Hi all,
Having only started investing in Crypto 9 weeks ago early November I consider myself a beginner with a lot to learn.
I have heard of Bear & Bull Market and my understanding is we are currently in a bear market but what I want to know is there anyway we will know how long this will last for?
What is a normal period of time to be in either market are we talking weeks or months?
I am currently invested in 7 different coins and I want to hold them all for at least a year adding to each one when I feel the price is low but how can I tell that?
When I started 9 weeks ago Ethererum was at £3,500 and my mate who introduced me to this crypto world told me to wait until it dropped to £3,200 to start investing. I waited longer then that and started at £3,000 but since then it has just kept falling and I have kept buying. Do we know how low Ethererum can go? Is falling below £2,000 realistic? I dont know, but with my mate telling me to start buying at £3,000 it makes me feel that these current prices are great and I will keep buying.
I would just like to be able to look at the market and have a better understanding of everything.
Your questions are natural and I understand why you want to know but at the end of the day there is no way to be 100% sure that what you are expecting out of the market will actually happen, this is why you need to always think on the worst possible scenario and seriously consider if you can endure it, for example even if I do not think we are in a bear market if we suppose we are then it is unrealistic to think it will only last a few weeks or months, you should mentally prepare for the market to be in those conditions for 2 or 3 years, and if you cannot hold your coins for that long then you need to reconsider your strategy.