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Another week has passed, and it also has been another week where Bitcoin saw little to no price action. Currently, Bitcoin's price is sitting at just under $19k. Only a few percentage points away from matching the yearly low that was set when all of the chaos took place during the summer. Many people feel that something has to give, and it will be very soon. The market has turned overwhelmingly bearish in recent weeks. That, combined with macro factors around the world becoming even worse, has people believing that the most likely next move for Bitcoin will be downwards. Not only Bitcoin but all financial markets as well. It should be noted that Bitcoin is a natural contrarian. Often doing exactly the opposite of how everyone thought it was going to perform.
While we all want to know how Bitcoin and crypto will perform throughout the rest of the year. The truth is that no one knows what will happen. The key thing is that you need to be ready for any possible movement by making your own crypto plan. This is possibly the most important thing you need to do to not only survive in this market but also to set yourself up for success. While it can do both of those things and change people's lives. That only happens if people follow through and execute their plans. Something that is sometimes much easier said than done.
Let's say that the crypto market continues its downward trend. That Bitcoin would reach a price of $10,000-$12,000. What would you do? For most of us, the answer would be that we want to buy as much Bitcoin as humanly possible. That sounds like an incredible opportunity to make money upon hearing about it right now. Unfortunately, oftentimes when those types of buying opportunities present themselves to us. They no longer feel as amazing as they once did. This is exactly what happened during the price crash of March 2020 due to Covid fears. In mere hours, Bitcoin's price had dropped by 50% and was in the $3k range. An opportunity that so many had been dreaming of. But now, the market was in a panic. There was real fear that perhaps this was the "death blow" for Bitcoin. And if it wasn't, many people were sitting on the sidelines for an even better price. As many of you will know, Bitcoin quickly jumped back up to $5k and the rest is history. Those people who sat on the sidelines waiting, missed their chance.
Why did they miss their chance?
There are several reasons why they missed their chance. During this time, many people lost their conviction and capitulated. Others were greedy and were waiting for even lower prices to come. And then there were those who wanted to buy, but just didn't have the free cash to invest. Many of those people who sold during the cycle lows, would buy back in at much higher prices as the bull market was taking off.
Make Your Plan.
You need to know what your strategy will be if the market is on an upswing, downturn, or doing nothing. Some people like me, are in a long-term HODL plan where I'm not concerned about short-term prices, except when it allows me to accumulate even more BTC. I'm not even thinking about selling. If you have a buyer mentality like me, then the first thing you need to take care of is having cash available on the side to take advantage of incredible buying opportunities. March 2020 was a period of portfolio pain for many people, but it is time that most changed my portfolio by far. Have cash ready on the side.
If the market is in a downturn like we are currently in, there should be no reason that you are selling. It's like selling your cash for 5 cents on the dollar. Unless you have an absolute emergency, your money in crypto is off-limits. Instead, with each dollar cost averaging opportunity, we are deploying more capital. Waiting, and waiting for that special day to come. It may never come. But, in Bitcoin's short history, there have been many of these opportunities. One of the best things that you might want to do is to set limit buys on exchanges. Putting in limit buys at each level that you would love to buy Bitcoin at. This will take the human element out of it and prevent us from being our own biggest weakness.
You also need to know what your plan is if the market would begin to recover and go parabolic. While you should deploy more capital while the market is in the downturn. It would probably be a good idea to be deploying less cash while the Bitcoin market is in an upswing. Again, that is much easier said than done. Those of us passionate about the crypto market tend to become overly excited during these times, and FOMO even more cash into crypto investments. This might even be a good time to think about cashing out of your crypto positions as well. You can also set limit sell orders at your target price levels. The key is making this automatic so that you don't back out of your original plan.
Every few months I like to review my own crypto plan and even revise it to my current goals. I find that actually writing my goals down on paper with a pen, helps to make these goals feel real and makes my plan even more vitally important to achieve those goals.
I have never cashed out of crypto and don't see myself doing it anytime soon. When I first got into this market, I decided that I wouldn't sell until I was able to radically change my life with the gains. The way the world is heading, I tend to believe that I will never need to sell my crypto anymore. That I will be able to just use it to transact. Building up a passive income that would allow me to quit my day job and live exactly how I want to is my current main goal. All of my crypto plans are things that will help make that goal a reality.
If Bitcoin's price goes up, down, or sideways. You need to know what your goals are and what you will do in these situations. What is best for me, may not be best for you and vice versa. Some people never plan on selling. For others, their own crypto moon might be paying off debt. Being able to buy a car or a house. Providing a safety net for your family's finances. Or jumpstarting your own retirement fund. The important thing is what you are going to do to make that goal a reality and having the courage to act on it when that opportunity appears.
How about you? What is your Bitcoin and crypto plan?