This rally seems to have legs and I am highly bullish over the long term and no one knows how high and how long it’s gonna go
Don’t be stupid.
Don’t put your grocery/rent $ into Bitcoin
Don’t borrow money that you don’t have to put into Bitcoin.
Don’t take a 1000x leveraged position, a 3% swing in the wrong direction could wipe out your entire position. (We’ve only had like 15 of those in the past 48 hours)
Don’t try to “day trade” crypto. Sure, there are some folks that can do it and get consistent returns just like there are people that can hit .290 against an mlb curveball but you probably aren’t one of them.
Don’t think that institutions are afraid of taking profits. If they see an opportunity to sell at $42k and buy back at $25k they’re gonna take it.
Every indication is that this bull run will continue, which is when you should be reevaluating your risk tolerance. The old saying goes “be greedy when everyone is afraid and be afraid when everyone is greedy”
If you’re in this to turn an intermediate profit, make a plan to start taking profits and stick to it.
As much as I believe in Bitcoin in the long term, it isn’t immune to extreme volatility and we’re still early in the adoption phase. Retail investors are finally starting to FOMO that they’ll likely be a big part of driving new price discovery. Institutional investors make their money by eating retail investors for lunch.
Please don’t be stupid. Every person that gets burned at the end of a massive rally is less likely to get involved in Bitcoin again.
Good luck!
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