Whoever wakes up early gets further down the course than the lazy ones waking up late. I wish I would have applied this one more often in my daily life. I'm not the type of person who wakes up early and I don't consider myself easy to be fooled either, if this one makes any sense :)...
I am in crypto for over five years now. I've let myself dragged to this thing quite hard tbh. I didn't have that gambling mentality back then and neither was I educated enough when it came to money, finance, investment, and anything related so I could make the move faster.
It took me over half a year of research and pondering before I actually bought my first crypto and I even sold these 10 LTC that I got back in late 2017 for a tiny $50 profit two weeks later, just to buy back into the market near the 2017 peak.
Time in the market is highly valuable although it's not a guarantee of success for making the most out of the swings the crypto market makes over the years. Five years in crypto and I'm almost broke... Can't call myself a smartass, but although I have not made fortunes from crypto, despite the chances to do that being there, I sure learned a thing or two about it.
You see, I used to believe that halvings don't have any impact anymore on the crypto market as most of the Bitcoin has already been mined and the supply shock that such an event would generate doesn't really exist anymore.
While the supply shock might not be "that palpable" anymore there sure is a "psychological cycle" that the market seems to be respecting, or is it that Bitcoin is following some psychological patterns that influence its price? I wouldn't bet on any of these, but I'm taking options into account.
So, I've come to the conclusion that in order to "make it in crypto", and I really hope this one will be a winning one this cycle and that I will stick to it, is to: be early in taking profits, early in staking at least most of the profits, if not all of them, so you make the most out of that dough, and quite late in calling the bottom.
Whoever sold in May or November 2021, was a lucky bastard... As a matter of fact, it wasn't that much luck involved there as it was simple logic to be used: every time since the inception of Bitcoin something like 1.5 years after the halving, Bitcoin's price tops, so when you have a $60,000 Bitcoin many months after it bottomed at $3,000 it would definitely be the time to take some profits there.
I personally, and probably quite a few others started to believe in extending cycles about a year ago and that lead us to not taking profits at all when the time was right to do so... Yep, zero profits again. When it comes to this thing, you'd better be early, even if the price goes higher than your selling target, instead of being late and losing it all.
Being early in staking these profits soon after taking these off the table and earning interest of up to 20% on your stake like in the case of HBD is definitely worth it. I don't see the point in staking USDT, HBD, or whatever, only a year after the top. That's probably the time when you should be buying once again, despite what the media and FUD are telling...
We didn't have a proper blow-off top for BTC like we used to back in the days, but even so, a 3x the 2017 peak would mean it would take some time for the bubble to deflate, thus getting back into the market just a few months after that is not something I would do.
Even half a year after the top occurred was still too early to buy. I remember I bought my first EGLD at around $84 per coin and now this shit is $47 a coin. I could have had the chance to buy as low as $38 just a few months afterward, and the cards are still on the table, thus I believe that being early at calling the bottom is a must not do.
It took Bitcoin about 14 months to bottom out after its pop in 2017, the move-up happened when nobody was expecting it anymore and despite a black swan event we still had quite a ride with BTC and it's probably gonna happen the same time times as well.
We actually had a double top in 2021, thus we can't really compare the two cycles, but we're getting close to completing one year of bubble deflating after the November 2021 peak. Is it time to buy? Probably... Should we rush in? Definitely not...
Thanks for your attention,
Adrian
Posted Using LeoFinance Beta
The rewards earned on this comment will go directly to the people( @acesontop ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
I like your post, I consider that I’m in the beginning of this, because even though I started in this world in December 2020 (that’s when I understood that my post were receiving some rewards in crypto), I don’t spend a lot of time making research, and no one explained me how to make a move in the financial world.
Family, school and university usually follow a very traditional and old pattern, so it’s in our hands to dare to go beyond those limits.
This is a hard moment for me as well, and I have been also following the curves of BTC and the “cicles” if there is a cicle at this time. But we have to be positive and think that soon, this bear market will find its end.
Nice post!! Have a good day!
Thanks for your appreciation. My take is that we will have a few more months of bear market but as of mid 2023 I believe the market will gradually climb back. In regards of crypto education I believe that LeoFinance is a great place to do that. It helped me a lot.
Have a great day and see you around.
Great post and congrats on getting a decentralized curation vote this past week, keep this kind of posts coming!
We have contest and an opportunity to give more visibility to your Leo posts, we hope you check them out!
Posted Using LeoFinance Beta
Thanks
This is probably the only scenario where timeframe actually works as an indicator. It's generally a very unreliable metric. I did however sell in May, which was the first peak at $65K... and a fair point, considering cycle length.
Posted Using LeoFinance Beta
You lucky ;)
it very important we always take we take profit even though is not much, we must learn not to be too greedy
Posted Using LeoFinance Beta
Profit is profit.