I remember a blogger from Taiwan who opened a 100x long position when Bitcoin was over $50,000. When it surged past $70,000, he was very confident, showing off and claiming Bitcoin would soon hit $90,000. But when the market dropped, he had to close his position near his entry price. He didnât lose money, but his experience teaches an important lesson: don't expect to get rich quickly in crypto.
For instance, if you have a total of $200,000, itâs fine to risk $10,000 on a high-leverage trade when prices are low. After each Bitcoin dip, some people buy the lows, but this strategy works best in a bear market.
Since March, although the market has been declining, itâs not been a true bear market. Instead, weâre in a period of volatility before a potential bull market, making it hard to find good entry points.
When Bitcoin dropped to around $48,000, would you have been brave enough to take a high-leverage position? In that panic, many feared it would fall further to $45,000.
So, until the market trend becomes clearer, it's wise to hold back and avoid reckless trading. Itâs okay not to make money in crypto; just surviving can put you in a better position to profit in the long run. If you put all your hopes on high-risk trades, you may miss out on the upcoming bull market. The fluctuations during this period can easily wipe you out.#Write2Earn! #BTCâ #Write2Earn! #BTCâ #Write2Earn!