Are we coming Out of Crypto Winter?
Crypto Winter is the period when the market is down and prices are on the lower side and the current situation seems to be good for the crypto market because prices have started to rise. It's been more than one year since we have seen multiple crashes in the market and finally Bitcoin has crossed the mark of 30,000 U.S. dollars. It is difficult to say whether this is temporary or this will stay for some time because it is hard to predict the next market movement. There was a slight bump in the price of Bitcoin today that crossed the 30K mark for some time and again went back to 28K. It is part and parcel of crypto life when we see things going up and down but the question is are we coming out of the crypto winter?
It seems that the year 2023 will be slightly better in terms of the prices but we should not be expecting the bull cycle this year. It's been over a year find I believe the weak hands are out already from the market so whoever is here now is holding their crypto for the long term. I believe that traders make good money but holders make even more because they minimize the risk by holding their crypto for the long term whereas the traders have to deal with it every day and sometimes they also end up losing a lot of money because of the market volatility.
There can be one possibility that the market is trying to recover from the crash situation and it might take a few months for it to be stable. One of the best strategies would be to continue investing through dollar cost averaging because this way the average price will be adjusted and there is a higher probability to earn better returns on the investment in the next bull cycle. Recently Standard Chartered Bank has given a statement that Bitcoin will be worth 100K U.S. dollars by end of 2023 which is a big statement but you never know what we can see in the crypto market. The crypto market is unpredictable so we cannot deny that this will not happen and if that will happen then probably it will create another hype in the market and again so many people will try to enter in the crypto market because of the FOMO situation.
I am not a trader and the only way I follow to invest in Bitcoin is through DCA because it is completely automated and I need not track the prices every day. I just need to fund my wallet so that my purchase happens every day and daily buy is the best option as far as I am aware because it helps to capture all the market fluctuation. The current price is good because we can see ethereum and Bitcoin both going up but it is not so good that I can think of selling some so I am on the buying mode and trying to accumulate some more when there is no bigger jump on the prize.
It's not necessary that every time my strategy fits into the market and sometimes I can also lose the money but I think the best way would be to hold and not sell unless you get your own prize. I am trying to do the same and will not be selling anything unless I get a better price and I am OK to wait for long term as well.
Thank you
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It was so informative
I think we're still in a buying mode with the crypto market. The market could mostly trade sideways all through 2023. But I think we're already out of the heart of the bear market. Either way, DCA is one of the best strategies to keep accumulating crypto coins.
yes, I also think that we are in buying more and the market is in a better situation but not in bull sentiment. This is the time when DCA is the best way to follow
Yes indeed, we just have to ride the wave all through the year. 2024 will definitely be much better in price actions.
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I surely hope so. I hope this will be the year of some profit, because I've be holding my assets for long time, waiting to get "in the green"..
Maybe this year can be off some profit but I mostly expect that 2024 will be a better year in terms of profit. It is better to hold however if you come across any opportunities then it is better to book some profit because we cannot predict the market exactly.
Hello, thanks for your crypto market thoughts. The crypto market is unpredictable and hard to anticipate. Yet, rising prices are promising for the market. I agree that long-term bitcoin holding reduces market volatility. Dollar-cost averaging is a good crypto investment strategy since it averages out buying prices and captures market volatility. I also like that you employ an automated DCA technique, which simplifies investing and eliminates price tracking.
Glad that you liked my strategy and you are right that following the DCA is the right strategy in the market because it saves time and things are executed through automation. As you mentioned that market is unpredictable and hard to anticipate which is right hence we need to be a little flexible with our strategies and make changes wherever required depending upon the market situation.