Crypto trader regrets not reaching the top of the last bull run
Are Crypto Traders Playing “God?” The world of cryptocurrency trading can be very uncertain, but many are actively looking for opportunities and have built fortunes around the crypto market. To be really good at crypto, you need to be able to identify promising projects in their early stages and plan your exit from the market before the ugly bear rears its ugly head.
In this week’s episode of the newly launched podcast, Hashing It Out, Cointelegraph social media specialist Elisha Owusu Akyaw and Certified Market Technician Adrian, also known as CRYPTOBIRB, break down the state of the market for the cryptocurrency and the journey of traders.
Adrian explains that he started trading at the height of the last bull run and assumed he had excellent skills even though the market was generally up. He describes what he experienced early in his business career, a first-time chance that led him to commit an “unforgivable sin”.
“I confused luck with skill. I was 100% sure that the skill was the source of my income, but I was wrong. It was pure luck.”
This luck ran out when the bear market started. According to Adrian, he had to watch all of his profits come back into the market. The shock and uncertainty drew the now famous trader to technical analysis. The new journey to understanding the crypto market involved several books that helped Adrian understand the basics of trading. Despite his newly acquired skills, Adrian didn’t see the bear race coming.
Adrian remained optimistic despite the drop in the total market capitalization of cryptocurrencies and Bitcoin (BTC) price, which had fallen below $30,000 in July 2022. The famous trader remained bullish despite the bearish sentiments that were evident to many. This led him to make some major projections, such as Bitcoin hitting $100,000 at the height of the bull run.
The overconfidence, according to Adrian, was misplaced. The trader has since learned that technical analysis alone may not be enough to understand the market. The rest of the episode explores all the other factors that have led to the current crypto bear race, from the Russian-Ukrainian war to Evergrande. Adrian also shared his new philosophy for trading in the crypto space:
“I learned in my own way that we are not in the business of prediction, we are in the business of trading.”
The views, thoughts and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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