Bitcoin keeps dropping…I keep accumulating

It’s painful watching your crypto portfolio decrease in value quickly. A couple of months ago, everything was extremely bullish. I would check CoinGecko and feel a boost of dopamine when checking my portfolio. Now, I open the app up and prepare myself for a shrinking number. In April, analysts, influencers, and gurus were predicting sky high prices for Bitcoin, Ethereum, and many alt projects. Then the price corrected and all of those discussions now turn to how low Bitcoin and Ethereum are going to go. It’s easy to get swept up in the energy and let the daily stories, narratives, and emotions get you to leave the markets and change the plan that you have in place.

Is this the end of the bull market?

The bull market could be over or we could be in a consolidation range waiting for the next move up. I can’t say with any certainty what will happen. Afterall, this isn’t financial advice and I am not a financial advisor. However, I do think that there is still more gas in the tank and that Bitcoin is just taking a break after running up from around 4K to 64K in less than one year. And while it feels awful right now seeing the market bleed over 50%, this could be good for crypto portfolios and for Bitcoin and the crypto market. A lot of the extremely speculative money that was trading on leverage got shaken out, weak hands got removed when prices crashed, and lower prices allow investors to accumulate at what seems like a good price when comparing it to the price a couple of months ago.