Words like “bear market” and “crash” are popping up more frequently than ever, and it can feel like we’re living in a constant state of doom and gloom. But as they say, with every cloud comes a silver lining, and there are ways to stay positive amid the dreaded crypto bear market.
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Remember Why You Invested: One of the best ways to stay positive during a bear market is to remember why you invested in the first place. Remember that cryptocurrencies are still in their infancy and that this is all part of a natural growth curve. Remember that blockchain technology has the potential to change the world — and that’s not something that can happen overnight. It will take time for the general public to catch on and for the crypto market to become mainstream. This doesn’t mean you can’t be disappointed by the current state of the market but it does mean you won’t be as affected if you remember the long-term potential. Remembering why you invested in the first place will help to put the current state of the market into perspective and make it easier to remain positive and optimistic in the long run.
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Long-Term Focus: It’s easy to be tempted to sell off your investments when the price is at an all-time low. However, this is the worst thing you can do in a bear market. If you sell off your investments when the price is low, you’ll miss out on the potential to make huge profits in the future. You’ll also be selling off your investments for much less than what you originally paid for them. The best thing you can do during a bear market is to stay focused on the long term. This doesn’t mean you shouldn’t be aware of the price fluctuations but it does mean you shouldn’t be affected by them. Once you’ve bought your investments, there’s very little you can do to control their price. Focus on the long-term instead, and you’ll end up a much calmer and more positive investor.
Stay Informed: The best way to do this is by keeping up-to-date with the news, reading through analysis websites, and joining relevant Telegram groups. The more information you have, the better equipped you’ll be to make decisions when the markets are low. Once you’ve bought your investments, you should constantly re-evaluate them to ensure they are still a good fit for your portfolio. If a particular coin isn’t performing as well as you’d hoped, there’s nothing wrong with selling it off and investing in something new.
Take Time To Breathe: The markets will always rise and fall, and this is something that is out of your control. However, you can control how you react and respond to these changes. Taking time to meditate and breathe whenever the markets are falling will help to calm your nerves and eradicate any negative emotions you may be experiencing. It’s essential to remain calm and collected when the markets are falling, as it will help you to make better decisions and invest wisely.
Price Action: Bitcoin BTC/USD was up 0.84% at $20759.96, Ethereum ETH/USD was up 4.56% at $1624.36, and Dogecoin DOGE/USD was up 26.12% at $0.1057, as of 09:00 EDT Saturday, according to data from Benzinga Pro.
Illustration by Maxx-Studio on Shutterstock
Image and article originally from www.benzinga.com. Read the original article here.