Pentoshi, a popular cryptocurrency analyst and trader with more than 600,000 followers on Twitter, shared his thoughts and strategy during the recent market crash where many altcoins lost value.
In a series of tweets, Pentoshi explained why he was patient and cautious when buying at the bottom and why conditions are extremely important when evaluating potential investments.
He said he had been waiting for an opportunity for six weeks and believed the best course of action was to take no action during that time. He also stated that he would not have guessed correctly the decline experienced for altcoins, instead he tried to evaluate the highest probabilities and adapt to market conditions.
I certainly didn't "call this" dump on alts. But I also waited 6 weeks for an opportunity and said no trade = best trade and committed to it. I think there are just things you have to learn for yourself over time. About knife catching, patience in general and context of how the… https://t.co/r03bSAdRXp
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) June 10, 2023
He added that he wasn't even sure whether to buy or not and that he would give the market a chance to settle down and take a look at everything before making a decision.
He also warned his followers that an asset can go down 90% over and over and said there are things one must learn for oneself over time, such as "catching the knife", patience, and the framework for how the market is traded.
He also hinted that he expects more downside for the crypto market in Q3, which will likely be unpleasant. He explained that he was acting slowly and that one day he would go full throttle, but that was not the case today.
He also explained that he lost 90% of his portfolio in the bear market of 2018 and that many of his followers were in the same situation at that time. He stated that in this situation, of course, the market feels like it will never come back, but it will, because that's human nature.
As a result, Pentoshi stated in his statement that he will not make any purchases yet, and that he will continue to wait for a while after waiting all this time. In addition, he added that he keeps cash ready for purchase.
He said new whales will emerge, greed always returns, and there's usually a two-year wait in between.
*Not investment advice.
