Bitcoin had a massive dip this morning. And when it happened, panic really started to set in for a lot of people, and they started selling off coins in mass. But there's a group of people out there
who understand the absolute smartest way to manage these price drops is to buy the dip. To go altcoin shopping, if you will. All the time, people say "buy the dip" though. Today, I'm going to actually show you what it means,
how to buy it and what to buy.
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found on the Deals page as well, and that should solve that problem. In this video, we're going to be discussing the Bitcoin dip
and how you can take advantage of it. And then, as we move toward the end of the video, I'll be showing you the top coins
I'm buying right now. So, let me explain to you my experience in 2017. Now, as many of you guys know,
I first got into Bitcoin in 2012, buy my first Bitcoin for $12. This is actually an email for my first
ever Bitcoin purchase for $475. I got almost 40 Bitcoin for that amount. Pretty hard to believe at today's prices. But if you know my story,
you know I sold them all a year later mainly because I didn't understand
exactly what I was buying.
So no way I could have understood
the future prospects. The education just wasn't available
to us at that point. The point is though, and I try to tell you guys this all the time, getting educated on what you're investing in is the single greatest thing you can do
in order to make money in crypto. And up until 2017, I wasn't educated. I watched the price here and there, but in 2017,
I decided I was going to research nonstop to understand exactly what Bitcoin was
and altcoins were as well. As I joined Twitter and many other platforms,
one phrase came up all the time. "Buy the dip." Or as some people say, "BTFD".
In 2017, I was already overexposed to cryptocurrency. Every spare dollar I had,
I piled into some random ticker symbol. Whatever the buzz altcoin was, I bought it. And at some point, I had zero spare dollars. So I'd see these Twitter influencers
talking about buying dips, and I was always left wondering, "Where are they getting the money from?" Buying the dip is something that's a rallying cry
on red days in the crypto markets. It pulls people together. But is it smart? Well, it actually depends. Sometimes, when people say buy the dip, it sounds like a bunch of parrots
trying to fill an echo chamber. Like, the more they say it to one another,
the more confident they'll grow together and the price will actually bounce back. Here's what it all boils down to. Buying the dip is a great idea in a bull market, which I believe we're still in, but if the tides were to reverse, and they will one day, then buying the dip in a bear market
doesn't make a lot of sense.
I tell you all the time altcoins drop
an average of 97% in a bear market. And, yes, it is as brutal as it sounds. I've lived through it. So a 10% dip in the beginning of a bear market
isn't actually the best time to buy. After about a 90% dip, now, you're talking. So before you go buying the dip, you need to be
evaluating where we're at in the market cycle. We have some indicators such as the Pi Cycle Top Indicator
that seems to indicate we are at the top of the market.
But out of the five top/bottom indicators on Glassnode, literally zero of them are showing a market top. Far from it actually. According to the Reserve Risk Indicator,
we're very far from the red zone as you see here. So, in my opinion, there's really nothing
to worry about at this point. But you need to know, at some point, it will shift, and then buying the dip
won't be your best option. For now though, I do think adding
altcoin positions is smart. So let's look at the top coins
I'm looking to buy right now. For about two months,
I've actually been stacking Bitcoin only, so I'm looking now for some
altcoin hotties to buy literally today. So going over to coinmarketcap.com,
we're going to be looking for coins that we like and are having rough days. Because even though it sounds counterintuitive to your feelings, we want to sell in the green
and buy in the red.
To see the coins that are the deepest in the red, all you have to do is go to
the 24-hour percentage tab and click it to sort it. One click will show you all the coins
that are up the most. Another click will show you all the coins
that are down the most for the day. And this is where we find the blood. So to me, it isn't as simple as just going down
the list and buying every coin. It's about finding the coins that we like, are down, and we're buying those.
So looking at this list here,
the first coin I'm buying is Stacks. This is the new rebrand from Blockstack, a project we've worked with in the past
and we really love. We actually broke the news on this channel
last year that Blockstack was rebranding. And we were the first to tell you
about the STX token. It had a pump of over 100% this week. And we joked on the livestream this week about TJ's mom asking if it was a good time
to buy it the day that it was up 100%.
That's how FOMO works. It makes you believe that
the upside potential is never ending, and you want to get in
before it goes up 700%. But that's not really the way that it works. At least usually. Stacks has now, just a few days later, corrected. And now looks to be a good time
to add it to our portfolio. Next, I'm buying CRO. The Crypto.com team has had huge
announcements over the last month, and we've seen the price go on quite a tear. But now, it's had a major correction. It could possibly head into consolidation for a while, but if you've watched the movements
with the CRO token recently, you know it's been moving extremely quickly.
So I believe it could have
a major bounceback pending. And we love Crypto.com. And it actually, at one point, peeked
into the top 10 of altcoins. We named it as one of our most promising
coins of 2021 back in December. And it's proven to show that potential. CRO is the coin of the Crypto.com ecosystem, which helps drive cryptocurrency adoption
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on bitboycrypto.com/deals. Use the code "bitboy". Next, I'm looking to add Filecoin. It's a top 20 project that also
peeked its head at the top 10. Falling down and having a correction seems like
the perfect time to add to my Filecoin holdings. I'm bullish on anything involving
the Winklevoss twins, such as Filecoin and our favorite NFT pick Ethernity, which also has been on a huge correction lately, recently heading all the way back
down to $32 from a $70 high. It could be a good time to get new
positions in that one as well as its down double digits today. The last coin I'm looking to add
on today's dip is Harmony. I told you guys a few weeks ago when
I did a video on top coins under 15¢ that Harmony had the potential
to get up to $1 in this bull run. It then went over 20¢ and has now
corrected down to 13¢. Down almost 30% this week.
This is how you buy dips. Down today, down for the week, but clearly in an overall uptrend. It seems like the perfect time to go ahead
and add Harmony to my portfolio. But overall, I'm feeling good about crypto
for the month of April, feeling better about today's
altcoin bargain bin. But let me know which coins
you're looking to pick up during this dip. Drop those down below in the comment section. Also, if you enjoy these videos where
I show you what I'm doing in the short term, make sure to smash the like button for us
so we know that you like this type of content. That's all I got.
Be blessed. BitBoy out.