Are crypto traders behaving as if they were all-powerful? The realm of cryptocurrency trading can be extremely unpredictable, yet many individuals are actively seeking opportunities and have amassed wealth through the crypto market. To excel in the world of crypto, one needs to be able to pinpoint promising projects early on and time their exit from the market before the market takes a downturn.
In the most recent episode of the newly launched podcast, Hashing It Out, Cointelegraph’s social media expert Elisha Owusu Akyaw and chartered market technician Adrian, also known as Crypto Birb, delve into the current state of the cryptocurrency market and the journeys of traders.
Adrian recounts that he entered trading during the peak of the last bull run and thought highly of his skills, despite the market generally moving upwards. He describes his early trading days as beginner’s luck, leading him to make a significant error.
“I mistook luck for skill. I was convinced that my skill was the reason for my profits, but it was just luck.”
Unfortunately, his luck faded as the bear market took over, causing him to lose all his profits. This setback prompted Adrian to delve into technical analysis, read numerous books, and enhance his trading knowledge. Despite acquiring new skills, he failed to anticipate the bear market’s arrival.
Even as the overall cryptocurrency market cap plummeted and Bitcoin (BTC) dropped below $30,000 in July 2022, Adrian remained optimistic. Despite prevailing bearish sentiments, Adrian maintained a bullish outlook and made bold predictions, including forecasting Bitcoin reaching $100,000 at the bull run’s peak.
Adrian realized that his overconfidence was misplaced and learned that relying solely on technical analysis might not be sufficient to grasp the market. The podcast episode further explores the various factors contributing to the current crypto bear run, ranging from the Russia-Ukraine conflict to Evergrande. Adrian also shared his revised trading philosophy in the crypto space:
“I’ve come to understand that we are not in the prediction game, but rather in the trading business.”
The opinions and viewpoints expressed here are solely those of the author and may not necessarily align with or represent the views of Cointelegraph.
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