How To Invest In Crypto & Prepare For The Next Bitcoin & Crypto Bull Run
In this post, I will be giving you some valuable tips and strategies of how to invest in crypto so that you can prepare for the next Bitcoin and crypto bull run which is expected in 2024.
Key Takeaways
1) The crypto bull run is when money pours into the crypto market and crypto coin prices soar
2) The crypto bull run is expected in 2024
3) Focus on 5 to 10 crypto coins in your portfolio
4) Have a clear crypto investing strategy
5) Have clear prices in mind where you'll sell your crypto investments
6) Invest in high quality crypto projects that solve real problems
7) Choose an exchange of where to buy your crypto portfolio
8) Choose somewhere safe to store your crypto portfolio such as online or a cold storage device
Prepare for the crypto bull run and navigate the crypto roller coaster by joining Teeka Tiwari's Palm Beach Letter service here.
Over the past year, the crypto market has generally been quite uneventful with Bitcoin holding just below the $30,000 threshold.
And perhaps the most eventful time so far was when Bitcoin and the wider crypto market lost up to 10% of its value over night a few weeks ago.
However, many crypto investors are now looking to and preparing for the Bitcoin and crypto bull run where billions of dollars of investors money pours into the crypto market and crypto prices soar.
Many investors say that the crypto bull run is like a tornado as crypto coins explode in value left right and centre and everyone is throwing money at crypto coins in order to maximize their profits.
Whilst no one can accurately predict when the next crypto bull run will occur, many leading crypto investors are saying that it could begin in 2024 or perhaps 2025.
One event to look out for is Bitcoin's halving which is set to occur in Arpil or May 2024 where the amount of Bitcoin issued to Bitcoin miners is reduced by half from the current Bitcoin block reward of 6.25 Bitcoin to 3.125 Bitcoin.
Another event to look out for that could trigger the crypto bull run is the approval of Blackrock's Bitcoin spot ETF fund which if approved by the SEC, will give Blackrock's institutional clients, instant access to Bitcoin and hence billions of dollars could flow into Bitcoin which has the potential to exponentially explode Bitcoins price in a very short period of time.
So with all of this said, how can new investors invest in crypto and prepare for the next crypto bull run?
Here are some simple tips so that you can build a crypto investing strategy and pick crypto coins wisely.
Have A Clear Crypto Investing Strategy
One of the key things new crypto investors get wrong is not having a clear crypto strategy.
It is key to set clear prices for each of the crypto coins in your portfolio that once reached, you will sell so you can claim your profits.
If you don't have a clear exit strategy, you risk getting greedy and hanging onto your crypto coins for too long and when the market dips, your profits can get wiped out very quickly.
Choose 5 to 10 Crypto Coins To Invest In
Another area where novice crypto investors go wrong, is they buy dozens of crypto coins in the hope that some or all of them explode in value.
But the problem with holding a boat load of crypto coins is that it is impossible to know what is happening with each crypto in your portfolio.
It is very likely, that the investor has done little to no research into the coins they have bought and hence just bought them because the price was soaring in value.
And also holding dozens of different crypto coins in your portfolio makes it very hard to properly manage your crypto portfolio.
It is much smarter to choose five, possibly ten crypto coins that you have researched and believe in as your portfolio will be much easier to manage plus you'll have a much greater chance of success and realizing some decent gains.
Invest In Crypto Projects That Solve Real Problems
It is wise to invest in crypto coins that are valuable projects where the coin and project behind the coin are solving real world problems.
It is also wise to choose crypto coins that have strong communities behind them, strong development teams with a proven track record, strong tokenomics, whale investors coming in and leaving and have market momentum and liquidity.
If you focus on choosing your crypto coins with the above things in mind, you will be setting yourself up for success.
Avoid Overexposure & Using Leveraged Positions
If you are a new crypto investor and you're looking to profit from the crypto bull run, then it is very wise to avoid using leverage such as loans or credit cards to buy large positions in crypto coins.
If you use loans or credit cards and the markets go against you, then you'll be left with potentially large debts that you'll have to pay off.
The most important rule in investing especially crypto is "never invest more than you can afford to lose".
So before you buy your crypto coins, set out how much you want to invest in each coin and then only invest that set amount from your savings.
You can either put in a lump sum of say $500 per coin for example or you can just dollar cost average where you invest a set amount into your crypto portfolio every month until you reach your max investing limit.
Don't Obsess Over Your Portfolio
Once you have put your money into your crypto portfolio, don't obsess over it on a daily basis.
Sure you can check in on your portfolio everyday but there is no need to micro manage it as this will lead to making emotional decisions or making costly mistakes.
Once you have decided on your crypto strategy and invested in your crypto coins, trust it and stick to it.
This will avoid making emotional decisions and will allow you to make logical decisions that will give you a greater chance of success.
Choose A Crypto Exchange To Buy Your Crypto Portfolio
Once you have your crypto strategy dialled in and you know what crypto coins you want to buy, it is now time to choose a crypto exchange to use to buy your crypto coins.
A crypto exchange is essentially an online broker where you can buy, sell and store your crypto portfolio.
There are many different crypto exchanges that you can use but the one that I recommend and personally use is Coinbase.
Coinbase is one of the largest crypto exchanges and brokers in the world and it is a great exchange to buy crypto coins and assets especially if you are new to crypto.
There are also other crypto exchanges that you can use such as Binance, Kucoin and Kraken.
My advice is to do your research and then choose an exchange to buy your crypto portfolio that makes sense for you.
Once you have bought your crypto portfolio, now is the time to safely store it.
How To Safely Store Your Crypto
Once you have bought your crypto coins now what do you do? Whilst you can keep your crypto coins stored in the crypto exchange that you bought your crypto coins on, it is wise to store your crypto portfolio in a safe crypto wallet that is separate to your crypto exchange.
You essentially have two choices. You can store your crypto coins on a crypto wallet on your phone or PC or you can store your crypto coins on an offline device such as a cold storage device which looks similar to a USB pen.
The best and safest option would be to store your crypto portfolio on a cold storage device as you can send your crypto coins to this device and you can then store it safely in your home such as a safe so no one can steal it.
But if you are new to crypto and the idea of sending crypto you an offline device seems a bit daunting, store your crypto assets on your exchange until you know where you want to store your crypto coins or if you use Coinbase, they have their own crypto wallet which you can use to store your crypto coins in your wallet on your phone.
Once you have bought your crypto portfolio it is crucial that you can store it safely so you can protect it from being stolen.
So do your research into the various options that are available and choose a storage option that makes sense to you.
Prepare for the crypto bull run and navigate the crypto roller coaster by joining Teeka Tiwari's Palm Beach Letter service here.
Summary
Summing it all up, if you want to maximize your chances of making strong gains in the next crypto bull run, start working on your crypto investing strategy now, start deciding on what crypto coins you want to invest in and then start buying your coins sooner rather than later.
No one knows when the crypto bull run will start but it can start suddenly from a powerful theme or an event so invest smartly and decisively and most of all, enjoy the crypto ride and roller coaster because this could be the last major crypto bull run we will see before crypto goes main stream!
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