Bitcoin price did not quite stand still today and continued on its way, breaking new resistance points constantly. Although the BTC / USD parity climbed to $ 14,970 during the day and returned from here, it again rose above $ 14,900 according to press time. This has led everyone to think that the bull-running period for BTC has entered. So what should investors do in a bull run?
The bull market can be defined as a period in which all assets are rising and there is a continuous rise. Bitcoin had previously experienced the biggest bull runs in its history in 2013 and 2017, and the price rose to $ 1,000 and from there to $ 20,000, respectively. Billionaire investor and CEO of Galaxy Digital, Michael Novogratz, confirmed in his statement today that BTC is in a bull run.
The hardest thing to do in a bull market is to sit. My pal Paul Jones calls it the ‘pain of the gain’.This is a $BTC bull market.Your job is to sit on your hands and lock away your phone.The instinct to ring the cash register is high. Don’t. Just HODL right now. Free advice 😉
— Mike Novogratz (@novogratz) November 5, 2020
Bitcoin Running Bull Can Force Investors
Rather than just making an empty statement, Novogratz gave recommendations explaining exactly what investors should do during the rally. Stating that the most difficult thing to do in the bull market is to “sit down” and wait, Novogratz gave an example.
This wait, which Wall Street’s legendary name Paul Tudor Jones, who stated that he has made Bitcoin investments in the past months, refers to the “pain of winning”, can actually be described as preventing the incentives of investors to sell. Novogratz hinted that investors should stay in place and take their phones away from them in such a situation.
In the moments when BTC rises sensationally, the “selling instinct” among investors can really peak. Novogratz, on the other hand, favors HODL instead, that is, the protection of long-term investment. How many people will comply with this will show whether the $ 20,000 record has been broken in the coming weeks.