Did you buy bitcoin above $60,000?
No worries. In a few years—possibly a few weeks—you will feel the same way about buying at $60,000 as others feel about buying at $10,000.
This may not make sense now, with gloom surrounding you and fear gripping the market, but it will become more clear the longer you stay in this market. As investment, the circumstances rarely change when the price does.
For the traders who dominate social media, the price means everything. They’re just trying to catch swings in momentum. They may say they care about bitcoin, but they really only care about much of their government’s money they can make off of it.
For people like you and me, opportunity matters far more.
Are you getting your money into the market before it goes up or after? If you wait too long, you will miss an opportunity to get the best value for your investment. Once the market starts to run, you might find it hard to catch up.
Small consolation to anybody who’s down 20% from following my plan, but some of you have gains of up to 660% (potentially much more on altcoins).
Still, down 20% is better than down 40% and if you followed my plan since I started, bitcoin’s price would have to drop another 85%—below $6,000—before you have any capital at risk.
No Mark. It’s ded. It’s all ded. Rekt!
Two months ago, Twitter told you we would go FOMO LAMBO supernova parabolic blow-off top that will culminate in a market cycle peak.
So did YouTube, Reddit, and every place else you looked.
That was a realistic expectation. So was a drop below $50,000. Both outcomes would have made sense and fit historical patterns of behavior.
When it Comes to Bitcoin’s Price, You’re Confusing ‘Extreme’ and ‘Normal’
This time, we got the negative result, just as we did in 2019, 2020, and 2021. A big drop within a larger bull market.
Some say those were all bear market years, or “mini bear markets.” Yet they all ended at higher prices than they began.
Only in crypto do bear markets end with a higher price than where they started.
Doesn’t matter anyway. Bear markets can start from any price at any time. Bull markets can continue from any price at any time.
Wait for the price to go up and you’ll pay for it
Good morning! How high does bitcoin’s price need to go before you will buy more? Please reply below. Have a great day!
— Mark Helfman (@mkhelfman) December 30, 2021
Healthy markets go up and down.
You spent most of 2021 waiting for the price to go up before you bought. As a result, your portfolio is down.
Yes, you waited for the price to go up, and as a result, your portfolio went down.
It’s no fun to ride the inevitable dips and drops that come along with this volatile, growing market. Far more exciting to buy when everybody thinks the market can go “up only.”
As Warren Buffett says, you pay a high price for a cheery consensus.
When you wait for those moments, you get the same downside as you have now with less upside, and you pay a lot more for all of that extra risk.
Mark Helfman publishes the Crypto is Easy newsletter. He is also the author of three books and a top bitcoin writer on Medium and Hacker Noon. Learn more about him in his bio.
Originally published in Cryptowriter.