If you have been into crypto for awhile, you have heard variations of this question. The urgency behind this question has grown as we continue to explore the depths of the bitcoin market bottom. We can look at charts, examine investor sentiment, watch the news, interview thought leaders in the space and come to the same conclusion: No one *really* knows.
(* – with the exception of Mr. McAfee)
It’s very easy to grow cynical when market cycles dismiss winners from the previous bull cycle and reality starts to set in. This reality should serve as a guide: No one can call bottom with accuracy worth putting your money on. If you follow someone who tells you that they have the formula or method which can predict the outcome as a sure thing? Run, don’t walk away. What you can do instead is listen to proven experts that have made their money in similar market cycles to understand the market trend.
A lot of time has been spent exploring different trend lines and market signals. As I write this, the charts are mixed or looking downward. Does this mean it can change an hour after I submit this article? Absolutely. Can we predict that being the end of the bear market? Highly doubtful. Herein lies what we all love and hate about crypto – it’s a volatile market with very severe swings at unexpected times.
With the caveats out of the way, here are my personal thoughts on the crypto market as of December 16th, 2018 at 2:28pm EST:
This is not financial advice and I am not your financial advisor.
My strategy has been relatively simple: I cashed out back at $6600 and have made some small trades on alt coins for minimal gains. My plan is to “back the truck up” once Bitcoin gets into the $2,300-$2,700 range. That isn’t necessarily the bottom but unless a global recession hits (and if it does my strategy will change), this should be a safe entry for the next market cycle.
You can also follow me by signing up to my Trade Alerts. Those will tell you when I buy/sell an asset and also my reasoning for doing so (I am not your financial advisor).
Hold on tight and wait for the right entry point. The best strategy is making less trades and having patience right now. We are going lower and managing your emotional state by making and sticking with a plan will allow you to win the next Bull cycle.