Bitcoin continues to struggle below $42,000 as extreme fear grips the crypto market and analysts hint at a drop to $38,000.
Anybody buying at current prices or are you waiting for a dip?
That’s the current feeling I get while perusing my CT accounts. A dip into the 30s before the next move up.
Hi @CoinLady
The first thing I do every morning when I wake up is to check the crypto market capitalisation on Coingecko. It peaked at $3.1 trillion last April (may have briefly got there again in November, can’t recall).
Today it is $2.1 trillion, which means it is down 32.2% from its peak (that is one third in round numbers). BTC, on the other hand, peaked at $69K and is now trading at $42K plus or minus a grand. It is down 39.1% from its peak.
Since November 2021, I have been slowly selling BTC in favour of Alts, at times when they appeared to be relatively good value - depending on the Alt I was reviewing at the time. In Nov21, BTC was almost 50% of our portfolio, it is now around 25%. Our portfolio is down 13.5% from its peak last year.
I would like to think we are only down 13.5% from peak due to rigorous business planning in the short and long term. But it could all just be pure luck of having chosen specific Alts that just happened to do well. But they have not all done well.
The important aspect for me is that we went into this venture 18 months ago accepting that we could lose 100% of our investment. I do have a long term view that BTC will get to $250K, then to $500K, then to $1M. I just don’t know when 
It is very painful to look at an asset that is 40% down from its previous peak, and to contemplate if you should have sold it. It is far better to have a reasonable view on future price, assume it will increase even if not by as much as headlines predict, and be satisfied with the longer term view. Short term, it is irrelevant to me whether BTC is $10K or $100K. I decided to “do crypto” knowing the historical price action since 2010, and had to accept that such price action is unlikely to change significantly. White knucke ride, but don’t lose sleep over it.