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Last week it appeared that bitcoin and the cryptocurrency market as a whole was on the verge of breaking out. That prices would soon be matching their previous all-time highs or that they would be setting new ones. And then the market turned red. The consensus is that this was initially caused by the Evergrande situation China. This led to a sell-off that liquidated a large amount of people. Then coupling that with American SEC FUD and it is a perfect recipe for the market sentiment to turn bearish. As always, I remain as bullish as ever an am fully expecting bitcoin to reach a new all-time high before the end of the year. The same goes for ethereum and most other coins.
This little price hiccup is actually a blessing in disguise if you are in the crypto market for the long haul. Let me explain.
Most analysts and people who are in cryptocurrency for the long haul generally agree on where they think the prices of the market is heading towards. When asked how far along we are in the crypto journey compared to the internet, it is often said that the crypto market is at the same point in its development as the internet was in the mid to late 1990's. That statement alone should make you incredibly bullish just thinking about what the future may look like. And if that doesn't make you excited, thinking about the potential future prices should do the trick.
I am as bullish as a person can possibly be about bitcoin and the future of the market. I have calculated countless times what price targets I would need to hit to escape from the rat race, retire and live life peacefully in some remote tropical locale. With that said, I welcome this FUD and this price drop with excitement.
Before the price drop, crypto was just reaching a point again where I was starting to feel it was expensive. Now don't get me wrong, if you are in this for the long haul; today's price fluctuations will not matter too much for the places that we are heading towards. But when prices drop 20-50% on some coins, that cannot be ignored. The market is giving you an opportunity to accumulate these assets at prices that could potentially change your life.
In fact, it was a similar situation like this that I was able to capitalize on and completely change my financial future. During the covid price crash of March 2020 when the crypto markets was going down at an unprecedented level. When everyone was panicking, I went all-in on cryptocurrency. Thankfully my portfolio was transformed because of that decision.
If you are in the cryptocurrency market for the long-haul, you don't need to be concerned about normal daily up and down movements. When in doubt, zoom out. But with that said, when the market gives you these amazing opportunities. That is when you need to take full advantage. You don't want to be the person that buys high, and sells low. You also don't want to be the person that gets liquidated during these movements.
This is the time to put yourself in a great situation for when the bull-season resumes. There is a stereotype that many people have about cryptocurrency and that it is very easy to get rich from it. While, I do believe it is easy for your coin assets to grow and appreciate in value to a point that would make you rich. This comes with the market being so young and so volatile. But it is this same volatility that makes this market so challenging. It takes strong mental perseverance, stamina and patience to be able to HODL through all of the FUD attacks and price drops. Most people don't have what it takes.
As for me, I have been loading up the truck and buying as much Bitcoin, Ethereum and Solana as possible. I have also been eyeing Polkadot and a few others. As the fall becomes winter; I truly believe we will all look back on the price FUD of the summer and this most recent price drop as potentially the last chance we had to accumulate life-changing wealth in this market. So let me ask you this: Are you taking advantage of this opportunity?
How about you? Have you been buying, selling or just watching this week? Which coins have you been picking up?