Welcome to BitBoy Crypto!
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My name is Ben.
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This is another Sunday drive video where I usually drive to church,
but today, I'm in the Lambo, so I had to park because I don't have a phone holder.
Because if we just drove like this,
it'll look like this.
You don't want that.
Don't get dizzy.
So the point is,
is today we're going to be talking about what's going on in crypto.
We're going to talk about where I believe the markets are at.
And we're going to give you the top three ways to flourish in a bear market.
I mean, it's very, very simple stuff, guys.
Vast majority of you have not been through a bear market.
What does that mean?
That means that you probably have a tendency to feel like
when the prices are going up,
that it will continue to go up.
Bear market is over.
After all, you see the value of crypto.
You see the value of Bitcoin.
You know it's much higher than the price right now.
And you think to yourself,
"This has got to be--"
You all hear that?
It's alarm right there.
"This has got to be it."
"It's finally going back up."
And I know this because I sat through--
in the 2013 bull market, or 2014 bull market, I just kind of left crypto for a while.
I was buying Bitcoin here and there,
but I didn't sit through the whole thing
because I thought, after Mt. Gox, it was over,
which because I didn't know anything about Bitcoin back then.
But the last cycle, 2018/2019, that bear market,
I sat through that.
And I know what it's like to not have the experience and knowledge of the--
the experience and knowledge of going through an entire full bear market
and how it's cyclical in crypto, in Bitcoin.
I guess that's the best way to say it.
Because you just feel like every time it goes up, it's going to keep going up.
And then you know what happens?
You get crushed when it comes back down.
And so even though the prices are going up right now,
and we could certainly be seeing something different from Ethereum
that could change this market,
change what we expect,
the long and the short of it is that
there's still a great chance that we go back down further for Bitcoin.
Now, for Ethereum, if Ethereum were to go down,
it could drop, you know, basically 50% from here
and be right back at where it was at the low.
If Bitcoin dropped 50%,
you know, that'd put it at $12,000 right in the range.
So Ethereum moving up against Bitcoin has actually really positioned itself very well.
Even if we do have another large downswing for Bitcoin,
I think Ethereum is actually going to be the better place to hold your value
as opposed to Bitcoin during that time.
But the fact is,
at the end of this year,
we expect Bitcoin to bottom out,
and then you'll have probably about a year to make some moves and things like that.
My encouragement to you is,
look,
we knew this was coming.
We've talked about this for years
that we would have a bear market here.
And, you know, now, we're in it.
And we--
so far, it's been laid out exactly like the previous bear markets.
No real strong reason to believe that that's going to be any different,
especially with the macroeconomic factors going on right now.
There's not a lot of volatility in the market right now.
You know, Ethereum's had some massive moves and massive rips.
Some altcoins have.
But for Bitcoin,
it's barely moved over $1,000 in one day,
in the last few weeks.
So there have been a couple of days where it went up from 20--
it got to $24K, obviously.
It did touch $25,000 last night and bounced back down.
I made a good trade on Phemex.
I can show you guys on Monday.
But the fact is,
is that there's not a lot of volatility right now.
And so trading is kind of hard as well
because you're having these really tight ranges
where you feel like you've got to take profits or have your stop losses very tight.
And that's not really the way you like to run.
If you're going to be trading,
you want to give it room to be able to make you some money, right?
So trading is not great right now.
When we're looking at the crypto markets right now,
it's very unsure where things are going, in my opinion.
I have said I'd give it about a 20% chance that we've already bottomed.
So let's move on now
since you understand where I think we're at in the market and where we're going.
Last thing I want to talk about are the three ways that you can flourish in a bear market.
Because bear market is here.
Now, in four years, we're going to look back,
and we're going to say
the bear market technically ended whenever Bitcoin bottoms in the cycle,
which I believe will be November or December.
It could be a little bit before. It could be a little bit after.
But that's what I believe.
After the midterm elections.
So, because of that,
because we think we know where this is going to go,
and timing wise,
what does that mean for the next year?
So even though the bear market will technically end when it'll hit a low,
it's going to still feel like a bear market for a full year after that.
Why?
Well, if Bitcoin goes down to $12,000, let's say,
let's say it moves back up to $20,000,
does that feel bullish?
Back at $20,000?
Does that feel mega bullish?
No, it doesn't feel that way because
we want Bitcoin to get back to all-time highs,
or you're wanting Bitcoin to get back to the price point
where you potentially bought it at, right?
So you might have bought it at $45,000.
Well, you need it to get back to $45,000 to break even.
Certainly, you can add more to your positions when the numbers are down.
But think about if you did not have any Bitcoin in the market right now.
