2024 marks my seventh year in crypto, and reflecting on the opportunities I've encountered in recent years, I realize I could have easily become a millionaire by now. This space offers incredible exponential opportunities for investment if you play the game right—simply buy low during the bear market and sell high in the bull market.
It's that straightforward. With certain coins, you don't even need to dabble in leverage. All it takes is making wise choices and patiently waiting for your investment to flourish over the years. I had remarkable opportunities with DOGE, ADA, XLM, NXT, and others, but somehow, I squandered them all.
Just yesterday, I jotted down some price targets for when I plan to sell my coins, if and when those targets are met. Interestingly, @beehiver did something similar in one of his recent posts. It's amusing how I stumbled upon his post shortly after setting my targets for this current bull market.
Nevertheless, I could have been a millionaire by now, but instead, I find myself living in my parents' house, driving a 20-year-old car, and barely making ends meet month to month in terms of earnings. However, I am a poor man with a plan. I'm no longer merely a poor man, as I was back in 2017 and 2021.
I now have an exit strategy where Dollar-Cost Averaging (DCA) lies at its core, and I intend to adhere to it because I'm fairly certain I won't be able to sell at the peak, nor do I wish to exit the market prematurely. Gradually exiting the market is paramount.
Writing down your plan is crucial for navigating this bull market successfully, and sticking to the plan is essential because greed can cloud your judgment. Just as fear can disrupt one's portfolio during a bear market, greed can dismantle a decent portfolio during the euphoric phases of a bull market.
We have yet to witness true euphoria in the current bull cycle. Thus far, in my opinion, it's been primarily about hope and belief. When euphoria sets in, it will seem like there's no limit, and every coin you own will appear to have the potential to make you a millionaire.
Paying attention to the sentiment of the masses is crucial, in my opinion. In 2021, I observed some of the most blatant signals emerging during the final stages of the bull market. Individuals who previously showed no interest in crypto suddenly decided to buy ADA at $3, right at the peak.
They didn't buy at $0.03 or even a penny—they became interested in the cryptocurrency right at the top. Why? Because dumb money is always late to the party, often buying at the peak. That's why it's incredibly important (and I can't stress this enough) to pay attention to market sentiment and gradually take profits once your portfolio grows significantly or the sentiments of the masses become irrelevant.
The narrative of this cycle suggests that due to BlackRock's exposure to Bitcoin, we'll witness mass adoption of crypto, albeit over a few years. When you start hearing novices discussing it, that's the time to reconsider your position.
Mass adoption doesn't happen overnight, unless you're COVID. The masses will always find reasons to convince themselves that buying at extremely high prices is a sound investment, believing that the sky's the limit for crypto. If they were correct about anything, they would have bought the dip at $17,000, anticipating BlackRock's involvement.
There will likely be a cycle peak either this year or the next, I can't say for certain, but following that, there will be a significant correction once again. We're not heading to the moon anytime soon, but we haven't experienced peak euphoria yet. Remember how, back in 2021, people were purchasing vastly overvalued NFTs left and right?
Now, there's a plethora of meme coins to either squander your money on or potentially profit from, but we haven't witnessed any fanaticism tied to them just yet. Once that transpires, it's time for me to sell everything. What are your thoughts?
Thanks for your attention,
Adrian
Mass adoption doesn't happen overnight, unless you're COVID.
We need to get the WHO on our side
😉
I could've been a millionaire... That's one of my regret for not making the right choices and fumbling one after another bags just because I didn't have that proper exit plan.
This time I've made clear to myself that I need to hold onto strong narratives and coin for as long as possible.. the kind of euphoria I'm waiting is "those people who lost in 2021 bull crash - disappeared in 2022.. making a comeback and than celebrating will be wen I'm gonna plan to have stables..
True. There will be signs. We just have to be careful and cautious and we can really make it this bull market.
i have regrets over not buying at 17k. i set my orders too low and then didn't update them when it was clear that the bottom was in.
A good lesson to always accept the situation as it is NOW and move forward from here.
Same applies for taking profits.
keep the good work up
I’m trying my best.
🤣🤣 But you are already a millionaire 🥰. The bull run has turn many guys into millionaires. Crypto is an asset which wasn't clear to most of us at the beginning.
Congratulations on your seventh anniversary
I don't even dream of being a millionaire... I do have a plan for a better living but nothing like millionaires do.
Elliott waves is sentiment based on.
Based on price, not time.
So it can take years for a target to reach but I find that very helpful.
Have a look at BigMike7335 at X.
Gave him a follow. Thanks for the tip.
A very nice train of thought!
I've had the same thoughts so far, but I'm still three steps behind!
Thank you so much for your encouragement to continue on my path and see where it takes me! 😀
Good luck during the bull market!
Thank you very much!
I hope for the Bulls to run soon 😂
Just as a question:
Have you ever looked into RWA?
Basically, I think it could be a good thing, but I haven't found the time to get properly informed yet 😅
I have no info on RWA. Will check it out though.