Sideways, upward, or downward?
After a week or so of green market movement, we have returned to sideways movement for a while, and the question remains: when will the market finally move? It is frustrating, is not it? If you are an altcoin holder who has established a comfortable position, you will be eagerly anticipating, and seeing the market remain stagnant will make you reconsider your investment strategies.
Do not worry, the market will test your patience; however, everyone is being tested; it is usually those with a lot to lose who are most concerned.
The time to be a BTC maxi
For example, some people have converted their BTC to altcoins at 74k. However, altcoins have suffered more than BTC in the last two to three months, and they are now questioning why they made such a bad decision.
Some have also converted their USDT to alts, which has not paid off in a short period of time; unfortunately, they are unable to convert back to USD or stablecoins; otherwise, their decision will be based on FUD. Either you ride or you don't. Unfortunately, this is the market for you.
That Short Term Losses
People mostly make these decisions to profit, but there is always the illusion that your timing is off; however, anyone who buys the dip is never wrong; they are more likely to profit when the time is right. The short-term losses before the eventual peak of the market may make you believe you are on track for another failed bull run, but the market always makes up for it.
For the time being, I believe BTC is playing its own game, which might seem fraudulent, but people who only own BTC do not feel particularly bad.
Certain Safety Or Uncertain Profit?
Regardless of where and when a BTC maxi entered the market, they are mostly still profitable. December? February? March? Except you bought at 74k just before the halving, but if not, majority of people who have bought crypto in the last one year are currently in profit, with those who bought in December in massive profit.
However, we all know that if someone truly wants to become wealthy with cryptocurrency, they will not rely on BTC. BTC is primarily used for assurance: you will not make as much money, and your losses will be manageable, but most importantly, you will almost certainly X10 your initial investment in 8 to 12 years.
It may seem like a long time, but BTC is almost certain to outperform any other cryptocurrency. So, if you do not want to lose a lot of value on your asset, go with BTC; however, you will not get as much money in such a short period of time. You can not have it both ways, so do not be fooled by the promise of free money.
$500k, Anyone?
So, if you invest $500k and let it sit for 8 to 12 years, you may be setting yourself up for financial independence, but how many people have $500k lying around idle? No one really, and unless you are a true OG, most people I have met or know have only seen two market cycles, while legends have seen three.
So, at the moment, there is nothing to do but wait. I believe the only people who will regret not making a profit in the long run are those who have sold off whatever they have, possibly out of excessFUD or because they need the money to run their lives. However, for whatever reason anyone sells, the penalty is the potential loss of profit.
In Conclusion
The US election is still upcoming, and many things can still happen. In some of my previous posts, I speculated on the likely outcome of the US elections. Donald Trump is most likely to be elected president, and I do not believe his crypto policies will be as bad as Biden's. So enjoy the ride; you still have a few months to wait.
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Market stagnation really does well in testing our patience, but BTC still seems a safer bet long-term for stable gains. I couldn't agree more to that brother
Yes, anyone who wants stability to an extent will mostly choose BTC
Perfectly well said brother
Honestly, I have now learned how to be calm in this crypto world. Whichever way it goes, I’d make sure I’m calm.
The only thing I’m always after is buying when the price is low
Well that's one of the attributes, calmness matters.
Speculating and deliberating with others definitely is the way to go in uncertain markets!
Up or down answers would be further qualified in context to timeframe. If you are talking a matter of days, I would say we are headed down as the STOCH RSI is in overbought on that chart and tends to correct down. Looking at the longer term weekly chart, we are just recovering from a couple bounces in oversold and heading up.
Election years tend to do strange things to the economy, buyer behavior among Americans and markets. For example, in this tourist town, we know Americans travel less in election years. Might be because the circus of election madness is entertainment enough or people are bracing for another ugly battle which kicks their investments.
All things considered, I am buy dips more than selling peaks and I expect another second half of the year as a bull market.
Thanks for your take on this. Personally I think the market will take a long time to recover, maybe not too long, maybe anytime soon. However my speculation are mostly about emotions and sentiment as well as expectations.
It's interesting to see how the elections in the US actually influences a lot of things. In respite to crypto, I take it from the standpoint of whoever wins the elections.
It's good to know you're buying the bottom, it might seem really nervy but it's always the best decision.
An educated trader will take all those into consideration for sure. Finding the REAL bottom is indeed the challenge so who really knows if this is it?
Maybe crypto will go nuts if he wins, we shall see. I think we're in for a lot of sideways motion until the election is over to be honest. I hope I'm wrong! But it may be a great chance to buy some lows and sell of some peaks!
There's going to be a lot of sideways movement for sure. Silently I hope he wins, I have a feeling that Kamala Harris might just not be better for crypto
No she wouldn't...
Cryptocurrency is not for the fainthearted person. The market tests one's patience just as you have said. While many people try to sell off their tokens because of FUD, it is expedient they do not sell everything so they don't regret. It's just a matter of time and who has enough patience enjoys a great return.
Selling everything before the bull run will eventually be a mark or regret. One of the biggest pain of the bull run is actually not having enough liquidity, it's a big issue and it can be very painful
Very painful, bro.
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Trump is coming out very pro crypto as of late, and as he is likely to win, should be very positive for us all!
Well, I hope he's truly pro-crypto like he's coming out to be, it would do a lot for the crypto populace in the US.
Politicians tend to lie a lot too, so will have to wait and see.
It's hard to know what give you the most profit, but it won't be BTC. However, I do think that it is the safest and the most stable. Those alt coins crashed hard after everything dropped and I don't think they are that safe (most of them).
You're right, one can never know the most profitable alts but BTC won't make anyone rich, except whales that are actually holding for long term..
Man, you really have to know what you're doing when you're buying and selling crypto. It's not for the weak.
I am also eager to see how things pan out during and after the US elections. Crazy things are happening these times.
Eventually those without enough liquidity at the peak of the bull market will be the biggest losers.
The US elections will be fiesty, Trump is already in a favorable place, and will inevitably be good for crypto.
Yeah, that assasination attempt and Biden stepping down put Trump in a really good place. Seems Kamala is proving to be strong, though. Let's see what happens. It'll affect the entire world as we know it.
This is probably the period when most people lose big because they are impatient and don't want to wait, feel like their are wasting their time. So they try to maximize the profit and often what they succeed is to lose money.
Timing is a two-edged sword and it can be the doing of most people who cannot wait. This is one of the most testing period in this cycle