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Hello everyone, welcome back. Following the eagerly anticipated approval of Bitcoin ETFs, unfortunately, it unfolded as a “sell the news” event. Initially surging towards the $50,000 mark, Bitcoin lost momentum, further affected by the latest Consumer Price Index (CPI), resulting in a significant downturn.
The looming question now is, what lies ahead? Will Bitcoin and altcoins grapple with a prolonged period of sideways movement, or could there be another downward spiral? In this article, we’ll explore post-drop strategies, delve into key technical support levels, and discuss the evolving investment landscape in a post-ETF environment.
Experiencing a substantial drop in our portfolios is never pleasant. Bitcoin endured a 15% decline, with altcoins often bearing a more substantial brunt. During times of heightened fear, uncertainty, and doubt (FUD), it’s crucial to employ effective strategies.
In the midst of a correction, it’s essential to regain perspective. I’ve outlined a set of mindset techniques in my 2024 playbook, emphasizing the cyclical nature of massive runs, FOMO, overbought conditions, corrections, and the influx of opinions on social media. The recent Bitcoin ETF approval triggered a significant run-up, creating FOMO, and personally, I seized the opportunity by reallocating my spare cash into the market. However, the ETF launch turned out to be a classic case of “buy the rumor, sell the news,” resulting in the recent correction.
To navigate uncertainty, it’s crucial to flip the perspective by examining longer-term charts. Crypto’s inherent volatility makes short-term analyses misleading, and a switch to a three or six-month view often provides a more accurate depiction. Comparing recent drops to historical patterns reveals that 10–15% declines are commonplace…
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