Everyone comes to the crypto market with the hopes of someday making it big and changing their lives financially forever. This scenario is possible, but the simple truth is that this market is much more difficult to survive than most people realize. Bull markets are incredible and provide a feeling of euphoria, unlike anything you will ever experience. Waking up each day to see your portfolio up 10% or more.
Unfortunately, bull markets are short, and soon after comes the bear market. Causing prices to plummet and sending us into a multi-year crypto winter. If you can survive this difficult period your chances of being successful in this market greatly increase, but it just might be the most difficult thing you have ever experienced.
The following tips for surviving the crypto bear market could be the difference between you making it big, or selling at a loss.
Keep Your Crypto Portfolio Intact
The absolute most important thing during the crypto bear market is to survive with your portfolio intact. You don’t want to follow the stereotype of buying high and selling low. The best way to prevent this is by never investing more money into crypto than you can afford to lose. When in doubt always zoom out. Bitcoin and Ethereum may drop by 70% this cycle, but this isn’t the first time this has happened, and it won’t be the last time either.
However, the important thing is that each time it has stood back up, recovered, and marched even higher.
Take a Break
With prices constantly dropping and never-ending FUD during the bear market, it can begin to take a heavy toll on your health and well-being. It will give you anxiety, stress, begin to affect your sleep, personality, relationships, and health. The worst thing that could happen is that all of this causes you to get burnt out on crypto, and either selling or leaving the market forever.
The best way to prevent this is to simply take a break. It’s okay to focus on your real life and other interests that you have likely been neglecting during the bull market. While most of us believe that Bitcoin, Ethereum and the crypto market are critically important technologies that will change the world. It’s also important for you to remember that there are other important things in your life as well. Never get too lost in the weeds.
Build & Learn
As I mentioned before, FOMO can get the best of you during the bull market. Making it extremely difficult to concentrate on anything other than the price going up, and the value of your portfolio. Bear markets are the complete opposite, and the silence of the market can be deafening.
Over the years I have found this is the best time to build and learn. These are the times that you should be building your product, crypto side gig, blogging, making YouTube videos, and the list goes on. This is also the time that you should really be studying the market. If you were paying attention during the last bear market, you might have seen that DeFi and NFTs were going to be the next big things. Knowledge is power.
Pack Your Bags for the Next Cycle
Finally, this last piece of advice will be the most difficult for many to hear. The truth is that bear markets are golden opportunities to be building your portfolio for the next cycle upswing. Prices are low which makes it much easier to accumulate a larger amount of crypto. Many people FOMO into crypto positions when prices begin to go up. However, real portfolios are built during the bear market. The hard work and accumulation are done during the crypto winter. Bull markets are when you can finally enjoy the fruits of your labor.
Not only is it possible to survive crypto bear markets, but you can also thrive. But it's important to never underestimate how difficult and stressful of an experience it can be.
How about you? What tips for surviving the crypto bear market did I forget?
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