Crypto Bull Market Survival Guide: How to Stay Sane in the Midst of Madness

We seem to be in the late stages of the cryptocurrency cycle, and the market is starting to take on crazy features. The price of the token has skyrocketed a hundredfold, investors have lost confidence in Bitcoin, and NFT valuations have reached ridiculous heights. For investors experiencing this cycle for the first time, it’s easy to lose control. The purpose of this article is to help readers manage their emotions and avoid being hit hard by greed, so as to preserve some of their gains.

Mental Health Management in a Bull Market

reduce the frequency of checking prices

The simplest yet most effective method is to set price alerts instead of frequently checking prices. This can save at least 30 minutes each day and avoid focusing on market fluctuations at inappropriate times. Clearly define your buying and selling price ranges to free yourself from continuously refreshing market data.

Stay focused on research and work

The vast majority of people accumulate wealth from their own careers. Even during the frenzy of the cryptocurrency market, focus on growing your business. Set aside a set time period to research new projects, but don’t let market volatility affect your main source of income.

Avoid discussing cryptocurrencies with laymen

Discussing cryptocurrencies with people who don’t know much about the industry can often be a waste of time and even affect mental health. You can simply say that you only hold a small amount of Bitcoin and avoid going into a deep discussion. Now is no longer the time to educate others, it’s more important to focus on your own investment strategy.

establish a “de-risking” plan

As your net worth grows rapidly, it’s important to consider how to allocate those funds. It is advisable to invest a portion of the proceeds in a primary residence or other stable asset. Be clear about what your funds will be used for and avoid losing all your earnings due to greed.

Maintain a balance between health and personal life

Even in times of market madness, don’t neglect your health and personal life. Maintain at least 45 minutes of exercise a day and maintain normal social activities. If you have to make a trade-off, reduce your workout time moderately, but don’t give up completely.

Lady Luck rules

Rule 1: Avoid pursuing integer targets

Set a non-integer wealth target, as the market tends to see a sharp pullback as it approaches the integer target.

Rule 2: Keep a low profile

Don’t flaunt your wealth to others. Telling less or even lying about your holdings is more conducive to accumulating wealth in the long run.

Rule 3: Rejoice in the success of others

Don’t be jealous of the success of others. Sincere congratulations should be given to others for their gains in the market. Maintaining a positive mindset can help boost your “lucky score”.

Rule 4: Beware of self-inflation

When friends and family who used to be skeptical of crypto start to agree with you, it may be a good time to consider taking profits. Overconfidence is often one of the signals at the top of the market.

Following these tips can help you stay sane and manage your portfolio and mental state during the crypto bull market. Remember, market cycles are always repeating, and staying sober and cautious is essential for long-term success.