Even Now, It’s Not too Late to Ride the Bitcoin Wave

Bitcoin’s breakneck rally has led to several warnings that it is way too overbought and the fast-growing bubble may burst anytime soon.

08:50 30 November 2021

But the warnings seem to have had zero effect on market participants for some time now.

 

Retail investors are still piling in enthusiastically to see how much they can benefit from the latest rally. Small institutions with special crypto focus are fancying their chances and positioning themselves to enter the market with new product offerings so as to gain an edge over their rivals.

 

Things have been running smoothly in the recent past for Bitcoin barring a couple of slumps which it successfully climbed out of. The market has clearly taken a bullish stance on Bitcoin.

 

If this trend is any indication, the impressive run is likely to go on for some more time and might take the primary cryptocurrency to newer highs.

 

Everybody now wants to get on the gravy train and make a quick buck before the latest leg of the rally draws to a close and bitcoin settles into a state of consolidation. But credit to all those people who got in early on the act when the outlook was gloomy and uncertain and the future of crypto hazy. Riding out the early phases in the market was hard for these early backers when there was a lot of pessimism in the market and a lot of distrust about the value these coins brought to the table.

 

Early Backers Believed in Bitcoin

 

Back then, the future of crypto was clouded with doubts and questions and the opinions from financial pundits and key influential figures were not reassuring either. To quote Mark Cuban “’I’d rather have bananas than bitcoin’”. What’s more, several reports surfaced online belittling their value and brushing them aside as just another pump and dump scheme for the digital world.

 

But these early backers didn’t budge one bit and decided to hang on for as long as they possibly could. They kept their feet firmly planted regardless and held on with conviction hoping that their holdings would grow gradually. And grow, it did. Now they’re a happy bunch, with some of them comfortably heading into retirement.

 

Their courage stemmed from their firm belief in the potential of bitcoins and helped them hold on tight even during a deep correction when the broader market went on a selling spree and the prices went downhill quickly.

 

In this article, we’ll take a look at a few things they did well and why they’re bitcoin millionaires now.

 

And They Made it Big 

 

First of all, the early investors were convinced that cryptocurrencies were their ticket to riches, and, luckily for them, it panned out that way. They were sold on the idea of bitcoin completely, and had a sound understanding of the entire cryptocurrency landscape even though it was and is still pretty much a developing field. After the stratospheric rally in the initial days, optimism was pretty high, but it wore off quickly leaving the market laden with fear and unrest. Lots of doubts crept in around the future of crypto but these early backers demonstrated a great level of patience and continued to hold on. And now they’re reaping the rewards they thoroughly deserve. You may argue that getting in way early and ahead of others is a definite advantage in that they can afford to play the waiting game. But they showed great judgement in not selling off their holdings even during phases when the volatility of the market kicked up a gear and made the price movement so erratic and impossible to predict or forecast.

 

Yes, Even you Can

 

The early backers turned out to be bitcoin millionaires because they believed they could become one. Crypto was their ticket to wealth. They simply separated wheat from chaff, seeing through the criticism surrounding the crypto universe. They were able to discern the real potential of bitcoin and appreciated how it could turn out to be an indispensable digital currency with a great store of value. Although it might appear to be a little too late to join the party, you can still make a killing in the bitcoin market if you use volatility to your advantage. 

 

Volatility is a boon as well as a bane for market participants who like to speculate. The volatility often goes out of bounds in crypto markets. One day, the price could go on to set new highs comfortably smashing through the resistance level. And the next, it could be seen teetering at the bottom and breaking down to the nearest support level it rose from. Over the years, the price has cycled through several ebbs and flows but ended up rising to new highs and luring more people in. And that is what excites traders about Bitcoin. No wonder they rush to get in. The market often goes through several spurts of extended buying and selling, which makes it extremely important to do the right thing at the right time. If you’re a trader or a short-term investor who wants to profit from the wild swings in price movement, you need to make volatility your friend to be able to have an edge in the market. 

 

With the volatility touching unprecedented levels, a well-devised trading plan won’t just cut it anymore. Luckily, there’s help on hand. Sites like the-bitcoin-millionaire.com/pl are proving to be great resources for traders who want to level up and become a pro. Want to dip your toes in but not sure where to begin? Stop testing the waters and start navigating the turbid waters of the crypto market with the bitcoin millionaire site. Register for free and tap the power of the advanced trading software that churns out reliable data-backed analysis and generates objective trading signals at the opportune time so you have higher odds of getting great returns from the market.