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Bitcoin Bloodbath

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Bitcoin Bloodbath

You probably went to bed last night in a bit of a tizz. And waking up this morning, I’m guessing things aren’t going to be much better.

If you’re at all engaged in the crypto markets, you’ll know it’s been a brutal 24 hours. Crypto assets across the board are in a sea of red.

Checking the list of crypto on Coinmarketcap this morning  wasn’t fun. Of the top 100 cryptos, not a single one was showing a gain.

That’s right, every crypto was showing a loss.

Double digit falls all over the place. Bitcoin, ethereum, ripple, litecoin — all of them were down. Deep in the third, fourth, seventh page on Coinmarketcap were probably some gainers.

We don’t know, though. We didn’t bother looking for one. A futile exercise.

If you’re pretty new to crypto markets, these are the days that harden you up, that turn you from a rookie into a seasoned veteran. We haven’t really seen a big plummet like this since we launched Secret Crypto Network last year.

It was always going to come. We just weren’t really sure when. And so now you’ve been through your very first hard correction.

How do you feel?

Do you feel a bit down? When you log onto your crypto tracking app you probably saw a big difference your crypto portfolio. We did! It’s enough to make you feel dejected about the whole crypto investing opportunity.

That makes it easy to start doubting yourself. That feeling of ‘what am I doing?’ creeps in, and a little voice starts telling you to get out while you can.

But you need to be very careful in times like this. It’s easy to pull that ‘SELL’ trigger and then come to regret it time and time again.

What happens is you can easily get swept away in a massive panic. You decide to SELL out of positions and then pat yourself on the back for averting disaster.

That is until the values start to head higher. In fact they start to head higher than the value you sold at. But you think to yourself, ‘It’ll crash back down again, I did the right thing’.

But it heads higher and higher again. And soon enough it’s more than double what you sold it for, even higher than it was before the panic ‘sell off’ even started. Now it’s too expensive to buy — but you do anyway because it has to go higher from here.

We see this time and time again. We’ve seen panic sellers tap out, only to see their holdings then go on to ‘higher highs’ down the track.

It’s times like these you need to exert control, patience and calmness. Go back to your original strategy, remind yourself what your time frames are and why you’re even in this market.

This turns you into a proper crypto investor. We know what it’s like, we’ve been in this long enough to have already made these mistakes before, getting caught up in day-to-day wild volatility swings. There has been times we tapped out too early – not focused on our long term vision.

And every time it’s been the wrong decision. That’s not to say this market will always head higher. Clearly it’s a rollercoaster. But when you’re on one, the wild part is the plummet down and then the fast ride up.

Times like this are scary. But if you’ve been around a few times you’ll see that the long-term potential is still there. There’s still gigantic upside benefit if you can hold on for the ride.

Now maybe this market isn’t for you, perhaps the volatility is too much. If you can’t calmly deal with these situations, you really shouldn’t be here.

But if you start to understand this is part of crypto markets, then you’ll see this happens all the time.

Here’s what happened to bitcoin’s price in the first quarter of 2015,

January bitcoin
Source: Coinmarketcap
Notice the sharp plummet around 15 January?

Here’s what happened to bitcoin’s price in the first quarter of 2016,

Bitcoin chart
Source: Coinmarketcap
Notice the sharp plummet around the 15 January?

Here’s what happened to bitcoin’s price in the first quarter of 2017,

BTC chart
Source: Coinmarketcap
Notice the sharp plummet around the 15 January?

We’re not saying that every year this is going to happen. But it happens a lot. Like four consecutive years. Coincidence? Maybe. There are theories as to why it’s happening again.

But we don’t really worry about that, our view is long-term. Our recommendations have huge upside potential. And along the way the journey is going to be tough.

Crypto markets are very different to traditional markets. But investor psychology isn’t. And when there’s blood on the streets — that’s when you should be looking for opportunity.

It doesn’t really matter. We’re in this for the long game. And so far over the course of our involvement in crypto that’s the strategy that trumps all others. We don’t expect that to change because of a few days in January each year.

Remember, stay calm. Focus on your goals. Don’t get sucked away in panic. And don’t get overly swept up in FOMO. Calm heads prevail here.

About Bernie Fitzpatrick

Life is your opportunity to achieve great things and by owing 3 technology blogs I have the opportunity to share my knowledge with you. Success in any business online or off comes from focused commitment to helping others by providing a great service or products. This will always be our main focus at Lostintechnology.com - to provide one of the best technology review sites on the net. Giving you the latest tech tips, tricks and news, We love feedback, so please let us know if we can do things better.

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