What’s up, everybody! Hope all is well. Let’s take a quick look at the crypto market. As always this is all speculation and not financial advice.
Bitcoin is down about $1500 from the 10k we were seeing and while it seems to have leveled off it could dip more. But what does a hardcore satoshi stacker do when the market turns red? We buy more! We all hear the call to buy the fucking dip or BTFD for short but what does that really mean?
When prices drop in any market it should be looked at as an opportunity to average down. If you bought 1 bitcoin at 10k and 1 bitcoin at today’s price you would on average pay around $9400 per coin after it’s averaged down. (Forgive my math I’m guestimating). Any time you can average down to increase your overall gains is a good buy. Of course, you have other options as well.
Can’t buy more coins? Hodl! The market will surely turn around and spike over 10k again. Will it happen soon? I believe so but we have seen it under 10k for over a year before the run back over. This bear run could lead to a longer bear market but I still think is only temporary. The strong will survive and the weak will be shaken out.
Lastly, you can always sell. Selling is the point at which you realize any gains or losses so if you are up a bit then pulling out of the market could make sense. Many of us get market fatigue and have a hard time dealing with huge changes. Personally think hodl solves this but some people need to go deeper and just get out. If you average down, HODL, or sell off the choice is yours but I think in the next week or so we will know if we are back in a bear market of if this is the dip before the next leg up.
Lastly, I would like to take a minute to address my fellow Americans. If you are able to vote then VOTE! If you are not registered to vote but have no legal reason not to be then please register and VOTE! Vote in the primary and in November. Now, BlogCoinz does not take a political stance Left or Right but voting is one of the most important things you can do so please, get out there and cast your ballots!