HODL is the name of the game.
Anyone who has been in the crypto space long enough, fully understands this. For you newbies —> What Does HODL Mean?
Nonetheless, in any market, when there’s any significant movement upwards, a pullback or correction is necessary for any further continuation upwards. What goes up, must come down, and vice verse into oblivion. Ok yeah, simple enough.
There are many factors that could lead to either downward or upward momentum, the key is how much patience do you have. What is your risk tolerance? There are a lot of questions you need to ask yourself before you can invest your hard earned money anywhere. It pays to be patient, whether that’s waiting for the right price to either get in, or more importantly, get out!
Like the famous economist John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So always be cautious, always do your homework, don’t solely rely on youtubers and bloggers to make financial decisions, and remain flexible as market conditions evolve.
Personally, I am in this for the long run. I’ve been buying up some of this fresh new crop of fear that entered the market upon the latest correction. Note, understanding human psychology is instrumental when maneuvering within any market. Considering the crypto total market capitalization is barely above $340 billion at the time of writing, according to CoinMarketCap.com. For me, again, personally, for me, it doesn’t make sense to sell any bitcoin for less then six figures. Based off PlanB’s famous stock to flow model alone, one can understand and embrace the volatility that is to come. To give how undervalued the crypto space is some perspective, the tech giant, Apple is worth $2 trillion alone! As fast as they grew to those levels, it didn’t happen overnight, yet, over a decade or so. This isn’t a get rich quick scheme by no means. Anyone looking for a quick buck can dive into yield farming or start day trading and learn the hard way. (There are many who make lots of money but they also lose lots of money 🤷♂️)
You HAVE TO DO YOUR HOMEWORK!
Know what you own, learn different charting patterns, talk to different people. Hear them out, even though you might not agree with their opinion or position, there is always a silver lining waiting to be found. Wherever there is a learning opportunity, there is an earning opportunity!
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That being said, I have to say For the most secure way to hold your crypto, look for cold storage wallets. My preference at the moment is ledger nano X. Ledger.com they have a 20% off right now until September 21st.
Buy the dip, thanks for the tip 🙏🏼