How do you maintain conviction during a bear market

[Stable090]

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.

Since you are new to bitcoin investment, I know you definitely going to panic when the market is going down, I fell that’s normal, but people that have been in the space for some time have nothing to panic about. Most people just want bitcoin price to be pumping, but they should know that it’s not possible for the price to be pumping without experiencing bear market.

When there is a bear in the market, thats an opportunity to accumulate more bitcoin at cheaper price, and we are not suppose to even panic during that period. If you don’t have any money with you to accumulate more bitcoin, just keep on holding the bitcoin which you are having, with time bitcoin price is going to bounce back, so we shouldn’t panic at all.

[OcTradism]

Since you are new to bitcoin investment, I know you definitely going to panic when the market is going down, I fell that’s normal, but people that have been in the space for some time have nothing to panic about. Most people just want bitcoin price to be pumping, but they should know that it’s not possible for the price to be pumping without experiencing bear market.

People who have been in this Bitcoin market a long time and already gone through bear markets actually feel very excited and see opportunities during bear market and with market crashes and corrections. They know that chances of be able to buy bitcoins with prices that are cheaper and like great discount is not too common. They even prepare their investment capital, and patiently wait for such market chaos to buy dips and accumulate more bitcoins.

With people who are newbies and lack of experience in the market, it's undeniable and natural that they will feel very uncertain, panic and perhaps make wrong actions but they must experience such times, and get their own lessons, soon they will see such market changes are opportunities, not risk.

[Pi-network314159]

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?

Well with investing in Bitcoin you are covered, there is no need for too much conviction, it has been confirmed, tested and trusted. Just keep buying Bitcoin through DCA, lump sum and of course buy the dip with your discretion fund . Do not but aggressively but according to what you can afford to lose. This will help you maintain a good habits of investment. And certainly you will make profit in the nearest future.

[DanWalker]

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

Beliefs stem from your understanding of it as well as your own real life experience.
So the only way to gain and maintain faith in bitcoin is to spend more time learning and researching everything about it. At the same time, you should experience the markets ups and downs for yourself.

You will never grow or become more confident in Bitcoin simply by relying on the advice or experience of others.

"No pressure, no diamonds"

[Nathrixxx]

The only legitimate thing that will convince you regarding crypto market is your abilities in it, this is where we must try to understand what we are doing and also leverage on some other information sources to gain more exposure and knowledge about cryptocurrency and every other relevant aspects we are involved, so that when there is fear of missing out all around us, we will not be in panic because we know what is coming ahead as well as what to expect in time to come.

[Dr.Bitcoin_Strange]

Bitcoin investment comes with having a goal in mind and then following the guides that leads you to achieve that goal, without a goal, you will be going random and that can make you follow FOMO and take wrong decisions but if you have a goal in mind and work towards it, you maintain conviction during any market season. Secondly, you should learn about Bitcoin properly because when you have the right knowledge, you will scale through your journey of investment. When you already set a long term goal, you will just continue accumulating without letting the market conditions to make decisions for you.

[WatChe]

Since you are new to bitcoin investment, I know you definitely going to panic when the market is going down, I fell that’s normal, but people that have been in the space for some time have nothing to panic about. Most people just want bitcoin price to be pumping, but they should know that it’s not possible for the price to be pumping without experiencing bear market.

When there is a bear in the market, thats an opportunity to accumulate more bitcoin at cheaper price, and we are not suppose to even panic during that period. If you don’t have any money with you to accumulate more bitcoin, just keep on holding the bitcoin which you are having, with time bitcoin price is going to bounce back, so we shouldn’t panic at all.

Those who think that they will buy bitcoin and price will only go up are the one who end up saying that Bitcoin is a scam. Reality is that Bitcoin is a long term investment that is guaranteed to give you good return provided you are willing to buy and Hodl it for at least 5 years or more.

If we talk about bear market then that is an ideal time to accumulate more Bitcoins at lesser point. You will enjoy bull market only if you buy Bitcoin during the bear market. Just one or two days ago price of Bitcoin was at 60k and those who bought it will get good return in coming days because price of Bitcoin will surly go up with time.

[Alphakilo]

Bitcoin investment comes with having a goal in mind and then following the guides that leads you to achieve that goal, without a goal, you will be going random and that can make you follow FOMO and take wrong decisions but if you have a goal in mind and work towards it, you maintain conviction during any market season. Secondly, you should learn about Bitcoin properly because when you have the right knowledge, you will scale through your journey of investment. When you already set a long term goal, you will just continue accumulating without letting the market conditions to make decisions for you.

