Riding the Bull: Strategies for Navigating a bear market

Crypto bull markets are a positive thing, so making money during these periods should be easy-peasy, right? Well, not necessarily. You have to remember that high demand means prices will be rising. Plus, you’re competing with plenty of other people with the same aim. So, you need a clear strategy to capitalize on a crypto bull market. Cryptocurrency enthusiasts and trader

If the positive trend in Bitcoin prices continues, you must prepare yourself to get the most out of the situation. Luckily, this article has five strategies you can try—so let’s get into it!

What is a bull market?

A bull markets spell good tidings. It is a time when you must be willing to leave your safe spots as there is much to gain. The bull market alludes to a prolonged period of rising prices, low inflation, and economic optimism.

Bullish stock markets last an average of 2.7-4 years, so there’s plenty of time to get involved! What you need to keep in mind, though, is that crypto bull markets may not necessarily follow the same patterns. Cryptocurrency is notoriously volatile, and the fact that this technology is still fairly new means that we do not have enough existing data from which to draw solid predictions. But to help ease your way, here are five strategies you can employ during a bull market.

Five top strategies to use during a bull market

Before starting any crypto strategy, define your goals and establish a budget. It’s easy to get caught up in the action and forget why you started investing in the first place, so refer back to these points throughout your trading journey.

Buwhen you spot it

Spotting the beginning and end of bull or bear markets is tricky. Several old and new investors have tied themselves in knots (and lost a lot of money) trying to predict the exact movements of the market. The best thing you can do is keep an eye on the day-to-day fluctuations and take note if you spot patterns of higher highs and higher lows. This is a sign that a bull market could be underway, so it’s time to start buying! Increased demand will inevitably lead to rising prices—you don’t want them too high before getting involved.

Be active!

It might seem like a no-brainer, but if you’re willing to get busy, you can make more of a profit than if you sit back and watch the prices rise, waiting for the right moment to sell. Though there’s nothing wrong with playing the waiting game, it’s almost impossible to judge the exact point before prices fall again. 

Don’t get carried away

Trading cryptocurrency can be fun and exhilarating but don’t take it too far. Particularly during a bull market, it’s easy to get addicted to the rush and start taking bigger and bigger risks. Always remind yourself that prices can drop just as fast as they rise. You have the opportunity to make a lot of money in a bull market, but it can weep out in one fell swoop.

Keep it diverse

No matter the state of the market, you should never put all your eggs in one basket! What we’re saying is: diversify your portfolio! This means looking beyond safe bets like Bitcoin. Keep hold of your main investments, of course, but also branch out and take a chance on other options. The crypto economy hosts various assets, from meme coins to NFTs.

Don’t wait too long to take your profits

Bull market or not, you can still make losses if you misjudge a trade (which is easy to do). As we’ve mentioned, cryptocurrency is very volatile, so taking small profits throughout the bull run is a good way to even out any losses. You achieve this by selling assets at regular intervals. 

Sell your Bitcoin for cash on Astro Africa

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