's a whole new Level of crazy.