Jack's Crypto Bear Plan Revisited

First of all, I would like to wish you all a happy new year. Whether you spent the holiday’s resting (me) or grinding, I am glad you are here and wish you nothing but great success.

In June I wrote the article “Jack’s Crypto Bear Plan” in the wake of the 3AC blow up back in June. So much has happened since then it seems like this transpired years ago. Such is the way of crypto, things just happen so fast and frequently, it is truly an exciting space to be a part of.

Since then I am proud to report that I have largely stuck to my plan. I accumulated an amount of Stacks that I felt comfortable buying, went hard into NFTs, and in general had a blast. Does this mean that I am finished with buying Stacks? No, of course not. Stacks has way too much going on, (subnets and sBTC for instance) and I will likely never feel like I have enough exposure. Stacks is a long term plan for me, so I will continue to add spot as time goes on.

The Clarion Call

I am a degen, through and through. The thrill of trading the crypto markets permeates my very being. The recent price action has fully grabbed my attention, and I have been setting up some some positions with a medium time frame in mind (6 months to a year). These are still spot positions, I am not confident enough in the price action to trade perps or use leverage at this time (I suspect we will see more sideways for a while, as opposed to up only) No, these buys just represent some bags that I want to have going into the next bull market. Solid projects, at a good discount, that I can flip in order to add to my Bitcoin holdings.

Ultimately there are 4 or 5 existing projects that I will be making buys in, so that means a bit more time in front of the charts. My strategy for accumulating is simple, I trade support and resistance. I have a specific amount of each coin that I would like to own, and watch for the levels I like to add to that specific stack. So hopefully I will have the exposure that I would prefer within a few months time.

The Bitcoin Giga Long

I am not there yet, like I said, I think we will see too much sideways here in the short term. Not to mention the fact that the economy isn’t exactly great, and in reality there really aren’t many things to be bullish about. I would like to think that the bottom is in, but bear markets can last a lot longer than we would prefer them to. That said, when the time is right, I intend on using 10% of my accumulated alt bags to fund the Bitcoin Giga Long account. For right now, exposure to alts is in reality the only leverage that I will be applying.

NFTs

I primarily own NFTs on the Stacks blockchain, and this isn’t going to change anytime soon…possibly ever. It’s not that I am a maxi, that should be evident by now, but it is because I believe that owning Stacks NFTs is just the best value proposition out there. I belong to many NFT communities that provide a ton of value in and of themselves, and thanks to sBTC I have many NFTs that I will be trading for Bitcoin in the not too distant future (I been telling y’all not to sleep on Stacks).

In terms of my NFT portfolio as it stands, the floor prices are currently at a 3x….which is damned good for a bear market. I am happy with my positioning, but there are just too many good projects being developed on Stacks…so I will continue to be a buyer for some time.

Closing Thoughts

This bear market has sucked, it sucks even more for people who have held through a big drawdown (been there). That said, these experiences only help you become better as time goes on. I spent the first couple of years overtrading myself into oblivion, and when I finally got my hands on great coins….I overtraded those too! Patience is a virtue, and timing the market is a skill that I certainly do not possess.

Another lesson that I have learned is to avoid the promise of low market cap coins. While a little bit of liquidity can really give you crazy profits if you get in at just the right time, the fact is that in most cases I just found myself rekt. This space has matured in such a way that there are solid projects to invest in, and that is what I am focused on.

Obviously I am not a professional, as a pro certainly wouldn’t proudly where the degen label. So keep in mind that this is a journal, and is at best useful for entertainment. I can’t tell you what to buy, nor would I want to. One of the lessons I have recently learned is that keeping a trading journal is a powerful tool when it comes to revisiting the rationale for your plan…because you always need a plan.

In Other News

I am still in the Web3 Startup Lab, and still working on the Nakamoto Options Protocol. This has been an immensely rewarding, albeit challenging experience. I can’t recommend it enough.

Sigle is currently testing its newsletter feature and the team has asked me to be a beta tester. So be on the lookout for the newsletter. In terms of frequency and content, I don’t have all of those details lined up yet. I am going to do the same thing that I did with this blog, just find my groove and go with it. I can say for certain that I will be talking more in depth about the coins that I am building this swing position with, and will share the success/failure of this strategy as I go.

I have a couple of interviews being lined up with different projects within the Stacks community, and those will be featured on this blog, as usual. So be on the lookout for those. I managed to write 102 articles from May to December 31 2022, and I would like to double that this year. So be sure to follow me on your way out, this is going to be a great year.

Thanks for reading as always, ironically enough I can’t find the words to adequately express how much I appreciate your support. Thank you so much. I don’t have anything else to say for now, until next time. Jack.