You might start to realize that I am pretty active and excited whenever there is a bear market. Most of my peers would get themselves extremely hyped when the market is bull but for me, it seems that when I see lots of red candles, I start looking for stuff to buy. Maybe it is the consumer in me. Maybe because I am somewhat of a cheapo and I love bargains. I just find bargains always so irresistible. Of course in the crypto market, there is no way to know for sure when the actual low is. So sometimes I am left with wondering whether I made the correct decision to buy the “dip”.
But this time round, is it really a bear market? Yes, Bitcoin did drop back to 56k today. Or just a general correction which if you ask me, is pretty normal and healthy. Lots of those so called experts are saying that November and December will be a bull market and everything will be going up and up. However I tend to agree that the market is still in a bull trend. Cycles are pretty common in most markets and Crypto is no exception. In fact I think crypto markets are the ones that will often have wild swings. So I am in agreement that this is NOT a bear market. Probably will start uptrend in a few days time. And it is also coming to December, usually a very bullish month for Cryptocurrencies. Furthermore, there isn’t that much FUD coming out this few weeks. And even in a bull market, the value of assets will not always keep on rising, so you should expect some drawbacks at times. Investors will surely want to take out some profits.
However if you ask me, I think most small time investors should always buy or invest for the long term. We will never be able to time the market by trading. So instead we should invest for the long term. Go buy an asset you think has great potential and hold on it until it raises. For me, it is ADA. For some, it is Bitcoin or Ethereum. For some, it is some dog meme coin. Yes of course, if you think that meme coins have great long term potential, by all means invest and hold onto those coins and maybe in a years time, it should again be something like SHIBA INU.
So what are you thoughts on the recent price drawback? Do you think that it is the beginning of a bear market? And what would you do if the bear market really comes? Let me know your thoughts in the comments below. I am not a financial advisor. Please always do your own research. Take care!