|Despite currently being one of the world’s most-hated asset classes, crypto is off to a strong start in 2023…In 2022, bitcoin – a proxy for the health of the entire crypto sphere – plunged 67%. |
But since the start of the year, it’s been up 27%.
By comparison, the S&P 500 is up 2.6%, and gold is up 5.4% over the same time.
While the rally has been very impressive and profitable short-term trades long-term bull Teeka Tiwari warns crypto isn’t out of the woods yet…and I agree.
Look, there’s no one more bullish on crypto than me. So I’m not trying to scare you out of this asset class. I just want you to be aware of several important, highly negative stories that need to work themselves out this year.
Let me be clear: It’s not a bull market. We’re still in the bear market, and more than likely the bottom isn’t in… Not yet.
So unless you are doing short term trades, don’t let the bear market trap you.
Once the uncertainties in the market play out, many experts believe the long-term rally will restart in earnest. But in the meantime, be cautions patience…Friends, the entire crypto space is still small enough that you don’t have to take massive bets to make massive returns as the markets improve over the next year or so.
Now isn’t the time to be a hero. Discretion is the better part of valor. Let’s take it one step at a time until we are confident we are on the other side of this bear market.
Over the long term, crypto’s outlook remains bright. From institutions like Fidelity launching new bitcoin products to a more favorable regulatory environment in countries like Brazil… the future is still one full of promise.
There’s no telling how long this current rally will last. But you don’t need to time the market. Just remain focused, cautious, and be ready to act on incredible buying opportunities when they occur.
Lets face it, we have all heard the term, BUY THE DIP. So if you have a few coins you feel confident about about over the long term, now may be the time!