The Psychological Challenges of Holding Bitcoin During Correction/ Bear Seasons

[Joeboy]

Anytime Bitcoin enters into correction/bear seasons, for many folks it's a period where the level of their confidence begin to go down, there is this kind of mental battle in them, they are filled with doubts, sleepless night, fear of the unknown and whatsoever we can think of.. For some folks this pressure is much more personal and heavier this is coz they don't just invest in bitcoin, they also use Bitcoin as an hedge against the constant devaluation of naira...

Here are some of the qquestions that so many holders especiallyy the new ones ask themselves during corrections/bear seasons....

• There are real estates and other investment, why did I enter into bitcoin?
• I don't think it's late should I sell now before the price goes lower the more?
• Ah my God, What if Bitcoin never recover what will be my fate in years to come?
• Wat if an unplanned situation arises and I need money for it? Etc...

I could keep going with the with the questions, but then let me stop here since this are questions are already common for many of us, especially those of us with unstable income and constant expenses from family and friends or maybe from even incurable/lingering illnesses etc....

But then dipps, correction, bears, all this are normal for Bitcoin, it's part of it's cycle and when we experience them, it doesn't mean that Bitcoin is failing. So for those that are still worried of the current price of Bitcoin, well stop with the excessive worry, this short term price drops are only but temporal. Continue with your accumulation, while still giving room to build an emergency funds and you will definitely be smiling at your wallet in years to come.

[Doan9269]

Just as the law of science proves that whatecer comes around goes around, if there's a fall in the market, the confidence is there that with bitcoin, there's going to be a rising soon to launch us into the market expectations we wanted, it may only require us time to hold, because there's season for everything, we are making investment with the hope that things will get better and despite the fall, we continue holding nor buying the dip until we emerge a bull season to all smile again for holding this long, therefore, bitcoin is not about today, but everyday and it's consistency we have in it despite it's volatility.

[rachael9385]

The bear season is nothing new in crypto and it surprises me that even people that have been in the system for a while lose confidence when the market starts reducing but this should not be something that experienced traders should go through because the bear season doesn't last, that phase is normal in crypto and it is something that you should always be ready for. when the market goes through a dip there's no need to start thinking of selling your coins out of fear, this is the psychological challenge people go through

[Obim34]

• There are real estates and other investment, why did I enter into bitcoin?
• I don't think it's late should I sell now before the price goes lower the more?
• Ah my God, What if Bitcoin never recover what will be my fate in years to come?
• Wat if an unplanned situation arises and I need money for it? Etc...

All of these are questions asked by someone who doesn't know about Bitcoin, tell me someone who already understands Bitcoin, that would ask questions like this, apart from ignorance, questions such as these are unnecessary.

My own share of advice is that you don't invest in any asset under ignorance, it is better to learn Bitcoin before investing.

Take or leave, the bear seasons are compulsory, every investor indulging in Bitcoin investment must accept that part of the market.

[Bishop Victor]

Anytime Bitcoin enters into correction/bear seasons, for many folks it's a period where the level of their confidence begin to go down, there is this kind of mental battle in them, they are filled with doubts, sleepless night, fear of the unknown and whatsoever we can think of.. For some folks this pressure is much more personal and heavier this is coz they don't just invest in bitcoin, they also use Bitcoin as an hedge against the constant devaluation of naira...

Here are some of the qquestions that so many holders especiallyy the new ones ask themselves during corrections/bear seasons....

• There are real estates and other investment, why did I enter into bitcoin?
• I don't think it's late should I sell now before the price goes lower the more?
• Ah my God, What if Bitcoin never recover what will be my fate in years to come?
• Wat if an unplanned situation arises and I need money for it? Etc...

I could keep going with the with the questions, but then let me stop here since this are questions are already common for many of us, especially those of us with unstable income and constant expenses from family and friends or maybe from even incurable/lingering illnesses etc....

But then dipps, correction, bears, all this are normal for Bitcoin, it's part of it's cycle and when we experience them, it doesn't mean that Bitcoin is failing. So for those that are still worried of the current price of Bitcoin, well stop with the excessive worry, this short term price drops are only but temporal. Continue with your accumulation, while still giving room to build an emergency funds and you will definitely be smiling at your wallet in years to come.

emotional and psychological pressure people feel when Bitcoin’s price drops, especially during corrections or bear markets, and why that pressure is even heavier for people like Nigerians who use Bitcoin as a store of value against the falling naira.

[Odohu]

Investing in Bitcoin for long term hold requires the understanding that there will be corrections sometimes, a time that should not be used to panic but opportunity to add more. Anyone without this understanding cannot possibly hold Bitcoin because it will always happen since we already know that the market does not move in only one direction. In sincerity, every investor wants the market to continue rising to see the investment in huge profits but when that dies not happen, it is never a time to start regretting but a time to consolidate on what you have collected to be better equipped when the market rallies again.

[Hypnotizer]

E fit dey challenging psychological for pesin wey be say him just enter the market or for pesin wey never fullly understand Wetin bitcoin be and Wetin Investment as a whole means. Every investment in this whole must have correction, dip or bear and there is no need to panic during that kind of time. To clearly explain this make we take Real Estate for example, in Nigeria for 2016 the Real estate market experienced a decline and also more notably in 2020, the market sef close with -9.2% decline. E dey very important to know say all type of investment for this world dey get time wey e dey dip and if you are an investor you no suppose worry to much about am, panic selling is never an option.

If you wan invest for anything not only bitcoin, e dey very important to understand the thing well well and make you keep for mind say bad day dey and dip must come.Even for life Naso, no be everyday you go dey happy, bad days  must come and Naso everything dey.