Friend told me: start exiting when everyone else is entering
BTC/cryptocurrency have followed a roughly 4-year market expansion/contraction cycle.
2 years of little to no growth followed by
1 year of exponential expansion followed by
1 year of steep market contraction
We are likely in the middle to the end of the current bull period (~1 year). No one knows when the bubble will burst; however, a steep bear market will follow. Most people getting in now will lose a lot of money unless they get lucky timing out of the market.
If you're getting in now, determine short-term profit vs. long-term investment.
S-T profit: buy-in on the next correction (likely to see a 10-20% pull back in the next week) and start pulling profit aggresively until you at least break even, so you'll play with "house money" as quickly as possible and can be more aggresive if you really want to try to time the peak (good luck).
Long-term: Buy a little bit to get a stake in crypto and become an active market observer but plan to invest a majority at the end of the next bear market. Consider stablecoins, since you can earn interest yield on several lending platforms. HODL mostly BTC and ETH. Research the other blue chips and invest 10-20% in projects with a positive long-term future like imo LINK, ADA, and VET. Prepare to hold those losses for 2-3 years until the next phase of market expansion. [Post edited by VTDante at 05/10/2021 4:35PM]
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In response to this post by HokieSignGuy)
Posted: 05/10/2021 at 4:18PM