Remember This Key Point During the Bull Run!

If you’re a large holder of bitcoin, this was really a fantastic week. With bitcoin reaching yearly highs, extending past resistance, and breaking trends that all now point to a bull market being soon upon us. 

But if you are mainly an altcoin holder, this week could be the complete opposite, an awful one. And this caused many crypto holders to make the biggest mistake they can right when a bull market is just starting to take off, FOMOing in.  Selling their coins at the low, and buying bitcoin at the high. 

As you can see in the image above, almost all Altcoins were deep in red yesterday upon bitcoins big day. The day that perhaps signaled that maybe just maybe the next bull run really is on the horizon. 

while bitcoin was pumping, people who had a large portion of their portfolio in Alts began to panic sell into bitcoin because they were a afraid of missing out.  Like I said above, they sold their coins at the low point and then bought bitcoin at its current high point.

Sometimes the most difficult thing to do during the bull market is to actually stick to your own convictions, your own bag, and hold onto it until you reach your price target.

The bull markets always go in phases, and so far this market is following that trend exactly. Usually the pumps begin in the altcoin market, (this time with DeFi and Ethereum), this then leads into bitcoin pumping while the alts take a big breather, and then it switches back into the alts and bitcoin. 

The thing is that now really isn’t  the time for most people to be selling. We haven’t even reached new all-time highs for most coins yet. 

This means that we have a long ways to go, and a lot of price increases to come as well.  A example of this is with cardano and XRP, they are currently priced at around $0.14 and $0.20 each, but their all time high prices were at $1.33 and over $3.00.  How would you feel if you sold now, only for it to reach those past price marks, and surpass them?

So how can you avoid the FOMO?

This is when your own research really comes into play and becomes even more important.

You should have already thoroughly researched your own coins,  This includes knowing most everything about it.  Past All-time high, market cap, circulating volume, and everything else about it.  Also know what your own crypto goal is. This could be cashing out, or exchanging into bitcoin or ethereum. Also what is your price target. You need to know where you want to go, and what you will do when it reaches that point. 

When you have a goal it will become that much easier to reach it. 

I think this is pretty simple advice really, but also at the same time it is critically important to follow as well.

I know that personally that while bitcoin was rising, even I wanted to haven even more bitcoin and was considering exchanging some of my alts for it but thankfully I didn't.

So have you ever FOMO'd in and regretted it? I would love to hear your story.

As always, Thank you for reading!