For the past four days, we have seen a spike in the price of major coins with Bitcoin leading the way. There was also Fear of missing out ( FOMO) across several social media platforms. Some even go as far as re-sharing the tweet from the President of El Salvador, where it is said that he will be buying 1 BTC every day.
Most investors are thus confused about whether the bull market is here or not. Some contract traders who are on short have been liquidated.
The fact is, no one can answer these questions with certainty. We can only make predictions based on events. This brings me to the question, is there any event that could have triggered this sudden pump?
First, some days back, there were rumors that the positive CPI report by the Bureau of Labor Statistics ( BLS) showing a 0.1% decline in inflation contributed to the pump.
The drop was claimed to be the highest since April 2020.
There were also rumors that those who shortened the market from 2020 to 2022 are now buying the bottom.
Whatever the case, we should be careful not to FOMO in with funds we will likely need soon. If you didn't buy the dip, buying during the bull is like a sword of two sides.
For me, there are going to be some corrections in this new week. Not financial advice anyways but I believe it will happen. If the pump continues, however, I am still at an advantage because I have bought the dips I desire. Also, our portfolio will once again smile. So, don't FOMO in easily. One thing I believe is that there will be a better crypto year this 2023, but only for those who bought tokens with good teams and use cases. Few teams were still building even During the dip and they will surely have a good bull start.
Until I come your way again, stay safe, and invest what you can afford to lose.