Ever since the crazy bull run in 2017 we have been witnessing a grueling bear market so far this year. What I find interesting is that so many people take it for granted that there will be another bull run coming soon. Now the question is why do all these people think so ?
If we look at the graph of Bitcoin, which also reflects the overall state of all cryptocutrency, how much of the graph is consisting of a bull market ?
The fact is that the first big bull run that most recall happened in September 2013.
The spike was very sudden and went from around 100 dollar per Bitcoin to above 1000 dollar per Bitcoin in November the same year.
So in only three months Bitcoin increased by a thousand percent or 10x if you prefer.
But what is scary is that after this bull run there was a terrible bear market for more than three years, just look at the charts.
I don’t want to spread FUD or be negative, but in the same time I think it’s imporrant not to blindly listen to what everyone is saying.
At the peak of the latest crazy bull run you could go anywhere on the web and there would be videos and information of how Bitcoin will go to a million and that there is no stop to this bull market and it is not not the beginning.
Yet here we are, what goes up must come down, that is only natural. But if you have followed most forecasts of the Bitcoin analyzers on Steemit and YouTube, almost all thought that Bitcoin wouldn’t drop below 10 000 USD but would continue its bull run with 10 K as support.
Once this line was breached is seemed like a lot of these bullish people and their video posts disappeared over night. All the people that could swear we would continue sky high did some posts about the ultimate crash and how we are now in a bear market.
So what can we learn from that ? We can learn that it is much easier and more effective to post good bullish news than bearish. Nothing attracts more views and listeners than the sound of potential money raining in.
So to summarize things I think it’s important to be objective and create your own picture of how the market will develop by also analyzing the past. So what do I believe will happen? I think that the besr market might go on a little bit longer than what some expect. That’s why I have also changed my game plan. I focus on the coins that have more value than just the psychological market value. I look for coins with actual function and instrinsic value. Tokens that can be utilized and that have the technology to change things. So many coins are just a form of money based on blockchain technology. But there are already thousands of these around and maybe even more that have already become dead coins. So for me the focus on coins like Steem for example, where the development is happening daily and thus increasing the usage and the value of the Steem blockchain, plus the best part about holding this coin is that I can increase my holding even if the market is going down, so if the market becomes bullish this year or next or the year after, it is almost preferable for me if it doesn’t happen to fast because then i have more time to build up my Stake in Steem.
This is not financial advice, and I’m definitely not a professional advisor, this is just my humble opinion and nothing more.