During the previous bear market, I had the opportunity to invest in some valuable coins, but I decided not to purchase them out of fear. I don't want to lose my money. I was waiting for the market to get better because the market was in a downtrend. I was hoping the market would give me a sign that it was better now, and I could invest, but I was wrong.
I waited for the market to recover before investing, but unfortunately, the market was almost at its peak. At that time, BTC was around 40k, and there was a lot of hype on Twitter that it was going to reach 100K. So, I decided to start investing with the hope that by the time BTC hit 100K I could cash out because i invest some of my money in Ethereum and hive
At that point I was expecting btc to enter 100k because I invested late even though is not at the top it was very close to the top which was forcing me to hold and the hype on Twitter that btc will enter 100k was also backing me but when btc drop from 69k-40k I have almost lost all my profit and when people were making it big in the bull market I was forced to sell for little to no profit in the bull market.
Cut your loss
One of the major issues in the world of cryptocurrency is the predicament of buying at its peak. Even if you are aware that the coin is underperforming or the market is shifting towards a bearish trend, you may find yourself obligated to hold onto the asset. This can result in significant losses, with the total value of the asset dropping by as much as 75% or 80%.
To make profits in a bear market, it's crucial to act quickly and strategically. Identifying a strong investment opportunity early on and putting in additional funds can be a wise move. Continuously building on our investments during the decline can help ensure that we're in a good position when the market eventually rebounds. Waiting too long to invest or buying at the peak can lead to poor decisions and lower returns.
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Last bull market was just a lesson for most of us. I can tell you categorically that I never got to make any profits from all the moves I made either out of excitement or too much fear. But I can tell you that many people bought BTC at 50k and thoughts it'll head to 100k, how wrong they were. To me, I think 100k to 120k is the realistic ATH that BTC can hit in the next bull run. Whenever it gets to 110k profit taking straight.
We've all learned and become better.
Glad to see your own image there.
I am trying to learn new things by add my own picture to the post, I know I will get better with time.
I already have plans for the next bull market by buying earn and taking out profit when necessary and I am also targeting 100k-110k
Sure bro, I be say make I hail my oga. Agbawo 😁😁😁
The crypto market can be crazy at times. But as you said, continuous building during the decline is the best way to be in a better position when the market eventually recovers.
And when they recover, taking profits at the peak can also be a huge barrier due to market sentiments and the hope that prices will still go up.
But I think after some time spent in building during the bear market we can be able to take profits at the right time without letting our sentiments eat up our gains.
It is important to keep building when the market is decline and take out profit when necessary because the market is unpredictable
Crypto is truly unpredictable and buttress the reason why investment should be done with spare money and again, at right entries. We've actually been in bear for a while, it's worth investing in crypto during periods like this, no matter how little
It worth investing in crypto now and reap the benefit in the bull market
Cutting your losses is important. Once your plan has failed, there is no point in staying in it to get hurt more. It's better to plan ahead and figure out a better entering point. After all, it might years or decades for things to go back to the price you want.
Exactly, once your plan don't work out just move on to the next
I think it is always hard to know whether you're buying at a top or a bottom in crypto, especially during the bull market. I also made a mistake of buying Matic when it was at the top, everywhere I read people were saying that the increase in price will continue in the weeks and moths ahead. I lost more that 80% of my investment and forget about the token altogether.