tldr;
I missed the boat in 2017 Bullrun and the subsequent crash taught me lessons that I will never forget and those lessons are deeply seared into my subconscious.
This bull run I accidentally made $650k and I likely invested around $15k here and there.
1. I am 100% sure I never want to be in a position where I have to explain to myself how I was $650k up and then squandered everything.
So, I cashed out with BTC at near ATH few days back.
I follow the simple Grandma/Shoe shine boy as a sell signal and that's what I did.
"Coinbase was also the most popular downloaded app in the United States in both 2017 and May 2021, as per Cointelegraph. Notably, both periods saw a significant cryptocurrency frenzy. The current surge in popularity of Coinbase and Crypto.com on the app correlates with euphoria in the cryptocurrency market as well."
I am not super happy though. If the bull run starts in the next few weeks and then extends over to the next 2 quarters and BTC reaches an ATH of around $200k to $250k per coin, I won't be able to forgive myself.
At the same time if I ride the wave all the way up and all the way down and lose 90% of the value in the bag, I won't be able to deal with that at all.
I just want the bear market to be here as soon as possible so I can buy lot of cheap BTC coins and then forget about everything for the next 3 years. 2025 will be my second and final Bull slaughter.
Right now 100% of the crypto I have is in stable coins.
My current strategy is to wait for the bear market to arrive.
The next Bitcoin halvening is early 2024. I want to start DCAing into BTC from 2023 October and slowly extend into ETH in 2024.
From the exact date of halvening I will convert my BTC into Altcoins and invest in every new coins that gets listed in Binance that year and other famous exchanges. I will also reserve 10% of the crypto for the fad of the summer i.e Similar to Defi, NFT, ICOs.
This should net me 15x to 20x if I get lucky. So that's 15 x 650k = $10 Million and that should hopefully set me up for life.
The most rational course of action I can take now is just wait however long it takes for the bear market to arrive i.e gritting my teeth through the Bull run.
Some times I feel.. why should I do this? If I play my cards right.. I might 10x during this bull run and turn $650k into $7 M .. this way I can end the whole thing in the next 4 to 6 months. $7 Million is a lot of money.
But my gut tells me I can only 2x or 3x atmost and while 3xing my NW, I will slip into the bear territory and lose 90% of everything I have.
The other thing is I want to create 50 different wallets and store $13k in them so I won't FOMO in and lose a lot impulsively. It will force me to DCA.
I might just lock up $600k in cold wallet and then play with $50k that way I won't feel left out of the action.
What do you guys think about my strategy?
I suppose that stablecoins are not a good option, since the main objective of crypto hodling is to save money in case of dollar and other fiats inflation, while the value of stablecoins corresponds with the value of their fiat counterparts. The
BTC price rise can occur not only due to
BTC becoming more expensive, but also due to fiats becoming cheaper. Holding stablecoins is just like holding fiat money (and even worse, since they are more secure in non-crypto form). So, I think its better to buy crypto now, instead of waiting for market to become bearish. As for hodling... In general, hodling is a good strategy in cryptoinvestment (I'd rather not call hodling an investment, it's just a purchase). I thnk that its a good idea to hodl
BTC..
You are replying to a post made in 2021 November!
Update: I went all in on Ethereum couple of days back. Around September 22nd.
Note: My original plan was to wait till atleast Oct ending i.e around 23rd and DCA till November 12th. I still think going all in on November 12th or even any day between Oct 23rd - Nov 12th is ideal.
But, my situation is such that .. it makes no sense for me to time the absolute bottom.. it is just stupid ego play. Just not worth the risk for me.
Even from today's prices.. I still expect to easily 6x. That is still good enough for me!
The other mistake I made was to go to all in on Ethereum. A better approach would have been to go back into Bitcoin.. and wait for the mini rally.. and then convert to Ethereum..
but its fine. I don't need to be perfect.
Next Play.. I expect Ethereum to go down to $1400 or even $1200 by November 12th.. and then rally up to around $2400 by next around Feb 16th 2024. easy 1.5x from the current prices.
To summarize: Why did I buy back into Crypto now?
1. Everyone saying Crypto is dead.
2. This time institutions are getting involved and I believe things will be a bit different this time. These guys have unending supply of money and if they so choose they can just keep on buying etc.
this was too much of a risk as far as my personal situation is concerned.
3. I am checking the charts way too often to my liking. I just want to move on. I made the purchase now. I will convert everything into stable coins once I get 1.5x on Ethereum. Then wait for a correction and then buy back in. Or. I can invest a significant portion of it on new alts.
4. Google Trends for Ethereum is pretty low in the 5 year timeline.. it is at 5. (the search volume level).
tl;dr
I still have the upside so I went all in now instead of trying to time the absolute bottom on November 12th.
Right now.. as of Sept 24th 2023. Ethereum price is at $1594.
Next Stop: Feb 16th 2024.
I am going to delete all the apps on the phone. Will block all the crypto related websites and I will move on.
rCC Moons went 400% up in profit! I sold all my reddit moons to USDC.