4 bitcoin bear market survival tips

We are now deep in a bear market, and some signs indicate that it will remain that way for a while. Bear markets are often not easy, and many people give up at the most inopportune moment. Fortunately, there are strategies that you can use to prevent this yourself. Here you can read some tips.

Tip 1: it is sometimes harder than you think

We all think we understand the market well, but An old saying is that the market can remain irrational longer than you are financially stable. Perhaps the most important thing is to realize that you do not always have an excellent picture of the situation, and that you can miss information.

If you remain open to changes, it is easier for you to take the right path. That’s why it’s important not only to be very careful about who you take information from, but also who you don’t. Sometimes we just have to ignore our worldview and take seriously what we used to see as idiotic. So the most important thing is to know yourself.

Tip 2: keep your cool!

This may sound like a tip that makes so much sense that we should ignore it, but history shows us that this often doesn’t happen. People are emotional beings, and everyone makes decisions based on emotion from time to time. Funnily enough, people generally sell at or near the bottom.

It is very easy to decide at the wrong time to sell. Emotions don’t help you in such situations, so sometimes it’s better to take a big step back and do nothing at all. You quickly lose sight of the big picture if there is too much in the soup. If you take a break and for example literally do something else, you can easily keep the arrows on the target.

Read Also:  Binance returns to India and pays millions in fines

Tip 3: takes a long time, zoom out!

Earlier this year, one of the hosts of Blockworks’ crypto podcast, Jason Yanowitz, described the three phases of a bear market. He hit the nail on the head. If the emotions run high, you may no longer see the forest for the trees and you are only busy with the red candlesticks of the moment.

Phase two is characterized by one or more major crashes. Most of the red numbers can be found here. But after that it’s not finished yet. Phase three lasts the longest, it is characterized by prices that remain very low for a long time. This phase is difficult to survive because it is difficult to make a profit here.

Pro tip: you don’t have to lose money

This tip is especially for the experienced investors and especially traders. You don’t have to lose money in a bear market. When investing, it is important to think several steps ahead instead of looking at what is currently rising or falling. Then you will be ready when the time has finally come.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here