To learn how to automate your accumulation process helps a lot so as not to be bothered about the market sentiment and price trackers that contribute to FOMO. To learn about the economics underlying in Bitcoin investment is also a great way to retain and grow conviction when it comes to investing in Bitcoin during a bear market season.
The professionals know that it is best to accumulate Bitcoin in the bear seasons and they don't bother about the noise of the market because they have a long term goal in mind, have the mindset to achieve it and understand how to secure their holdings from malicious issues arising when self custody is neglected even for a second.

[Popkon6]

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 can definitely continue your Bitcoin investment according to the DCA method, the DCA method will definitely keep your Bitcoin investment safe. If you follow the DCA method regularly, then your Bitcoin investment will definitely be long-term and due to the long-term nature, it will be easier for you to hold your Bitcoin investment. And in addition to your investment, an emergency fund will keep your Bitcoin investment more effectively safe.
Therefore, it is also important to form an emergency fund, enter the link below and see about Bitcoin investment and effective methods for long-term holding.

https://bitcointalk.org/index.php?topic=5132720.msg50638840#msg50638840

[Awaklara]

You can definitely continue your Bitcoin investment according to the DCA method, the DCA method will definitely keep your Bitcoin investment safe. If you follow the DCA method regularly, then your Bitcoin investment will definitely be long-term and due to the long-term nature, it will be easier for you to hold your Bitcoin investment. And in addition to your investment, an emergency fund will keep your Bitcoin investment more effectively safe.
Therefore, it is also important to form an emergency fund, enter the link below and see about Bitcoin investment and effective methods for long-term holding.

https://bitcointalk.org/index.php?topic=5132720.msg50638840#msg50638840

DCA is indeed suitable for accumulating Bitcoin in the long term. But some people will still postpone buying when the price rises, like last year. However, in a downturn situation like now, purchases can be made. 
To keep a calm mindset in a bearish market actually depends on our understanding of the market situation and Bitcoin's potential in the long term. It is important to make our perspective see a bearish market as an opportunity to buy more, not as anxiety because the investment value keeps decreasing.

[Mpamaegbu]

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.

Every dip looks like a bottom and we could say it's attractive. Any further dip will also seem discouraging for those who bought early. That's what every investor goes through. Staying out and waiting for a perfect (elusive as it's because there's no perfect entry, except on hindsight) entry may also mean not getting in at all. So, whenever anyone buys into their "attractive prices" turned a further "high", they shouldn't feel bad thereafter.

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?

I got scared during my first witness of Bitcoin circle but that shaky mindset is now in the past. Right now, I look at the long term of what Bitcoin stands to offer whenever there's a dump. I don't feel any heat at all. Whatever that happens now, we should all know that Bitcoin is like a cat with nine lives. It doesn't die.

[Fredomago]

The only legitimate thing that will convince you regarding crypto market is your abilities in it, this is where we must try to understand what we are doing and also leverage on some other information sources to gain more exposure and knowledge about cryptocurrency and every other relevant aspects we are involved, so that when there is fear of missing out all around us, we will not be in panic because we know what is coming ahead as well as what to expect in time to come.

Personal knowledge and experienced on how things works inside this industry, if you have that inside you it will develop trust and that trust will keep you moving on whatever the market brings you, as we you go further understanding between bear and bull will give you confidence to how you can hold and stay in faith as there's good chance that the market will pull its trigger and reverse the situation, you just need to lean with your own ability and skills to maintain your positive views and perspective even the current market shows red.

[@nn@_pen9]

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?

In terms of investment, the phase of decline and increase is a part that we have to experience at any time and we cannot avoid it. This is what we must accept first within ourselves as beginners before diving into the world of investment and must be prepared for all the consequences. Once we are ready to accept the consequences, we can try it slowly with a small amount of money first so that we can feel the fluctuations and in this way, we will become accustomed to market conditions that fluctuate in various directions.

One thing that makes our foundation strong and maintains our confidence in investment is none other than knowledge itself. With this knowledge, we can determine that the asset we want to buy is truly solid, both in terms of technology and limited supply.  There is no investment with a short term goal of maximum results, of course all investors focus on the long term according to what they want and ignore the medium or short term, so we should accumulate consistently.

[Nrcewker]

Simply ignoring short term price action?

Absolutely. If you are a part-time trader, then this is what you need to focus on. We should ignore these short-term price movements. We have previously seen what Bitcoin is capable of, so we just need to have faith in it. The price will likely go up over time, as the supply of coins is limited.

On the other hand, if you want to pursue trading seriously, then you should also take advantage of opportunities in this bear market. You can try leverage trading, as it offers significant profit potential. However, the risks involved are also very high.

