In the second episode of Hashing It Out, Cointelegraph’s Elisha Owusu Akyaw (GhCryptoGuy) uses CRYPTOBIRB to analyze the state of the crypto market.
Are Crypto Traders Playing “God”? The world of cryptocurrency trading can be very uncertain, but many are actively seeking opportunities and have built fortunes around the crypto market. To be really good at crypto, you need to be able to identify promising projects in their early stages and plan your exit from the market before the ugly bear rears its ugly head.
On this week’s episode of the newly launched Hashing It Out podcast, Elisha Owusu Akyaw, Cointelegraph’s Social Media Specialist, and Adrian, aka CRYPTOBIRB, Certified Market Technician, discuss the cryptocurrency market state and traders’ journey.
Adrian explains that he started trading at the height of the 2015 bull run, believing he had excellent skills even though the market was generally rising. He describes what he experienced early in his business career, a first-time opportunity that led him to commit an “unforgivable sin.”
“I confused luck with ability. I was 100% sure the skill was the source of my income, but I was wrong. It was pure luck.”
That luck ran out when the bear market began. According to Adrian, he had to watch as all his winnings returned to the market. The shock and uncertainty drew the now famous trader to technical analysis. The new journey of understanding the crypto market included several books that helped Adrian understand the basics of trading. Despite his newfound skills, Adrian didn’t see the bear race coming.
The lessons of 2015 put him in a better position to handle the bull run in 2021, but he maintained his optimistic outlook. Adrian remained confident despite the decline in overall cryptocurrency and Bitcoin’s market cap
Price that fell below $30,000 in July 2022. The famous trader remained bullish despite the bearish sentiment that was evident to some. This prompted him to make some big predictions, such as Bitcoin hitting $100,000 at the peak of the bull run.
According to Adrian, overconfidence was out of place in 2015. The trader has since learned that technical analysis alone may not be enough to understand the market. The rest of the episode examines all other factors that led to the current crypto bear race, from the Russo-Ukrainian War to Evergrande. Adrian also shared his new philosophy for trading in the crypto space:
“I learned my way that we’re not in the business of forecasting, we’re in trading.”
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