Bitcoin’s $67,000 ATH proved to investors that cryptocurrencies will be on the market for a long time to come. Now, with the last two months until the end of the year, many people are expected to enter the market in the next six months. cryptocoin.com There are ways to create and maintain financial freedom, according to YouTuber and crypto phenom Lark Davis, whose analysis we share with you. Here are some of them about cryptocurrencies…
Do not emotionally bond with cryptocurrencies!
Lark Davis says that many investors form an emotional bond with the cryptocurrencies they have in their wallets. According to the analyst, there is a ton of speculation surrounding altcoin projects. Therefore, most of the time the money flow gets involved in cryptocurrencies accompanied by rumors and then ends in destruction. To avoid these, the analyst says:
Don’t marry speculation bags of NFTs and altcoins. Of course some may last long, but most will fail, so choose wisely, reduce profits and raise capital.
winners and losers
Bitcoin, Ethereum, Polkadot and similar cryptocurrencies are known for their roots and it is considered normal for them to double or triple. Investors can avoid “pump and dump” investments by taking risks in this direction. Meanwhile, Davis also recommends focusing on winning cryptocurrencies:
Cut the losers and recover any capital left in the loser’s purse. Don’t be emotional about it, do it without mercy.
Altcoin projects should be functional!
Davis also underlines that projects that touch on real-world problems are preferable, rather than just making money. It’s important to stick to a credible plan, according to the analyst. If projects really do work, then it may only be a matter of time before they find the value they deserve…
Explore beyond Bitcoin
If you want to get rich with cryptocurrencies, it’s not just limited to Bitcoin. According to Davis, Bitcoin can be valued 20 times in 10 years. But most altcoins do this every month. According to the analyst, alternatives can be given a chance besides BTC.
If you want to make life-changing money, for most of you, this won’t be done with Bitcoin. Altcoins are for earning, BTC is for holding.
Cryptocurrencies are an area open to exploration
Davis also observes that many crypto investors are stuck on Coinbase. According to the analyst, this is a huge financial mistake. Those who prefer Coinbase alone cannot access the world of DeFi and NFT for fear of downloading Metatask and connecting it to an app. Davis says:
When Coinbase started listing these coins, people who bought them on Uniswap six months ago would be selling them.
Your only enemy is you!
Davis said in this thread:
This market is wildly volatile and many people fall into the FOMO (fear of missing out) trap – buying high and selling low until they break. The reverse should be the opposite.
Cryptocurrencies and profit timing
Finally; get profit. Davis concludes by saying that it is important to remember that investing in a market that can evaporate in an instant until you take a profit:
Taking profits is one of the most effective risk reduction strategies, so learning how to take profits is essential.
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