Time To Pay Attention(To No One)
There was this saying in crypto a while back that one should always ignore weekend pumps or dumps as these usually return to their basis once the weekend is over. We've seen a clear example of this with the recent pump the crypto market experienced over the weekend. It literally came back from where it started...
But who was at the wheel of it though? I don't know, and I bet you don't know either. You could put all your money on the fact that no one in the crypto space was expecting it or knew anything about it. In fact, if you check crypto Twitter, you'll see that most of the so-called influencers did not expect the $100 billion fluctuation in the total market cap.
Nevertheless, we are in a bull market. This is my humble opinion. And if I am wrong, then this would be the first occurrence when Bitcoin enters a bear market soon after halving, and altcoins don't get to party like they always did in the previous cycles.
Nobody talks about ETFs though... What happened? Well, nothing happened... The problem with the ETFs is that everyone expected them to keep buying BTC constantly on a daily basis for years ahead. Some were comparing the approval with gold's ETF approval, which led to an eight-year bull market...
But it didn't happen... Or better said, it won't happen in my opinion, as crypto has not yet decoupled from equities. If equities peak this year or the next one, crypto will follow... What is the point of this post, though?
As the title says, it is time to pay attention (to no one). Most of the predictions that the crypto Twitter gurus make are often wrong, so why would you listen to them? Why would you listen to me?
Instead of basing your strategy on what some dude or gal believes will happen, you would be better off writing down your own strategy. Dollar-cost averaging (DCA) is king, and I am definitely betting on that. As the market moves higher, I am planning on gradually DCAing out of it. I don't know where the top will be...
User X on Twitter doesn't know that either, although he's trying to look like he does... Hence, profiting from the bull market and rewarding ourselves all the way up is probably the best thing we could do. Once the top is in, it will be easy to look back and say, "What if I held my entire stash all the way up and sold here?"
Well, what if that didn't happen, and you would end up carrying your bags into a new bear market like I did two times in a row (2017 and 2021)... Taking profits gradually beats any strategy that involves trying to nail the top and maximize your ROI. I don't believe in that...
What about you? Is it time to pay attention (to no one) but yourself and decide on your funds rather than putting your portfolio at the feet of some "meme account" on Twitter?
Thanks for your attention,
Adrian
I listen to some folks here on hive, you included, and fly with my gut. So far, this strategy has done me very well. I DCA'd for a few months when BTC was around 20k, then stopped. So far, so good! Even when it dips hard, I'm still way ahead.
You almost nailed the bottom. Congratulations!!!
Don’t forget to take profits.
Thanks, I've been considering doing that. It's hard to decide to do that, when there's so much talk of a bull market.
Whatever goes above $100,000 is profit taking territory imo.
Agreed, that level is in my sights, too. I'd have five times what I invested. Measuring bitcoin's worth against the USD is a bit of a concern of mine though. When USD becomes worthless, won't bitcoin be worthless, too? Unless we give it independent value, and work with companies that only take payment in crypto. What do you think? It seems a pretty big weakness to me.
I don’t see Bitcoin ever becoming a currency of exchange.
I also don’t believe the dollar will go anyway anytime soon. Not as long as we got Tether.
You might want to watch this. At some point, Webb trashes Tether. I know nothing about it.