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Many people in the crypto space are worried about this market crash, especially those who are new to this crypto world. This downtrend all started when an influential man, Elon Musk, tweeted his negative sentiment about Bitcoin. Although some are saying that it's not all his fault, but his tweet give a huge impact on the market.
His reason for suspending the acceptance of Bitcoin for buying Tesla is due to high energy consumption.
Ever since it is very clear that mining BTC will really consume too much energy. He's just being so egoistic not listening to the voice of other enthusiasts because he thought he's the Jesus in this crypto world, that he can manipulate the minds of the people in this world. We have seen how he can drive DOGE to the moon, and now dumping BTC to the bottom.
Who's being affected here?
The smaller investors who are aiming for higher returns are suffering. The whole market is crashing just because of a single tweet of an influential man. And now it's too late for him to realize all his mistakes when he accepted Bitcoin.
I am not a fan of Bitcoin, but seeing its investors suffering from this market crash is also heartbreaking. I'm an investor myself, and even if I don't have a big hodl of Bitcoin, it is still painful for others seeing their ideal crypto going down. And many Bitcoin believers have even sold their real assets just to invest in BTC for the hope of getting a good fortune from it.
BTC is down to -26%+ in the past 30 days at the time of writing, and almost -20%+ since the day Elon have suspended Bitcoin in Tesla.
If this will happen to your ideal crypto or to BCH, then you'll be sad as well. Because as an investor, every single coin matters. It is our own money, and most likely, our own future that is at stake here.
Should we worry about this market crash?
Of course not. For many months of staying in this crypto space, one thing I have learned when it comes to this kind of situation is to control your emotion and be patient.
The zero-emotion strategy by many traders is what makes them successful. So as a newbie, we should follow the advice of the experts. Even a prominent trader Marc De Mesel have renoised this post of CryptoWhale
Buying on an uptrend is risky. Many traders are being FOMOed with the thought that their ideal crypto will surge later. So many are buying even if the trend is going up. But this is extremely risky as you might lose your investment, especially when the market goes South. So always wait for the right time to buy.
You can lose all your money. This happens in leverage trading. Some just dive into the futures not implementing an effective strategy, not minding the upcoming trend. A trader without an effective strategy can lose all his/her money once the market goes against his/her prediction. But during market crash, you better stay put and do not do any trades, unless you're a pro. But it's better to be safe than sorry.
FOMO on tiny bounces. In this recent bear market, many are worried that the market will really sink deep because of the FUDs they've been hearing on different crypto social media platforms, so they take advantage of the tiny bounces and sell their assets. When it comes to this kind of situation, don't listen to FUDs, just HODL, because every after the dump, there is always a pump. Just be patient and wait for the market's recovery.
Don't try catching a falling knife. A falling knife in crypto trading means a quick rebound. Due to the extreme downtrend, many are buying in the dip, but what is meant in this line is to buy when the price is bottom out, not the dip. Just like what CryptoWhale has said, buy the crash, not the dip. That is a way to generate a bigger profit once the market gets back on track.
Follow bears, not bulls. Some traders are into the bull market because they thought they can gain more profit. But experienced traders are into the bear market because they know that they can gain more profit once the market recovers. If you buy at the bottom and the crypto surges a few days after, then it's a huge profit already. That makes sense, and always keep that in mind.
Control your emotions, be patient. Again, this is one of the important strategies that we need to practice to become a successful traders. Emotions in trading can lead to failure, especially if you are new to trading. So keeping calm, as much as possible, zero-emotion in trading is important to achieve consistent positive trades. And again, be patient. We don't know when the bear market will end, but what we are sure about is, it will get tired and the bull will take over. So just wait until it happens.
When the market goes South, keep calm and stick to your goal
So we should not be worry every time the market is crashing, rather, take this advantage to accumulate more crypto. Stick to your goal and don't let the market crash shake you out. Before you tempted to sell your assets during a market crash, think first, what was the reason why you are holding any crypto in the first place?
As for me, my goal is to accumulate 10-15 BCH this year, so why would I sell my BCH if I am way too close to my goal already?
For other people, their reason for holding crypto is to achieve their dreams in life, to help their families, and hoping that someday, it will help lift them from poverty.
So instead of worrying about this market crash, why not look at the positive side of it?
Take advantage of the bear, accumulate more crypto, follow the advice I have mentioned above from CryptoWhale. BUY, HOLD, and DO NOT BE SHAKEN OUT BY THIS MARKET.
Let's just enjoy this roller coaster ride future millionaires ??
