How I'm effectively preparing myself for the next bull market?
This bear market will last longer than we thought. There would probably be a bull run for a few days during festival time, at the end of December. But we can tag that as a temptation market not permanent.
From what I understand, the next bull run would be at the end of 2023 and in 2024. That's a long time, right? If you are not a long-term investor and do small trading only, then this is the prime time you give a second thought. Because I'm telling you a wise decision would take you two to the moon in just 2 years. Now it sounds gainful, no?
I'm going to point out a few things that I personally follow to make myself prepare for this bear market so I can have a good grip when the market takes off.
Understanding the critical crypto market. A bullish period is typically followed by a bearish period. We need to understand the cycle properly. People have done buying and now the buyers became sellers. So we came across the accumulation phase and are in the distribution phase. Another markdown and we will be at the gaining phase pretty soon, probably in a year or so. Be prepared.
As the market is almost stable, not going high and low, not crashing too much. So this is the prime time to learn more about crypto. I took this advantage to go through many new things, looking for new projects to invest in, etc. This helps a lot understand the market.
- Fixing my target price. I have done selling my BTC holding at $8k. That was my biggest mistake by far. So from now on, I do fix my selling price. On the other hand, I'm buying as much as I can. It may not reflect on my blogging profile though because I'm mostly a BTC investor. I usually exchange, trade other coins, and convert everything into BTC. I'm accumulating as much as I can for the next bull run.
- Focusing on the long term. While no one knows when a bear market will end, we need to be prepared. I personally believe, we need to ensure we neither buy more assets than we can afford nor run out of liquidity when we would like to purchase. This way, the fear would be limited and we will always be prepared to grab the bull run.
I know we all have different strategies. My way may differ from yours. This is what I personally found beneficial. I hope it will help someone who is looking for simple guidance. But I would suggest you do your own research before taking any decision.
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