If you have been watching the crypto market when Bitcoin was at $69,000 drop to where it’s at right now, $16,000 you might be seeing a buying opportunity.
A lot of news in this market has not been good. Celsius is bankrupt, Voyager is bankrupt, FTX is bankrupt, 3AC is collapsing and it’s hurting VC coins like Solana, Luna collapsed to $0 from over $100, and LBRY lost it’s battle vs. the SEC deeming it a security, which begs the question will XRP also lose it’s battle?
So first of all let me start by saying that the best time to buy is when there is blood in the streets, and if we’re looking at the streets right now, it’s pretty bloody, but how do we gauge when the bleeding will stop?
I’ve never timed the top or the bottom, but close to it. I have some regrets for not selling closer to the top, but we all do.
When do we buy though? Short answer, as often as possible for as little or as much as you’re willing to kiss good-bye.
The Dollar Cost Averaging strategy over time usually plays out in your favor. Time in the market beats time in the market, but thats usually not the way to get rich quick, it’s a good strategy for saving though.
How do we choose the bottom? Just wait and monitor the sentiment coming from others in the market. That might mean following accounts on Twitter in the space, joining a Telegram group, and following some blogs that are in the know about it. Still you might not be able to time the bottom but it can give you some degree of insight for when to enter.
What I did with my entry strategy was to wait for the lowest price, watched it rise a bit and then catch the wave just as it starts to rise. If you surf, it’s kinda like that.
That happens a lot in a bear market though so you have to be patient. There’s no simple answer, and if there were we’d all be rich, but you have to have a good grasp at what you’re investing in, that’s step one.
A lot of the ALT coins in the market will fail. So take aim at the ones that will be around like BTC, ETH and ADA. Get a good grasp at what problems each one of these coins will solve before you throw any amount of serious money at these coins. Only until you know what their purpose is, and how they will play a major role in the future then you should make a significant investment.
Good luck on timing the bottom, no one really ever does, but just be smart about your entry. BTC is the dominant coin for a reason. In bear markets, it’s almost the most certain bet to invest in BTC before any other coins, but just go find out why don’t take my word for it. Why is BTC a good investment? Why is BTC better than fiat monetary policy? If you can understand why this and why that, when you make your investment you will be driven by your conviction and not by blind luck.
I think cash is king right now as the market continues to crash. So accumulate as much cash as you can to start slowly injecting into the market as it continues to drop and when you feel it’s hit it’s low (you’ll never know for sure) then make your significant investment and remember your conviction in the project(s) you invested in.
If any of this gave you some insight share this with your friends and followers. Good luck.
