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🚀Bitcoin Breaks Through 30K Mark: Is the Bear Market Finally Behind Us?

Proven Strategies for Achieving Financial Goals Through a Calm and Consistent Approach to Crypto Investment

AuthorAuthor

Troy Pulli & Don Ranalli
April 11, 2023

👋GM Valued Readers,

This morning, while in my workplace cafeteria, my colleague drew my attention to a Bitcoin news segment on TV with the headline "Bitcoin bounced back." Although the mainstream media may not fully comprehend Bitcoin, they tend to create narratives that generate FOMO (fear of missing out). This behavior will likely repeat itself as Bitcoin continues to rise during this bull run, especially when it reaches significant milestones like 40k, 50k, and the previous all-time high of 69k. When FOMO intensifies, there may be significant price movements.

It's crucial to remain steadfast and stick to your investment plan, regardless of how the price fluctuates. Just as we advocated for dollar-cost averaging during the downturn, the same principle applies during the upswing. Unfortunately, many uninformed investors will only buy in during major price movements, disregarding the advice of experienced investors.

Here are three ways staying emotionally intelligent and setting up simple dollar cost averaging systems can lead to long-term success in crypto investing:

1. Reduces Emotional Bias: Crypto investing can be a rollercoaster ride, with prices fluctuating wildly and news headlines often creating emotional responses. However, staying emotionally intelligent can help you remain calm and make rational decisions. By setting up a simple dollar-cost averaging system, you can reduce the emotional impact of short-term market movements and avoid making impulsive decisions based on fear or greed.

2. Increases Consistency: Consistency is key in crypto investing. By implementing a simple dollar-cost averaging system, you can consistently invest small amounts over time, rather than trying to time the market and risking missing out on potential gains. Consistent investment over the long term can lead to substantial returns and reduce the likelihood of missing out on opportunities.

3. Mitigates Risk: Investing in crypto can be risky, but setting up a dollar-cost averaging system can help mitigate some of that risk. By investing small, consistent amounts over time, you can spread your risk over multiple points in the market cycle. Additionally, by staying emotionally intelligent and avoiding impulsive decisions, you can reduce the risk of making costly mistakes.

In summary, staying emotionally intelligent and setting up a simple dollar-cost averaging system can help you stay on track, make rational decisions, and mitigate risk, leading to long-term success in crypto investing.

Remember, money is made in bull runs, but the wealth was established and created during the bear market.

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