How do you maintain conviction during a bear market

[Aymoons]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

[Karl_3000]

The first thing you should know is that bitcoin will not fail you, the price will increase and get to ATH. This will really help you if you follow it.

I started DCA when bitcoin fell to $90,000

As bitcoin fall to $85,000, $80,000, $75,000, $70,000, $65,000, I average which means I bought bitcoin at each prices. I continued the DCA also.

I lump sum at $70000. Not when bitcoin was increasing but before it decreased to $60000.

I was unable to average at $60,000 but I wished I had.

This strategy really helped me.

Three best ways to hold bitcoin combined.

[BitMaxz]

Well, for newbies, that's the hard part to maintain and avoid FOMO during bearish periods. You should avoid short-term price action and stick with a long-term plan.

I think for a newbie you better build confidence first since you don't have much knowledge about Bitcoin; I think it's better to read the Bitcoin value and history from this link below.

- https://en.wikipedia.org/wiki/History_of_bitcoin#Prices_and_value_history

Once you learn, including the block halving, at least you know that the BTC price is rising every block halving. That should be a good foundation to have strong faith in Bitcoin.

[Finestream]

If you don't have clear understanding about bitcoin from the very beginning, maintaining conviction is hard to achieve. It requires a solid psychological framework and a disciplined process for you to be able to stay in high conviction despite of the negative market condition.

If I were you, start zooming out a long-term horizon and strictly focus on your timeline. Know the reason why you are here in the first place, and from that, establish a clear action plan that will most likely create a long-term positive effect, not a short-term one.

Consistency is a huge factor, conviction never stops if you stay consistent on your desire and goals with bitcoin.

[Cryptohygenic]

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

If you feel the Bug in the bear market, then get ready for the Fud when market begins to renounce up to the bullish market because excitement of price increases can also strive market sentiments and if you don't take proper control you may sell out of Fear Of Missing Out Fomo.
Bitcoin as an asset with the potential to hedge against inflations is a long term promising financial technology and for investors not to be emotionally driving over short time volatility and good state wise, investing for a long term goal remains the secret to beat the market sentiments.

[Rgram]

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

You’ve got a bright idea about your plan or decision to invest in Bitcoin at this time when the price of Bitcoin is some worth consolidating about a price in the bears and it certainly does you a lot of good to buy now.
There isn’t much reason suggesting that the price of Bitcoin would dump any further but in any of such eventuality, the idea is to have it in mind that, it would always bounce back up. There isn’t a reason in the world for you to ignore history and decide to cut your losses when there is a chance for you to catch up and make profit off it in the nearest future.

[Maslate]

If you understand the essence of a bearish market, then conviction could be easier to maintain. There's no bullish market without seeing a bearish market, so both have an equal function in the cryptocurrency market.

Don't get bothered by price drops and panic sell, instead use it as an opportunity to buy more so you can fill in your bitcoin portfolio with a higher volume. And never take shortcuts with bitcoin, nor settle with short-term gains, but always go for long-term hodling. That way, though its hard to maintain conviction with how volatile the market is, but what's most important is you never lost the conviction to keep going forward with bitcoin.

[Amphenomenon]

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

You got the answer here, sticking with the long term. This shows confidence and helps a lot against FUD especially when there might be news creating fear or something negative, one will rather focus on security, accumulation and other important things because it's clear there will be an increase again and another new ATH or it getting to your long term investment goal/price.

[rat03gopoh]

I don't know, that conviction naturally came over my extended involvement in the crypto space.

Beyond that, the primary foundation of conviction is having money outside of your investment allocation to cover your living expenses. Besides being confident that you will reap future rewards, you also need to be confident that your life is secure while you wait.

[I_Anime]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

The truth is that as an investor you have to be ready for the up and down too. Firstly have the mindset that the bitcoin price is not stagnant so there are going to be a lot of up and down due to market volatility. But always remember this , that you are holding Bitcoin not any random shit or altcoins , bitcoin is fond of always bouncing back after experiencing a drop in prices and historically Bitcoin has been proven to be uptrend despite the countless dip Bitcoin always create new ATH .

[Cointikka]

As a newbie, it's normal to feel disheartened by Bitcoin's price during a bear market. Everyone here has experienced that phase. Keep in mind that investing in Bitcoin was never intended for short-term gains. If you look at Bitcoin's historical price trends over the long term, you'll notice that its value has consistently increased over time. Focus on long-term growth, and you'll feel encouraged to continue accumulating Bitcoin. Remember, Bitcoin is the only digital investment that has never disappointed anyone.

[jossiel]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

We do maintain that conviction over the period of years of holding. You'll also be there but I am sure that you'll get to feel some doubt for the first time.

But you'll endure it and then focus on what you think about long term holding. If you have known people who became successful with their long term holding.

You can use their stories and be inspired with it if ever you're feeling too down because of these corrections. Just brace yourself that we probably haven't seen the worst for this bear.

[hd49728]

We do maintain that conviction over the period of years of holding. You'll also be there but I am sure that you'll get to feel some doubt for the first time.

But you'll endure it and then focus on what you think about long term holding. If you have known people who became successful with their long term holding.

You can use their stories and be inspired with it if ever you're feeling too down because of these corrections. Just brace yourself that we probably haven't seen the worst for this bear.

The bear market is more challenging than a bull market because during bearish months, time looks like longer than the same months during a bull market. During a bear market, price mostly drops with time while along the way there are some market crashes, company bankruptcies and their consequences on both market price, trading volume and psychology.

