Are you worried about the crypto-market? Read this little comment from @denmarkguy!
I was just looking through some of the posts from my favorite authors on Steemit, and that is when I discovered a very interesting comment after reading a very interesting post from @gooddream (https://steemit.com/crypto/@gooddream/the-crypto-dip-what-are-you-doing-about-it). The article deals with the current crypto dip, and then @denmarkguy writes about his very own experience. While most of us entered the market somewhere in between 2016 and 2021, he has been around for a much longer time, and this is what he wrote in his comment:
"I'm really not too worried. This is my 3rd time through one of these crazy cycles; 2013 when BTC passed $1000 for the first time and "the sky was the limit," before it dropped from $1150 to $210... then 2017/18 where we hit $20,000 and then back down to $3,000-ish... now this. I'm not even sure this is anything more than a "correction," although the timing was unfortunate, coinciding with the Chinese clampdown and the US regulators rattling their sabres."
First of all, it is so refreshing to write comments like this one. It gives you perspective, and if there is one thing you need in a time like this, it is perspective. If you just look at a chart from one hour to the next, then you can easily lose perspective, and that might make you scared and insecure. But, if you open your eyes and look at the big picture (like you will if you read the comment from the author), then you will suddenly see a much larger picture that will make you calm down and feel safer, even though the market is very red at the moment.
The Bitcoin chart might look ugly with 1-hour candles... Fallen from $62,000 to $34,000 within a short time.
A Bitcoin perspective chart showing the value of Bitcoin in USD since its inception.
Change your chart...
In other words, my suggestion is to take a look at a different chart and to calm down. If you entered the crypto market for a quick profit, then you might feel doomed (and you might be). But, if you have invested with a long-term perspective, then it is time to relax and check out the daily, the weekly, or the monthly chart, and you will quickly see that things aren't as bad as you might feel.
Of course, we all want profit, and most of us want it right now. But, the crypto market is moving after its own rules and that is why we need to have the right perspective and to leave the computer and the phone behind, and rather go for a walk, drink a cup of coffee, or maybe drink a beer with some friends or play some soccer instead! That will have a way better effect on you than just staring at the charts all day long!
I just sometime smile whenever I see some people engaging in panic selling probably because some don't really believe in cryptos while some may actually be scared or afraid of loosing their funds.
I really don't mind holding for long since cryptocurrency is really here to stay and it's really the future.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead ♥️💕❤️💕♥️
We are in it long-term, but still - we hate losing money, and we love making money. So it is kind of natural to fear losing our money, and maybe some people also fight with a fear that this is all gonna fall apart and turn to nothing.
But once again, this is the time for building - and knowing that long-term, it is a safe investment no matter what! :)
Imagine, investing your rent money (hahaha) you would be worried with the current price. It is not easy. I will definitely HODL because I don't have an option, I don't panic sell but I just hope it doesn't take another 3 years or more years to pump back.
One thing I believe is, as long as one has not sold their coins, then they have not made losses. This is not the first correction that has been witnessed in the crypto space, but in all these, those that hodl will always smile.
My thoughts though.
Nice piece buddy
As long as you do not sell, you haven't lost. But, I guess many people suffer from the feeling... if I had sold then and bought now, then I would have had way more. But still, you are totally right in what you are writing here!
When every where was green, so many newbies got into the crypto space and they even began to coach other newbies about cryptocurrency when they had no complete idea about it themselves, now that there appears to be a correction most of them feel really bad and do not even know how to face the recruiters they have gotten.
At times like this even if we know it might not be easy and some of us have certain losses, we really need to continue to hold up bearing in mind that seasons like this are definitely expected.
Yeah, we all would expect it but it is not cool. And the losses that we are incurring is quite crazy, I must add.
Hi @unbiasedwriter, thanks for recommending this reading, I think the current scenario demands this kind of interpretations to establish points of tranquility.
Best regards, be well.
hello @unbiasedwriter,
I do not understand why people worry about market corrections, I think the worrying thing is that people do not have a solid investment plan and when the market makes a correction panic takes over and they sell at a loss for not consolidating their investments when prices were high.
@tipu curate 2
Hey there @creativeblue! :) Thank you for your support, but the Tipu bot doesn't like me much currently, so it seems! However, I really hope you will join me in my celebration as a witness... check the post here: https://steemit.com/hive-175254/@unbiasedwriter/i-am-now-a-steem-witness-let-s-celebrate-the-ice-cream-is-on-me
Most of us who are a bit new to the crypto world, we were in it for short term profit. Hopefully we get a pump in price back soon. Nice article @unbiasedwriter
Many who got in the past two years are using leverage. Their experience, the past couple of weeks, has seen them losing big time as they HAD to make a move. If you are a HODLER – as I am – you've seen this movie before. The question now is when will the downturn end? Lowering your cost basis may seem like a good idea but it may be wiser to wait for some upside in the crypto space before buying.
Dear @unbiasedwriter
Im only worried about not having enough stable coins to buy more into this current violent correction.
Personaly, I do not care much about TA and charts. I focus on psychological aspects of investing. And I've seen recent market already as quite unhealthy: to much hype, growing FOMO and many newbies entering crypto space. So called "weak hands".
And those weak hands needed to be shaken off. Sooner or later. It's just another wealth transfer, as we've seen many in the past. However, neither crypto, bitcoin or blockchain technology will disappear.
It's also crutial to mention, that idea of bitcoin being banned doesn't seem to be real any more. Window of opportunity to do so is gone. Back few years ago (during crackdowns in 2018) goverments kind of collaborated with each other and crypto was young. And they failed to ban it.
Currently I cannot see China and US and EU collaborating the way they did in those days. And bitcoin matured and got so much stronger. So it's not going anywhere.
In a long run many of us most likely see BTC reaching new all time highs. Sooner or later. But ... what about short and middle-term?
If some miracle won't happen, then I would expect sideways movement for upcoming several weeks. After all, institutions are not the ones driving price high. Those are usually all those newbies, who follow FOMO and who are becoming very greedy very fast.
So we may need some time to attract more such an investors. We would need more new "weak hands" which will enter the market being quite sceptical and after seeing their first investments being succesful -> they will fall into GREED MODE and invest so much more of their savings.
That surely may take some time. So we simply need to be patient.
Good read buddy :)
Cheers, Piotr
Very good post and recommendation, it is what I have said, to all those who ask me what will happen to the cryptocurrency market, just be patient and focus on the higher timeframe charts.
Financial Markets Analyst.
@lenonmc21