Times are tough, and they're only getting tougher. Lending platform Celsius is on the brink of bankruptcy, BlockFi is holding on for dear life thanks to crypto exchange FTX's $250 million credit, NFT sales have slowed down drastically, and Terra Luna's crash of 2022 was the stuff of nightmares.
And if that wasn't enough action to unseat yourself, just remember that things could get much worse.
I'm expecting lower prices within the next few months for not only Bitcoin, but the rest of the market as well. I took a screen shot of the 4 Day BTC chart, and as you can see there's a pending deathcross taking shape as the 50-day EMA (Gold line) is about to cross beneath the 200 EMA (Blue line) which is a signal for further weakness in the market.
In short, more pain!
Things could change though, and we could potentially get a bear market bounce and not do that dreaded death cross.
Dollar Cost Averaging
I'd be very weary of putting any money into staking rewards, or borrowing and lending platforms like Celsius and BlockFi for the time being.
It's probably best if you wait several months until the dust settles before dipping your toes into the waters.
It might be tough to get excited about crypto right now, but the truth of the matter is that, this is the best time to start accumulating for the next bull run which should be around the spring of 2024.
It's during these bear markets where huge gains will be realized once crypto enters the next bull run again, providing you're investing into the right projects.
Just like the old saying, you should buy low and sell high.
Too many of us buy in at the top of the market, and sell into capitulation.
Still, I wouldn't go all in on any altcoins , or NFTs at the moment, rather just DCA( dollar cost average) into projects that you believe into.
Since we are close to a bottom, or at a bottom, this isn't a bad time to slowly accumulate.
When you DCA, you're not pouring all your cash in at once, but rather, you're investing smaller amounts over a longer period of time.
That way, if the project you're investing into goes lower in terms of pricing, you can spread out your average your cost of entry.
Things Will Get Better, This Isn't The End
Some of you might be very depressed because your portfolio is way down and that's understandable. A lot of us are experiencing the same thing as well.
Just remember, your peace of mind is much more important than any financial asset.
If you're at a super low point in your life because of the market, I'd encourage you to seek help in dealing with your situation.
Things will get better. Remember it's not just crypto that's down, but the stock market is down as well. Investors are feeling the pain that comes with bear markets.
One of the reasons why I created this platform was to help encourage you through these difficult times.
Looking at cool crypto posters can help keep you motivated during bear markets. They remind you of why you love crypto so much, and the reason why you got into this space in the first place.
NFTs aren't goin anywhere they've just begun, crypto projects are still building out the future of Web 3.0 as we speak.
Just hang in there, because this crypto winter isn't the end, it's just another moment in the cycle of the bulls and the bears.
Nothing in this article is financial advice, invest at your own risk.