People who love roller coasters probably enjoy this feeling a lot, right? Wait for it... wait for it... and down we go! With wind in your face, stomach in your throat and chirping like a bird... or not! 😀 Never experiencing a physical roller coaster in my life, I'm not exactly sure if those screams are out of pleasure, fear, or both.
But with so many roller coasters in our lives, I can't imagine how those people stay in business. All we need is a fan, to feel the air in our face as we experience the roller coasters... Ah, there are also the gravitational forces. Not as easy (cheap) to simulate those, I believe.
Anyway... I bet most people aren't very comfortable with recent market action.
Those of us who have been through this before look at it with different eyes, but... let's be honest, despite all that, we still feel the roller coaster. Yes, maybe we have a long term perspective. Yes, maybe we see the continuous developments and expect them to have an impact at some point. But very few can become immune to market fluctuations, especially if they have significant crypto holdings and maybe not as much on the other side.
I am still surprisingly calm about the whole thing. I've seen this scenario before, but it's still not easy to see HIVE, for example, drop from a relatively solid 30 cents support to below 20 cents now. I don't think many expected BTC to go below 58k either.
The problem is, on the short term, we will likely see the market dip further because major supports were broken (for Bitcoin the range was broken down, for HIVE, it went below 20c), and that often means on the short term the movement continues until a new support is found (or until the former support, now resistance, is recaptured).
Be prepared for such a scenario! Despite all this, we are still in a bull market. History is our ally, even when our senses may tell us something else. I bet those strapped in their seats in a roller coaster may feel they will keep going down. Of course, for them everything ends in a few seconds, at most. And then another hill is slowly climbed.
Where history doesn't help is to have a precedent of a crypto bull market during an economic downhill. Bitcoin was born after (or as a result of) the previous major financial crisis. This is a premier and we'll have to see if anything will be different. So far, it may feel different. In some cases, it may even be different. But the cycle haven't ended so we can draw some conclusions. Luckily, parts of the tech sector (AI, robotics, chip production, etc?), to which crypto relates the most, are still booming.
Anyway, when you're feeling kind of blue because of the market action, look at this chart (it's on logarithmic scale, to better see percentual growth):
Second, post-bear year is not over yet. See how all of them ended so far.