From the LBank blog.
The rough patch experienced during the 2022 bear market might have left your investment portfolio in a tough spot, leaving you drained and unwilling to dabble in cryptocurrency trading again. If you’re in this boat, your feelings are completely understandable. However, the story has taken a turn in early 2023, as major cryptocurrencies have been on an exciting upswing. This is happening even as the Federal Reserve keeps hiking interest rates in an attempt to control inflation.
For instance, Bitcoin’s value has gone up by 5.64%, hitting $31,033 by August 15, 2023, following a significant 39% jump in January of the same year. Meanwhile, Ethereum has seen an increase of around 8.18%, maintaining these levels until a recent sudden drop. Overall, judging by how their prices are climbing, it’s time to consider the upcoming bull run.
Getting ready for a crypto bull market involves a few important steps. This guide covers four actionable steps that can get you all set for the promising crypto prospects ahead, in collaboration with LBank.
A ‘Bull Market’ is defined as a season where the major percentage of active traders are buying. This causes demand to outweigh supply and, as such, market factors such as confidence, motivation etc. allures traders to spend on some particular crypto assets hoping for a price increase in the near future.
Typically, when market prices are consistently on the rise, it could be the start of a bull run, where the majority of the market participants are becoming confident. So to a large extent, a bull run reflects traders’ attitude to the market, including fear, greed, positive feedback, motivation and much more.
When it comes to the financial economy, the market is either bullish or bearish, and these trends can last for several years. The market’s upward trend after the 2008 Financial Crisis until the coronavirus pandemic is one great example of a bull run often talked about.
However, for the cryptocurrency market, it has been bullish since it was launched in 2010. At this time, bitcoin was only trading at 8 cents but reached an all-time high of $68,500 in November 2021.
In late 2017, the crypto market underwent an incredible bull run resulting in the market’s rapid growth with much speculation from nontraditional investors.
- Relearn how to get ahead in the crypto market by understanding the latest bull run opportunities.
- Re-evaluate your trading strategies to venture into the market at a slow and safe pace.
- Research new blockchains and altcoins and watch for potential trends such as institutional adoption, expansion of layer 2 solutions and regulatory developments.
- Refresh your understanding of LBank latest next level suite of products and activities.
- Active Engagement in Multiple Crypto Communities
Expand your knowledge and insights by actively participating in various cryptocurrency communities. These communities offer diverse perspectives and firsthand experiences that can prove invaluable.
2. Setting Clear Goals
Define your objectives clearly before entering the market. Setting specific goals will guide your actions and help you stay focused amidst the market’s volatility.
3. Grasping Market Cycles
Understanding market cycles is key to predicting trends and making strategic moves. Learning to recognize patterns can provide a competitive edge.
4. Maintaining Emotional Equilibrium
Cryptocurrency markets can be highly unpredictable, leading to emotional ups and downs. Cultivate emotional balance to make rational decisions even during turbulent times.
5. Prioritizing Security Measures
With the rise of digital assets, security is paramount. Implement robust security measures to safeguard your investments and personal information. Also, stay informed about common scams and protect yourself from falling victim to them.
Prepping for the next crypto bull run is easier than you think. All you have to do is grasp the current opportunities in the crypto market, fine-tune your trading and investment approaches, and let LBank take care of the rest. With an extensive array of tools and products tailored to suit every investment strategy and market scenario, LBank has you covered. Join us today.
Disclaimer: Derivatives are often volatile, and this can be a risky investment. The information provided in this article is solely for educational purposes and shouldn’t be regarded as financial advice.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/4-steps-to-get-ready-for-the-next-bull-run-with-lbank-85b1f0236206?source=rss-87c24ae35186——2