We always say to chase the red candles, not the green ones. This means to buy when no one else wants to buy. These moments came often in 2023. In March, during the American banking crisis, there was no one interested in the cryptocurrency market. This was the beginning of the strong rise that happened in April.
After this, another drop occurred in June that resulted in a strong rise. And now in August, a strong drop is happening again. The trend here seems clear. Every time a drop occurs, the price rebounds strongly.
This is a sign of the beginnings of a bull market. The bull market may not have started yet, but it is on its way to beginning, and therefore you do not want to buy during a bull market. This is the biggest mistake to avoid in the cryptocurrency market. Usually, the best time to buy is during a bear market, and especially during severe downturns.
So when you find no one interested at all in cryptocurrencies, and no one wants to invest, and everyone claims that this is the end of the market, this is the best time ever to invest. Major investors always take advantage of these times to buy cryptocurrencies at low prices.
After this, when global economic conditions begin to improve and people start to show interest in cryptocurrencies, they begin to sell their coins to others.
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