That there are 4 cycles, with the number of bull and bear cycles being about equal. folks in the market always assert that this time is different throughout bull cycles. that a blow-off-the-top event and a cold bear market won't occur. But throughout the brief history of cryptocurrency, this rhyme has appeared repeatedly. There is always a significant market development that sparks a rush for cryptocurrencies before gradually fading away.
The more time you spend in the market, the easier it will be for you to observe patterns in crypto as well as the mistakes that individuals keep making.
There is a mistake that I have observed people making the most frequently over the years. They would wind up spending a fortune as a result. People frequently make the error of becoming impatient and pursuing riches.
Let me go into further depth about this. Say you have a strong interest for one certain cryptocurrency. You did the research and came to the conclusion that the future is highly promising. As a result, you have been accumulating and creating a position for more than a year. You're certain that it will take off shortly and go up in price. Regrettably, since you started hoarding this currency, its value has barely changed. nothing except a sideways and even a slight dip.
Yet a year has passed, and you're starting to lose patience. You're not a fan of this currency, yet it just skyrocketed in value. Market chatter is about it. The last week has seen a 500x increase. You start to feel envious because everyone else is making money with this other coin while you're sitting here losing money with your preferred cryptocurrency.
So you make the decision to turn this position into the week's hot coin. The price starts to fall as soon as you do that and suddenly drops by 30% to 40%. Many people are unaware that a cryptocurrency's value has increased dramatically when the market starts to go crazy over it. That typically indicates that the price pump is already getting close to its conclusion. Someone else is about to use you as their escape liquidity.
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Even worse, shortly after you sold your preferred cryptocurrency, that one too started to pump. You sold your coin too soon and bought one whose worth had already increased. a lose-lose circumstance.
The bitcoin market has one of the most annoying aspects, but it also offers the best profit opportunities. The magnets that hold the market together are Bitcoin and Ethereum. They'll pump, and altcoins will rise even higher. They nearly usually ascend together. Since the Bitcoin market is still in its infancy, individual projects seldom advance on their merit. It can be annoying to see projects pumped alongside something like Bitcoin that have no value or merit.
But this also means that you shouldn't ever lose your cool, trade into another cryptocurrency that is pumping or become impatient. You will only lose if you chase gains. Watching the coin you were so enthusiastic about and that you found early is the worst sensation there is. just to sell it because you were impatient and then see it finally pump.
All you have to do to succeed in this market is to remain persistent and endure the cycles. You will achieve significant success if you can accomplish that.
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