Bitcoin purchase tops the list of Guy Swann’s advice for beginners going through their first bear market.
As the bear market is moving slowly, Twitter user DeFi Edge asked crypto veterans who lived through the 2018 bear market what advice they would give to traders experiencing it for the first time.
Guy Swann put buying Bitcoin (BTC) at the top of his list of advice to bear market newcomers in a reply to the thread. Swann also advised traders to keep their keys, ignore market prices, and stack frequently.
A crypto bear market is distinguished by several factors, including a lack of investor confidence in the market, a sustained period of decreasing prices, lower highs when good news arrives, and lower lows when bad news arrives. Against this backdrop, Erik Vorhees advised traders to “do nothing.”
Normal traders, according to Vorhees, do not need to do anything because their “seeds have been planted” and the “wheat will grow in the spring.” Voorhees, on the other hand, stated that crypto companies must cut back on spending and ensure that they have “24 months of runway.”
Nic Carter also chimed in, offering advice to cryptocurrency traders. Carter believes that the crypto community should focus its efforts on creating things that people want. He also cautioned against expecting everything to make a comeback, stating that “some things die permanently.”
A bear market also frequently exhibits many signs, such as lower trading volume, indicating that people are holding due to uncertainty, negative comments from crypto haters, and backwardation, an event in which an asset’s price in futures markets falls significantly below the normal market price. The big question is when this will end.
Macro investor Raoul Pal in his view believes that it could end if the Federal Reserve stops raising interest rates. This, according to the investor, could happen in the coming months.
