It took only two waves, followed but the first vertical movement on Bitcoin to make people in the crypto space very excited. That took the price of Bitcoin from roughly 38.5k to 64k, inches away from establishing a new ATH before the halving. That's a 66% price increase in a month and a week, so the excitement is understandable.
So, if you see people already euphoric about this appreciation and you still keep it together and seem lucid, observe well, because at some point euphoria will catch you and you most likely won't be able to think straight.
Let's say you bought a little Bitcoin at 16k (I did, so probably enough others did too). If Bitcoin reaches 160k this cycle and you don't sell by then (I won't risk betting on that, or maybe just a little), that's 10x on Bitcoin, without leverage.
Of course, that is an extreme case. Let's say you bought at 27k and Bitcoin's ATH this cycle will be 95k, not even 100k. That's 3.5x on Bitcoin.
From 38.5k to 64k we have 0.66x and people get excited. Imagine at 3,5x! Imagine at 10x! Do you think you won't? You are wrong, I can tell you that.
I'm not the one to offer advice on what to do when you get into such a situation. I haven't gone through a bull market successfully, from my point of view, even if I always had more in dollar terms (thank you, Splinterlands!) since the bottom of the previous bear market (during this bear market included), but I still consider I haven't played the previous bull market(s) well.
What may work is having a well-conceived and flexible (but not too flexible) plan, and forcing yourself to stick to it even during the euphoric moments. The question is, will you? Will I? And if we do, will the plan be good or those who play it more or less by the ear will do better?
Whatever the case may be, I'll follow my plan during this bull market. We'll see how well it turns out to be in the end.
Something else that is very important, in my opinion, is to ignore all price prediction posts for Bitcoin or alts, especially the outrageous ones because they are the ones that build up hype the most. And if you haven't seen enough of them yet, you will flooded by such predictions after halving (not immediately). That means including the two numbers I added in my post as potential Bitcoin ATHs this cycle, for calculation purposes.
Want to check out my collection of posts?
It's a good way to pick what interests you.
Posted Using InLeo Alpha
