Not sure if you saw my thread recently on twitter.
If you didn’t here it is below.
My personal opinion: If #BTC retraces to $9k or lower it will be an opportunity to get your full position and Hodl.
The gains in the coming bull cycle will be life changing. It is my opinion we are in a bull cycle.
— Mikey MGTOW (@MikeyMgtow) August 22, 2020
I believe we are currently in the early stages of a Bitcoin bull cycle.
I would just like share with you some mindsets that might aid you during this time of opportunity.
Mindset 1: Buy and hold strong horses
If you frequent crypto twitter you will no doubt see countless traders bragging about their “extraordinary gains”.
Pay not attention to this noise.
This isn’t a post meant to bash crypt twitter, but the truth is there is a lot they don’t show you.
If you look at my previous posts on this section of the blog, I mentioned a project that caught my attention….”Ampleforth”
That project has absolutely dumped since I mentioned it.
I am not afraid to admit that I am not right all the time. No one is. But you will rarely hear this on crypto twitter.
The bragging, fomo, and constant moon talk will stir your emotions of greed and anxiety. This leads to poor decisions.
You will put money into crypto or Bitcoin at the exact wrong moment when guided by spontaneous emotion.
Instead….get your position now….or construct a plan to dollar cost average.
The entire move of the bull market will be more than enough to generate life altering gains (in my honest opinion).
Again, these gains are not a guaranteed (there is risk)……but with each day that passes it the thesis of bull market cycle seems more and more appropriate.
Mindset 2: Expect Volatility
Bitcoin will retrace 30%.
Bitcoin will retrace 40%.
Bitcoin will retrace 50%.
It has happened before, there is no reason it can’t happen again.
Previous bull markets have historically been characterized by these retracements.
Just expect them.
“This is what I must endure to get my reward.”
Do not swing trade. It’s a dangerous game for those who aren’t professional traders.
Mindset 3: Take a break from price watching.
I am a guilty as anyone.
The price of Bitcoin is going to do what it is going to do.
It can be fun to look at the Stock to flow model and envision when Bitcoin is going to hit $1 million per coin, but until then there is life to be lived in between.
Focusing on price action is a focus on the short game.
We are here for the long game.
Mindset 4: Buy fear
When people are panicking…..buy.
It’s very simple.
In my last article on Bitcoin…..Bitcoin: Bull-run Tools
I discussed the fear and greed index.
When the index indicates extreme greed……not the best time to buy.
When the index indicates extreme fear…..load up.
Very simple concept here.
Mindset 5: The prepared mind. Set targets.
If you plan to sell…..set predefined target at which you plan to execute your sells.
“I will sell 50% of my LINK at $50.”
“I will sell my original investment in ETH at $1200.”
It’s up to you.
My personal thesis is that Bitcoin is a long-term hold. I will not be trying to time the top. Some of my alts on the other hand I will be taking off the table when the time comes.
These targets will be in writing that way I will not be acting out of emotion in the heat of the bull market.
Well, this is all I have for you guys today.
Again…the cringe disclaimer: this is not financial advice….always do research before risking your hard earned money in the markets.
In this past year I have recommended many family and friends to purchase Bitcoin. Back in March I sent out many texts on the dip to $3,800.
Very few listened to me.
If I was going to text them today I would just say this:
“Hey, if Bitcoin drops 20-30% from here I would absolutely buy.”
That’s what I’ll be doing.
Talk to you soon guys.