[Faisal2202]

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?

Welcome to the space, brother, and congrats on catching those attractive entries because if you have already started accumulating now then you are buying at the right time, unless other pros here who are still waiting for further dumps. You, my friend, are doing exactly what it takes to make some money, but you have to control your emotions the moment the green candles for you start to turn red because it is not like a fifty-fifty thing.

Candles will turn red soon so don't panic, then be strong and think about the good times that you will see after one year. Although one year seems like a long time, imagine in that time how many coins or satoshis you can accumulate. So don't panic, look at the bigger picture, and don't take my words as financial advice haha because I don't want to be sued by you later haha.

[puloweh555]

Maintaining confidence in Bitcoin naturally involves continuing to study Bitcoin in depth and examining the history of its price fluctuations over time. We must study what happens after a bear market. Historically, bear markets have occurred in 2011, 2014-15, 2018 and 2022. Bitcoin plummeted to record lows, but it always recovered and reached higher highs in the following cycle. Therefore, I believe studying this kind of thing is also one way to maintain confidence in Bitcoin.

So, with every bear market we must believe it's an opportunity to profit in the future. Bitcoin volatility is normal and afterward we will experience periods of upswings and even record new ATHs. When a bear market occurs we must take a long term view and not view Bitcoin as a volatile asset, but rather as an asset with fundamentals for the future.

[Rockstarguy]

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?

One of the ways to maintain your conviction is to understand that Bitcoin is a long-term investment, and you should also know that the market can't be predicted and anything can happen. You should keep in mind to always expect the dip and don't see the dip as a threat to your investment.

The dip is an opportunity to accumulate Bitcoin, and in summary, you just need to understand Bitcoin because understanding is what can give you the conviction to hodl even if the price of Bitcoin is going down. There is an understanding to let you know there is no problem with the dip.

[SquallLeonhart]

Personal knowledge and experienced on how things works inside this industry, if you have that inside you it will develop trust and that trust will keep you moving on whatever the market brings you, as we you go further understanding between bear and bull will give you confidence to how you can hold and stay in faith as there's good chance that the market will pull its trigger and reverse the situation, you just need to lean with your own ability and skills to maintain your positive views and perspective even the current market shows red.

Networking is also a good way to do this. You could be an employee at some company, but you will build relationships with buyers or sellers or even both. This means that if you ever do your job very well and leave your company and build your own, you will be able to call those people up and let them know that you are working for yourself now. I think that is very important and not many people realize how important that is. I understand that is not really the key thing here, but that is very important one way or another to build those relationships.

When you are stronger in your technical part then basically you never need to worry on bear or stagnant market conditions. You can always beat the market to profit. Still, some traders are known for skipping bear market as they could not find enough opportunities to trade in bearish conditions.

[RockBell]

Since you are new to bitcoin investment, I know you definitely going to panic when the market is going down, I fell that’s normal, but people that have been in the space for some time have nothing to panic about. Most people just want bitcoin price to be pumping, but they should know that it’s not possible for the price to be pumping without experiencing bear market.

And I don't even know people are still scared when it comes to Bitcoin investments all you will need to do is for any potential investors to understand that there is nothing to panic about they only need to understand and they always have this idea in there head that Bitcoin investments brings in quick profit and it does not work that way everything have to be calculated and it might take long or even a short period of time so it is not something that you can actually predict and for those that are scared there is nothing to be scared about.

When there is a bear in the market, thats an opportunity to accumulate more bitcoin at cheaper price, and we are not suppose to even panic during that period. If you don’t have any money with you to accumulate more bitcoin, just keep on holding the bitcoin which you are having, with time bitcoin price is going to bounce back, so we shouldn’t panic at all.

Bear is a big opportunity but how many people are making use of the opportunity to buy all they know how to do is make statements about buying but they don't eventually buy, and with the DCA strategy you will be able to accumulate even if it's not immediately but slow and steady you have your portfolio built up and there things that people need to know because when you don't take things like this seriously then you won't get anything in tangle except with the process.

[Synchronice]

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?

At the moment, the price of Bitcoin is 62K USD. I bought my Bitcoins and decided to hold when the price was much higher, which means that if I sell my Bitcoins right now, I'll be in financial loss. Honestly, I couldn't imagine if the price could fall this much but it is what it is, I don't have any other choice but to hold. I know that this price drop is temporary and the price will go up. In the worst case, it will play around it or go down further but how much will it go down? There is no way it going down to 30K or something similar because this coin is too much popular for this to happen. Besides this, lots of billion dollar businesses are built around this coin, so it will stay strong and the price will go back to 100K again soon.