If there is something that everyone in cryptocurrency agrees upon it is that the bull market cannot come soon enough. In turn, all of us are waiting around for the bear to enter hibernation.
When this will happen is anyone's guess. Many venture into these waters yet they are just shots in the dark. The truth is none of us have any idea when the bear market will end.
In the meantime, we are all being tested. Bear markets are a time of endurance. It is not easy to withstand what the market throws at us. Sentiment goes to crap and attitudes follow. Most end up exiting the game.
This is a time for survival. Only the strong can weather the powerful bears. The skills required are like no other. Simply put, it all resides between our ears.
Markets are a mental exercise. There is nobody else participating. It is us against ourselves. This is a rare situation. Our actions are fully in our control. Whether we enter, exit, or hold is up to us. Nobody else makes that choice.
For that reason, we also bear the full responsibility for the results we get. Sure, we can blame the market but that is insanity. Instead, we have to realize it is doing its thing and we are the ones who respond to it. Do that successfully and riches will follow. Sadly, make a few missteps and account balances go up in flames.
Warren Buffett likes to point out that market pullbacks put "stocks on sale". People like to get a bargain when shopping in stores (or online) yet do not take the same approach with investing. Long-term holders realize that adding when things are beat up can enhance a portfolio.
It is easy to make money in a bull market. That said, it is also difficult to get wealthy. Buying at elevated price levels is rarely a path to enormous wealth. Sure, one can make money. It is, however, the adding when things are down that makes the difference.
Triple digit gains are not often realized at market tops. While a stock or cryptocurrency can always keep going, the nature of numbers is that, when a run is nearing completely, the upside potential is not great. The same is not true at the bottom.
Market timing is extremely challenging. For this reason, when waiting for the bull, it is best to have a long term focus. What are you going to do that will ensure wealth from the next bull run?
Many prefer not to get involved until markets turn. This is a sound approach. The concept is summed up in the idea of "not catching falling knives". Allow markets to bottom and then start adding once confirmation of a turnaround is in place. This can be determined in a number of different ways. Whatever method is utilized, unlike market tops, bottoms tend to take longer to form. In other words, there is usually time to get in at an attractive price.
By adding to one's holding, even a return to the previous high will put one further ahead. This is simple math. That is why over the long term, those who keep filling their bags find their wealth growing with each cryptocurrency bull market. Since we tend to see higher highs, if the bags contain more, wealth is accumulated.
Naturally, this can disappear with the next bear. Some are willing to ride the ebbs and flows, knowing they are in it for the long run. Taking money off the table is never a bad idea but each has to have an approach that works for him or her individually.
One of the great things about Hive is that we can keep building even during the bear. A simple way to keep filling the bags is to stay active. Consistent activity tends to lean to the filling of one's wallet. Whatever coin or token is of preference, activity can help one to accumulate more.
By remaining focused regardless of price, we can enhance our position and influence. Those who bail end up showing up at a later time, often regretting the time spent away.
Again, to each their own.
We are fortunate that, while waiting for the bull, we can remain active. Keeping busy in an effort to earn rewards is a novel approach. This is something that much of the cryptocurrency world is missing.
So the question for everyone is how well will you be positioned when the bull does start running again?
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