Re: Crypto market adds over $140 billion in one day

Many could have feared that they might miss out on the opportunity for some quick buck, that is why they just went straight up and jumped to Bitcoin. 40k+ is still quite pricey even if it was from 60k, since back then everyone had eyed on 20k+, but then when we look at it, it just went insane. Cheesy

Fear makes these people do something stupid so they end up getting late into the hype. The only problem I think is that people that needs the money the most are late in the hype and sometimes they end being the loser because when they get in, the prices are already plummeting.

What happens with those people is that they are always looking for the price to keep going down and they never buy coins for a cheap price because they are always expecting for the price to go even lower, and this is a problem, at some point you need to take a risk and what can be better than buying bitcoin for a 50% discount? And what is even worse is that even if that decrease in the price comes they are still not going to buy because at that point they are going to be too scared to do so.

Yes the 50% like was the point where I thought ok now Bitcoin should be oversold and resistance will come up. That was the case. A couple of rumors also helped Bitcoin to get back on track but it was oversold anyway at more than 50% loss fro its ATH. The best strategy is to not put all your available cash into one single position when a crash happens, but to put a fraction of it repeatedly into crypto even when it is downward slipping.

Correct, the classic strategy of buying the dip even if it is simple it has been proven to be every effective in this market and that is simply because many people are afraid of pulling the trigger when the time comes, they talk a lot about what they will do if the price of bitcoin became cheaper but as soon as they have the opportunity to do so they get nervous and they prefer to wait until the price goes back up only to complain about the missed opportunity.