Fortunately if people are well-prepared for their knowledge about market cycle, market psychology cycle, and how long holding needs to be at least for getting profit, they will feel bear market no longer challenging and dangerous. It will be more like great opportunities for buying cheap bitcoins, and knowledgeable investors are able to do that comfortably too.

Bitcoin market cycle.
Wall Street cheatsheet: The psychology of market cycles.
Psychological pitfalls of market cycle.
Hodl.camp

[arzuo]

For example: If your purchasing budget is 100, then divide that 100 group into 3 to 4 parts and try to buy step by step!

The market is prone to manipulation, so you should definitely follow a good direction strategy. Buying small amounts instead of buying a lot at once helps you get an idea of ​​the market and creates opportunities to buy at a much lower 📉 price.

🔥 Therefore, you should follow a strategy where you can take advantage of this market opportunity 💪 again and again.

[tabas]

Sticking to a strict DCA plan?

DCA shouldn't be strict at all. But it's on your terms if you're going to be strict for yourself when you do it. What majority does when they DCA, it's all about loosening up the stress or the pressure that you're thinking when you accumulate. You're free to do it however and whenever you want. Don't think that you'll need a specific amount whenever you DCA, any amount will do at any periods that you're free to do it.

Simply ignoring short term price action?

You can do this, don't think of it whenever the market gives you so much pain. When these short term prices have come down, it's only temporary and it will ease up eventually which is a normal thing that bitcoin does. Remember it always recovers.

[Daniel91]

Interesting question, OP.
In cases like this, prior experience is very important. I've been in bitcoin since 2014 and I've seen a lot, from BTC jumping from a few hundred dollars to $70k, then falling several times, then jumping to $120k, then falling to $60k, etc.
Such experiences, although shocking for beginners, tell more experienced users that they need to look at the "bigger picture" and not react emotionally but based on a long-term vision and strategy.
Bitcoin is not only related to the financial aspect but also to an idea or vision and someone who understands this will never be too worried about the current movements in the btc market but will stick to their long-term plan and strategy.

[Luzin]

I'm curious what are the things people do to keep strong conviction during times like this.

What makes you uncertain? I have been with Bitcoin for 11 years, the pattern is still the same, not much has shifted. The current situation still makes me confident because there is adoption by big companies and it continues to grow.

Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

DCA might be a better strategy but I don't always follow it. Investors who understand the risks can always treat this instability as merely a temporary disturbance. Therefore, short-term price drops are seen as accumulation opportunities, not reasons to panic.

IMO

[jossiel]

We do maintain that conviction over the period of years of holding. You'll also be there but I am sure that you'll get to feel some doubt for the first time.

But you'll endure it and then focus on what you think about long term holding. If you have known people who became successful with their long term holding.

You can use their stories and be inspired with it if ever you're feeling too down because of these corrections. Just brace yourself that we probably haven't seen the worst for this bear.

The bear market is more challenging than a bull market because during bearish months, time looks like longer than the same months during a bull market. During a bear market, price mostly drops with time while along the way there are some market crashes, company bankruptcies and their consequences on both market price, trading volume and psychology.

Fortunately if people are well-prepared for their knowledge about market cycle, market psychology cycle, and how long holding needs to be at least for getting profit, they will feel bear market no longer challenging and dangerous. It will be more like great opportunities for buying cheap bitcoins, and knowledgeable investors are able to do that comfortably too.

I agree, bear markets seem to be longer than the bull runs and that's because we're not enjoying each of its time whenever we're here.

But we don't forget that this is the best time to buy more and that's the type of conviction that the newbie has to understand except OP who already knew that.

It is a discouraging time but only wise understands this is a good time.

[Dave1]

I'm quite new to investing in Bitcoin and I've been lucky enough to start my accumulation at very attractive prices during this bear market. It's easy to have confidence when prices are going up but I want to be prepared incase Bitcoin goes down further.

I'm curious what are the things people do to keep strong conviction during times like this. Do you maintain conviction through focusing on the long-term growth of Bitcoin? Sticking to a strict DCA plan? Simply ignoring short term price action?

You have to look at the bigger picture. And for me this is the secret, long term hold, delayed gratification will bring more money and satisfaction. So if you have that kind of mindset, then nothing can stop you from accumulating using DCA specially in bear market.

And did you know that bear market is the best time to accumulate? It's because the price is obviously very cheap, so there's nothing very hard from doing it every week or whatever strategy you have in DCAing. So it's very easy and there are no complications on it so I'm surprised that people make it very hard for them.

[EluguHcman]

Well, for newbies, that's the hard part to maintain and avoid FOMO during bearish periods. You should avoid short-term price action and stick with a long-term plan.

I think for a newbie you better build confidence first since you don't have much knowledge about Bitcoin; I think it's better to read the Bitcoin value and history from this link below.

It is as simple as you have stated. There will be more cause for alarm if newbies have to study and understands the market of uncertainty via the unpredictability of volatility.

And as to be confident on your investment, it is also important to identify potential assets like Bitcoin to invest on and then, lookout for the long term goal and set your expectations away from the short term market actions.

And while others may be panicking at the bear and facilitating to sell out of FOMO, you use the medium to buy more of Bitcoins using the DCA method while your focus is positioned on the long term attributes.

It is also important for newbies to understand that it is best safe and healthy for investors to invest with their discretionary incomes so as to avoid the temptations of selling for emergency needs.