The markets are terrible, with the downswing in Bitcoin, and it's taking everything with it. If you bought in recently you're probably panicking big time by now. If you've bought in a long time ago, maybe less so but you'll feel it as well: I know I am.
HODL OR SELL
At this point you're going to have to decide on wether or not you're going to HODL or sell, and probably soon too or the decision will be made for you (too late to sell by then.. maybe it already is).It doesn't look to me like the trend is going to reverse in a few days and Bitcoin is likely to keep going down to $6000 and probably to $5400 in my opinion. If it holds there, nobody knows. I'm keeping $2K in the back of my mind, which I feel brings us back to where we started the hype around Bitcoin.
When I look at other bubbles, I must admit I often see it crashing down back to the place where it came from in the first place - although usually slightly higher than it. I wouldn't be surprised to see this happen to Bitcoin. I think $2K is probably the absolute lowest - I know I'll be buying then for sure and I am sure many others will be too. At some point the bottom will have been found, and upward action will continue. Of course nobody knows where the bottom will be, and making a bet on it means risking your entire position if you're wrong. Which is why I'd rather hodl tightly on to my small stack instead. I know what I have, and atleast I won't have any less of it.
In a way I hope we go down as fast as possible, so we hit this bottom as soon as possible. Last time it took about a year and a half to finally find the bottom at $200 or so.
I myself am hodling through this dip, as I have done with every dip since 2014. It hasn't worked out bad for me, and I am fully expecting that once Bitcoin recovers that we will go on another bull run bringing us higher than ever before. I can wait a year or two if I have to for the next bul run. With the knowledge I have now, I will be able to spot it early on and benefit.
DO SOMETHING ELSE
There's not much you can do on days like this as a hodler. Since I don't sell, and the charts just make me sad and weary, on days like these I use my time to catch up on other things I've lagged behind over the past months. Blockfolio is just as depressing on days like this as it is addictive on good days, so I don't even look at the dollar value anymore and just look at the BTC value (also going down.. but still, who cares about dollars, it's more BTC value that I want). News is slow too, except for FUD which is widespread already and I don't feel like repeating it on my blog.I'm glad I consolidated my positions into my core holdings a while ago. As usual I moved a little too early and there was more growth in the market, but looking back I'm happy to be too early rather than too late. I'm pretty confident that ETH, OMG and NEO are very good bets in 2018 despite Bitcoin's falling price, and in fact we may see them become decoupled if hype catches on but Bitcoin keeps falling.
We're still going to the moon, I'm sure of that. For the time being, however, I'm watching some series I need to catch up on instead!
We got in at $8,000 back in mid-November last year, so first time we're seeing a lost on our investment as price dips below that mark. Still got some other cryptos at a low price, which they are slowly drifting back towards. We didn't invest money that we depend on, just a portion of money that was sitting in a savings account doing nothing. Bitcoin and other cryptocurrencies can do what they need to do now (stay like this or even head down to $2,000 as you said it could), but please perform well when we want an early retirement gift in 10, 20 or 30 years! Like you, HODL-ing for the long-term. If the gains are not great, it's just a portion of the pie (still earning from a job, which we'll put in other investments and even 'da bank').
We would buy low, but our funds are tied up elsewhere. It's a shame! But, it's the name of the game.
I hope you managed to hodl yesterday, today is a much better day with the SEC hearing's results on the market! :)
Yes, we did. Haven't logged into our wallet since the new year started. We just look at coinmarketcap, chuckle to ourselves and continue with life.
Hopefully, the SEC hearing is to bounce the market out of this downward trend. We shall see! :)
what do you think of the scenario where we go down to $2,000 and just stay there for 2-3 years until the world is ready for crypto? Despite bitcoin being around since 2008 I feel like we are still the "early adopters" with most people calling bitcoin a scam and useless technology.
It's a possibility.. we just came from a 2-3 year crap market too before the 2017 run.
However if we see another period like this I don't think it will be as long this time as it was last time. I think Bitcoin has gained a lot more believers this time around. But a several month to 1 year 'break'? Possible.. But nobody knows.
the regulatory environment is really freaking me out though..despite most coins being decentralized there's still a lot of damage that can be done by centralized governments and other institutions.
either way, thanks for sharing man, you got a new follower.
Good advice. I haven't checked my blockfolio for almost a week and that takes some discipline after I was checking it several times a day for months.
Today blockfolio is green again! yay!
I finally panicked and folded on btc @$6800 today :( Really tired of all this red! Hope to re-buy lower though
Oh dear... I hope you bought back in at $6K then.... because we're at $7600 again already.....
Yep..so I see! Im starting to feel better now :) At least I kept my other stuff. Nice NEO bounce today too I notice
When life gives you lemons, make lemonade! Use this opportunity to buy cryptos cheap. We never many cryptos back at these prices again.
I agree... today we're already much higher!
These are definitely the days to do something else. I've been reading a book hahaha.
Thanks to this Giancarlo guy we're back in business!!
This post has received a 2.85 % upvote from @drotto thanks to: @pandorasbox.
Muy buenos comentarios amigo, he tratado de no entrar en pánico con los precios, pero tengo la certeza que en un futuro se recuperaran y seremos felices, debemos ver estas inversiones de bitcoin como inversiones a largo plazo.
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lo que hay es que comprar con esta bajada tan inesperada, aprovecharlo. Saludos..