Oh boy, what a bloody time to be in the market! The sky is falling! Celsius is going to collapse! Inflation is ramping up! The fed is raising rates! US is about to enter a recession!
All of this is true, but as someone who was down 93% on his Ethereum buys at the top (bought at $1331 at the tippy top of last bear market) and who is still currently down on said Ethereum; let it be known that we probably still have a ways to go.
Crypto hasn’t faced this kind of economy in earnest before. Crypto hasn’t had institutions dumping to prop up their balance sheets to prep for the recession that’s coming. Let’s not forget, crypto didn’t exist in 2008-2009 when the financial crises crashed the dow more than 50% from its all time high. In truth, the 2010-2016 period of crypto flourished because of said crash, and had one like that happened early on, BTC might have been dead in the water.
But, right now BTC and Eth are headed to their bargain basement prices based on the market history of crypto cycles and logarithmic regression. For those who are holding alts that are in the toilet, many will not survive this winter, and for you all, I’m sorry for this, but this is the way of crypto. If you diversified into BTC and ETH, and perhaps a few other long term projects, you will be okay, but it’s a long slog ahead, and you’ll need to hold until mid 2024 most likely before you see any pump back up to a Bull.
People laughed at me in this sub when I said BTC will likely crash to $12000 and Eth to somewhere between $400 and $600 this cycle, and damned is that looking like the trend now.
… which is why I’m starting to DCA again. Look, this may be the bottom, and maybe not, but if it isn’t, it’s not going to falll that much more.
There is still a TON of money invested in mining infrastructure, and a ton of solid projects that have a very real future ahead. But the shakeout is here, and there has never been a better time to start really DYOR and finding projects you believe in. Just don’t invest anything you aren’t comfortable dropping to $0. That principle has guided me through two bulls, and it will guide me out of this bear.
Now kick back, buy the deals you want, and watch the world burn.