The crypto trader regrets not reaching the top of the last bull run
#crypto #trader #regrets #reaching #top #bull #run Welcome to InNewCL, here is the new story we have for you today:
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Are Crypto Traders Playing “God”? The world of cryptocurrency trading can be very uncertain, but many are actively seeking opportunities and have built fortunes around the crypto market. To be really good at crypto, you need to be able to spot promising projects in their infancy and time your exit from the market before the ugly bear rears its head.
On this week’s episode of the newly launched Hashing It Out podcast, Elisha Owusu Akyaw, Cointelegraph’s social media specialist, and Adrian, aka Crypto Birb, chartered market technician Adrian, discuss the state of the cryptocurrency market and the traders’ journey.
Adrain explains that he started trading during the peak of the last bull run, believing he had excellent skills even though the market was generally moving higher. He describes what he experienced in the early days of his trading career, a beginner’s fortune that led him to commit an “unpardonable sin.”
“I confused luck with ability. I was 100% sure the skill was the source of my income, but I was wrong. That was pure luck.”
That luck ran out when the bear market hit. According to Adrain, he had to watch as all of his profits returned to the market. The shock and uncertainty drew the now famous trader to technical analysis. The new journey to understanding the crypto market included several books that helped Adrain understand the basics of trading. Despite his newfound skills, Adrain didn’t see the bear run coming.
Adrain remained bullish despite the decline in the cryptocurrency’s total market cap and Bitcoin (BTC) price, which fell below $30,000 in July 2022. The famous trader remained bullish despite the bearish sentiment evident to many. This led to him making big predictions such as Bitcoin hitting $100,000 at the peak of the bull run.
According to Adrain, overconfidence is out of place. The trader has since learned that technical analysis alone may not be enough to understand the market. The rest of the episode examines all the other factors that led to the current Crypto Bear Run, from the Russia-Ukraine war to Evergrande. Adrain also shared his new philosophy for trading in the crypto space:
“I learned my way that we’re not in the forecasting business, we’re in the trading business.”
The views, thoughts, and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