And Bitcoin hits $10,000.
And you buy 10 Bitcoin, okay?
You got $100,000 worth of Bitcoin.
At $10,000.
When it gets back up to all-time highs at $70,000,
now, think about how much money you've made.
Obviously, the math on that is pretty simple.
You would have made--
you know, you'd have $700,000 total.
So pretty crazy when you think about that.
How fast those gains can hit when you hit all-time highs
we believe the end of next year.
No.
The end of the following year.
It's not a great outlook, guys.
The end of 2024 is when we're looking for probably Bitcoin to hit all-time highs again.
Maybe it happens before that. Maybe it doesn't.
But the fact is,
is that what you really have to do is look at if it moves down,
how are you going to react?
Are you going to be able to be in a good position to be able to take advantage of that?
Because $20,000 may not feel that bullish.
But if you bought at $10K and it goes to $20K,
and that could happen in a few days,
you've already doubled your money.
So the point here is this.
You have a lot of time.
You have a lot of time,
even after we bottom,
to be able to get good prices
for the cryptos that you want.
So let's go over these three ways that you flourish in a bear market.
1. Accumulate
You should be accumulating right now.
I don't mean, you know, throw all your money in or 40% or 50% or 60% of your money in.
There's a 20% chance that we bottomed.
So I believe it makes sense to already have about 20% of your stablecoins
or 20% of your cash on hand already allocated during this bear market.
These prices are going to be great prices regardless whether we go down or not,
which you don't want to allocate everything.
You may want to start a dollar-cost averaging system,
which works very well.
I think you can do that.
I like what's called weighted dollar-cost averaging,
to where if the price goes down significantly, you actually buy more than you normally buy.
If it goes up, you buy the same amount as you usually buy.
So, No. 1, accumulate.
You got plenty of time.
You need to start figuring out what you want to get.
Get some targets.
Get some amounts that you want of different coins
and start moving towards that.
2. You've got to be patient, guys.
If you go on Twitter right now, you're going to think we're in a bull market.
Prices are up a little bit.
You're going to think that we are heavily in a bull market,
new all-time highs by the end of the year.
Somebody was talking about Ethereum to $5,000 by the end of the year.
Guys, that's probably not going to happen.
It'd be great if it did.
It would be fantastic if it did.
But Bitcoin being handicapped right now,
it's not good for Ethereum to be able to reach $5,000.
Ethereum on its own is going to have a hard time, in my opinion, running up to $5,000,
at new all-time highs,
if Bitcoin is not moving that same direction.
If Bitcoin is bottoming,
Ethereum is not hitting an all-time high.
Just so we're clear on that.
Even if it does overtake the market cap of Bitcoin at some point.
It's just not going to happen.
So you have to be patient.
You have to wait.
You have to have numbers that you're looking at for Bitcoin.
Like, okay, if it goes back down to $20K, you want to buy a certain amount.
If it goes to $17K, you want to buy a certain amount.
If it goes down to $14K, you want to buy a certain amount.
Do it like that,
and then you're going to be, you know, very well off when the time comes.
So you've got to be patient. You've got to wait.
Do not buy green candles.
Do not buy things when they are up.
You only want to make purchases when things are down.
You want to buy the red, sell the green.
That's the way that that works.
The No. 3 thing you should be doing right now is you should be researching like crazy.
This is a time where there's not a lot of movement in the markets.
Things are getting a little boring.
There's definitely been some macroeconomic stuff that's been exciting,
even though depressing.
But you've got to use this time to really, really, really research crypto,
research different niches.
You need to be looking into what storage coins are.
You need to be looking at NFTs.
You need to be looking at metaverse.
You need to be looking at supply chain tracking, which I think will be big in the next market.
So you've got to start finding what you think the next big things are going to be.
And you got plenty of time to do it.
You almost have, you know--
you probably have, at this point, a year and a half, really.
A year and a half of full accumulation.
So,
make sure you're doing your research.
Do your own research.
Do your own research does not mean watch three YouTubers and then take consensus
and do whatever they do.
You have to build your own research arsenal.
And that's something that I think everybody needs to do.
When you do that, you're going to be better off for it.
You're going to be smarter.
And for you guys that are this is your first bear market,
you know,
it's a badge of honor when you get through it.
Definitely a badge of honor.
It gives you the experience in crypto that now the next class will not have.
And it will help you lead people.
And, you know, if you want to get into the business of crypto,
then that is available for you too in many different ways.
So make sure you guys do your own research, accumulate, be patient.
Do those three things in a bear market, and you're going to do very, very well.
That's all I got.
Be blessed.
You can't see. I winked.
BitBoy out.