Bitcoin has corrected 74.5% in the last 220 days, and the last time this happened was… 2013!
No doubt that the past months and especially past weeks have been very brutal for Bitcoin and the whole crypto market. Also, this bear market is exceptional as it’s the worst macroeconomic situation ever, and for the first time, crypto will make its recession debut. It’s a very extraordinary situation, so how does this crash now compare to the others?
So if we look to the last bear market of 2018, after 220 days, Bitcoin was down 70% from its ATH. Pretty close to now but still not quite there. And now, in the bear market even before that in 2014, 8 years ago, after 220 days, Bitcoin was down 72%. Still not ever it. It dates back to 2013 when Bitcoin was in a mid-cycle bear, and the market made a high loss.
This definitely shows that the trend of diminishing bear market deepness has been broken and that we are now in a very extraordinary situation due to the very harsh economic situation and other factors crypto never had to deal with before.
Get your seat belts on because this is going to be different. To survive in this hard condition, here are some advices:
- Crypto is not a get rich quick scheme. When your dumbest friends on IG get hacked because they believe $500 can become $10,000 overnight from mining is when you should consider how dumb some of this speculative money is. The faster it’s out, the better.
- If you are going to gamble, pick an exit point before you enter. And when it hits, cash out. You are playing in a casino. Much like a loan to a friend, it’s a gift until it’s returned.
- Not your keys, not your coins. Things are bad right now… and who knows, maybe Coinbase is next to fall. Do you want to find out the hard way if you can recover your investment?
- Money isn’t everything. There are some very happy people without a pot to piss in, and some miserable people who have nothing but money. Of course, we’re here for a reason – money is important, but it is not the only thing that matters. If you mistreat your family and friends over a red number, you’re an asshole, plain and simple.
- Technical analysis is guesswork. Sometimes it’s right, usually it isn’t. If anyone knew the future, they’d be too wealthy to use a YouTube channel or blog.
- Above all else, do not gamble more than you can lose. If you lose every penny, can you pay your rent? Can you still do the things that make you happy? Will your family be okay? If you have to wonder about the answers, you are risking too much.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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