Although cryptocurrencies have experienced some rise in recent days, the losses have not been recovered yet. However, Joe Parys, one of the popular names in the market, shared 3 ways he thinks can help investors in the bearish market. Let’s take a look at the tips Parys shared:
Being One of the First Investors: According to the analyst, the first way to get out of the declines with the least damage is to be one of the first investors of new projects. However, at this point, Parys underlines that being one of the first to invest in a project poses a great risk and states that investors should be careful. At this point, according to Parys, Seedify fund is a platform to follow and there are many new projects to be launched on this platform. In addition, the analyst states that newly launched cryptocurrencies have more volatility, and therefore their bullish rates are also very high.
Dollar-Cost Average: According to the analyst, the second way to beat the bear market, so to speak, is to simply act on the average dollar cost point. At this point, the analyst states that with the decrease of the dollar cost average, the profit rates of the investors may increase. In this way, investors can lower the price level they buy and thus increase their profit rate in increases.
Doing Research: According to the analyst, the last way to take the least damage in the declines is to do a lot of research and observe the market. Therefore, it is very important to allocate time to research in times of decline. In this way, the analyst states that investors can stay one step ahead of the market. Because right now the excitement in cryptocurrencies has subsided and investors have plenty of time to research before the exciting period starts again.
Therefore, with some basic steps to be taken and important research to be done, you can prepare yourself for the next bull market and come out of the current decline period with the least damage.