🅱 FOMO | Market Psychology Explained (Part 2)

2023年2月23日

Holding through the bull market like a king, a true genius, Bitcoin hits 69k.

The bull market is over, the start of the bearish wave...

This is a true story.

Bitcoin starts dropping and my interest is zero, I can hold for years to come.

Bitcoin drops below 40k... Huh 🤨

The bear market continues and my disinterest in cryptocurrency seems to increase.

People talk about a major crash, capitulation, it has nothing to do with me.

Bitcoin hits 30k and my balance reflects the drop. I decide to withdraw a little bit, not much, I know for sure that I am in this process for long.

Capitulation is next and now Bitcoin is trading just above 20k.

All my initial convictions are gone, nervousness and anxiety takes hold but I persist and continue to hold.

Capitulation takes place and the price of Bitcoin hits 18k... I start to wonder and consider if my hold decision was a mistake.

As Bitcoin continues down and hits 17,000 my patience is all gone.

By the time it hits 16,500... That's it, I am selling all my coins.

As soon as I sell, a bounce takes place, in a matter of weeks Bitcoin is back above 20k.

I just sold recently, I am not jumping back in and my suspicion is confirmed, the bottom is hit at 15,500 and I am nowhere to be seen.

People start talking about a recovery and Bitcoin starts to grow.

The price is a great buy at 16k but my interest in cryptocurrency is very low.

Two months go by and Bitcoin is back above 18k... Looking back it's been more than six months since the initial 16k.

Bitcoin is now back above 20,000 but my interest is still low, it peaks at 25,000... The low was hit now four months ago.

Ignore the market, ignore everything but somehow I see the prices/charts now almost every other day...

Bitcoin continues to climb, the price is now back above 30k.

I start to wonder if my decision was wrong... Maybe I should buy before it continues to grow.

Let's wait for 33k just to be sure.

Bitcoin surges fast to 35-38k and now I am more than sure, FOMO kicks in.

Rushing to buy because it is clear that Bitcoin has more to give.

I managed to fill my position at 40,000 and the Bitcoin price continues to increase...

40,500...
41,000...

It continues rising but a strange feeling arises... I don't know.

After hitting 42k, Bitcoin loses momentum, no more growth...

Bitcoin moves easily below 38k.
I just bought in, I have to hold, no way to sell.

In the following weeks the crash intensifies and Bitcoin moves to 35,000 30,000 and finally a wick below 28k... That's it, I am out, again time to sell.

The moment I sell Bitcoin somehow, magically, starts to go up... Slowly but within months is back above my initial entry point.

My thinking is as follows...
There is no way that I am ever buying again...

Bitcoin continues growing for years and peaks in 2025 above 265K.

"Damn... I should've bought at 16, 500"...

True story!

Namaste.