"Diamond hands" is an expression that signifies a high risk tolerance. If you have diamond hands, it means you're the type of investor who won't panic and sell off your holdings during big price fluctuations.
So come on. Be honest.. How many of you have though about selling off as you watch the price of your favourite cryptocurrency fall 5, 10, 20, 25%+ over these past few days?? Watching bitcoin drop like a stone and then drag all the other alt coins with it has made me rather glum lately. But ill let you in to a little secret - this isnt my first rodeo!!
Some of us have been around the block long enough to ride out these peaks and troughs, knowing that the old saying "its time IN the market and not timing the market" that is the important factor. Am i confident in saying the flaah crash is over?? Definitely not.... I wouldnt be suprised to see BTC fall below another support level of $30k and heading somewhere towards the low 20s. Saying that, i wouldnt be any more suprised to see BTC take off like a rocket and make a new all time high before the end of March.
The fact of the matter is, like any other investment opportunity, we have long term investors and short term investors, and people that will HODL bitcoin forever. Theres no denying, its a fact, bitcoin has been the best investment opportunity of the past decade, making early adopters millionaires. So to see a big sell off and a 50%+ fall from the ATH is nothing I haven't experienced before. This is just a common tactic of taking a few chips off the table and realising some gains. Unfortunately, short sighted and new investors see this as some sort of escape plan and would rather take a small loss then just ride itnout and catch the next wave.
I remember having these exact same feelings after the crash of early 2018. I had known of btc for a while, but hadnt been invested in other coins before and to see my investment plummet gave me a big scare and i sold and a big loss. To then only buy back in later this cycle at a higher price than i had sold for!! IDIOT
Up on an escalator, down in a lift:
Ill ride this crash down, ill accumulate a few extra selective coins on the way down, and then ill ride the next escalator all the way to a new ATH!
While this crash will inevitably shake out a few weak hands, mine are made from dimonds and ill see you all on the other side.
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