Traders share their thoughts and intentions for the crypto bull run
Cryptocurrency is now showing signs of a bull run in 2023. Here's what traders say about it as an opportunity for profit.
Traders share their thoughts and intentions for the crypto bull run
The crypto market hasn’t seen any form of market-breaking heights since 2021. It’s only been two years since Bitcoin (BTC) reached its all-time high and the market has stabilised for half that much. Thus, the traders have been calm for quite some time, investing in other ventures while waiting for the next bull market. That waiting is nearly at an end with a new bull run impending.
With the help of social media and community groups online, millions of traders are aware of indicators hinting at a new bull market. A majority of these people anxiously plan their next step to make the most of the opportunity with some sharing it so everyone can also benefit.
One such influential investor is Ben Simpson who in turn made an X (formerly Twitter) post about it. Simpson stated that the cryptocurrency market is too quiet due to lack of engagement, price improvements, or interests.
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What is a good strategy to take in a bull run?
One of the strategies Simpson shared online is to invest only in a handful of assets. Expanding your portfolio isn’t great if you spread your resources too thin. Thus, spending $1,000 on each of up to four assets is better rather than spending $100 on each of 40. It’s because spreading your funds too thin won’t give you much profit from a bull run when it’s time to cash out.
Deryck Graham, founder of Portal AM, also shared his thoughts about balancing investments between speculative and mature cryptocurrencies. New volatile assets are exciting prospects but there is a chance for big losses while stable markets ensure that you can always cash out. If you are going to invest in speculative assets, then focus on layer 2 tokens or the metaverse.
Is the Bitcoin bull run guaranteed?
The short answer is ‘no’. Bitcoin has been around for quite some time and many now categorise it under the mature market. That means transactions and liquidity are high enough to make its trading practices stable, thereby minimising movements in price volatility. Simpson believes that the best focus for traders now is on newer, speculative assets rather than Bitcoin.
It is still possible that Bitcoin’s price will considerably escalate during the bull run. After all, it is the world’s most valuable asset. It will be used in various transactions for other assets as well, allowing BTC holders to convert for new crypto. This opportunity is also golden for players of Bitcoin casino games or sports betting at Gamdom.
Any cryptocurrency you currently have is subject to the upcoming bull run. The only question is whether or not it’ll be worth buying new ones to sell later. That’s why speculative cryptocurrencies are the top choices for this year according to traders. Bull runs aren’t expected to come until 2024 so you still have time to plan ahead and more news to consider in your plans.
