Conviction Leads To Action
There are many who choose to invest in Crypto. However, on closer inspection one often finds that a certain dynamic is often missing… and that is conviction. Once you have a firm conviction regarding a particular project, things begin to happen. Accumulation takes on a whole new meaning. You begin looking for funds, or even selling other coins in order to grow your stack.
This is the behavior of someone who is motivated by conviction. Accumulation becomes an absolute urgency, and the acquisition of every possible coin, a worthy endeavor. This is the mindset and behavior that is necessary for true bull market success. Finding conviction and a passion to match is imperative.
This is where the rubber hits the road. Making headway in the accumulation of a coin that you really believe in becomes a fire that feeds itself. Fire begets fire, and so acceleration kicks in. Before you know it, you are making real progress in terms of the size of your stack. A lot of people publish the specifics of their goals as an additional form of motivation.
This creates a type of “accountability” that many find helps to motivate them even further. Goals play an enormous role in avoiding stagnation and promoting growth. Whether they be measurable goals or productivity-based goals, both are able to encourage and motivate.
Pull Up A Chart
If you look at the BTC chart on the weekly time frame, you will note that we are currently in a reasonably good position regarding accumulation.
I mentioned in September that the final quarter of 2022 would be a relatively good time for reasonable accumulation, especially for the average hodler. The following excerpt is taken from a post published in Septemeber:
I believe we are entering a time that will be a good opportunity for accumulation. However, I am still awaiting further downside. The macro picture is very tricky at the moment and I am not yet convinced.
Lower levels are always possible, and I remain cautious in regard to that very fact. However, we have reached relatively deep into the range. The market is simultaneously still in a downtrend, which suggests that despite what others may be saying, you haven’t missed the bus. It’s a good time for accumulation. Once BTC breaks the long-term trend line and begins ranging above it, one can accumulate a little more aggressively.
It’s important to note that there is currently no trend reversal. I repeat, the long-term bearish trend has not been broken, never mind, confirmed. Bitcoin has to close above $25K and begin printing some fresh price action at that level, or higher. It also depends on what you are accumulating. Some coins might be displaying technicals that promote moderate accumulation, while others not.
At the end of the day, everyone has to make their own calls. One thing you can be sure of is that in time, the market will validate and affirm wise decisions.