In the last year, the crypto industry has been a rollercoaster of highs and lows, a battle between the bull and the bear, with numerous cryptocurrencies hitting all-time low prices and some completely liquidated owing to the failure of their exchange platform.
However, given a significant percentage increase in the price of bitcoin and other cryptocurrencies in the first half of 2023 compared to its $16k price at the end of 2022, many investors and enthusiasts are wondering if it's a bull trap or if the bear season has ended. They eagerly anticipate the next crypto bull run, with high hopes of recovering all losses from the bear market and making huge profits in the bull market.
With top cryptocurrencies gaining remarkable increases in the first half of 2023, combined with the performance history of cryptocurrencies during a bullish run, usually taking the asset price to a new all-time high, investors and enthusiasts are seeking cues about the upcoming bull run.
However, with several indicators of price rise, such as the coming historical 4-year bitcoin halving cycle and the proliferation of layer-2 solutions, how do you, like other crypto investors, prepare for the bull run? How can you take advantage of the bull run's massive potential returns?
Come along; let's find out!
What is a Crypto Bull Run?
A crypto bull run is a period in the market cycle with a persistent upward trend in cryptocurrency values, accompanied by an increase in buyer optimism, resulting in high buying activity and overall good market behavior. A crypto bull run is usually accompanied by a change in the all-time high price of cryptocurrencies, attracting new investors and further strengthening the high buying market activity.
Several factors, including increased market demand by investors, the introduction of new technology and projects, large adoption, and other favorable financial news, cause a bull run.
How to Prepare for a Bull Run
Use the Bear Season to Gain Experience
The bear market is the perfect time to learn about the market and gain experience with Bitcoin. The first stage in any investment is to have sound knowledge, and regardless of market sentiment, whether bullish or bearish, you can always make a large profit from your investment if you have sound knowledge and the necessary experience.
Use the bear market to become acquainted with various concepts and investing styles in the cryptocurrency world. Learn to trade cryptocurrencies on many exchanges, invest in DeFi protocols, design, mint, and trade NFTs, and explore the metaverse.
Once you become familiar with various crypto investments and actively engage in various trading techniques, you earn market experience and sufficient knowledge to put you ahead when the bull run begins.
Study and Get Familiar With Different Blockchain Protocol
Within the crypto realm, multiple projects are solving various problems on several chains, each with a unique possibility to profit. Understanding what each blockchain involves will assist you in making an informed investment decision on which project to go all in on when the bull run arrives.
Each blockchain technology has its features; get familiar with how they operate, the best-performing coins available on each, the use case, and growth potential. Once you've studied and become familiar with various protocols, it'll be easy to categorize your portfolio based on the best-performing chain with fantastic projects that have the potential for a large return owing to their growth potential during the bull run.
Participate in Verified Crypto Airdrops
While you gain market knowledge and expertise, you may acquire capital to position yourself for the bull run by participating in certified crypto airdrops. A crypto airdrop is a promotional event meant to either generate awareness of a new cryptocurrency project or reward dedicated participants of an existing cryptocurrency project.
Participating in airdrops allows you to obtain cryptocurrency for free, usually in the form of low-gem tokens with the potential to climb considerably during an uptrend. Participating in many airdrops allows you to diversify your portfolio with diverse projects. However, there are numerous airdrop scams in which you are tricked into believing that a prominent cryptocurrency exchange or impending project is honoring their community with an airdrop, resulting in you becoming a victim of their fraudulent conduct.
Follow Expert and Top Industry Influencers
Another important step in preparation for a bull run is to learn about what is happening in the ecosystem by following experts and top industry influencers, usually founders, developers, or members of some upcoming projects. Following these experts provide useful insight, market analysis, predictions, and other information that can assist you in navigating the market and positioning yourself for gains when the bull run begins.
Keep an Eye on Market Trends
Keeping an eye on market trends entails getting up to date on market developments. Join numerous crypto communities of like-minded people to acquire first-hand knowledge and study the market so you can make an informed decision when the market turns green.
Examine the crypto charts using technical analysis to detect prior market trends and patterns and bullish performance to forecast future market price movement when the bull run begins.
Monitoring market trends using various tracking methods, such as technical analysis and social sentiment research, is critical and can provide useful insight into market activity and price movement expectations.
Develop An Investment Strategy
Developing an investment strategy is one of the most crucial tasks in preparing for a bull run. An investment strategy assists you in defining your investment goals, the cryptocurrencies to invest in, how long to invest for, and the level of risk you are willing to accept.
An investment strategy prepares you for the overall budget for the investment, the exit strategy, and the risk tolerance. This ensures you capitalize on the bull run and generate enough profit without becoming trapped when the market corrects.
An investing strategy also enables you to practice appropriate risk management to protect your earnings by allowing you to stay within a budget without becoming distracted by the increasing price movement, which can suffer a sudden price drop.
Choose A Reputable Crypto Wallet
Making all of your plans for a bull run without ensuring the safety of your investment by placing it in a recognized and reliable crypto wallet will be a disaster. A reliable crypto wallet lets you securely store your bull run profits without fearing losing your crypto asset to fraud.
Depending on your investment plan, you may store your bull run profits in either a custodial or a non-custodial crypto wallet. Your choice of crypto wallet category is determined by your familiarity with its environment and the level of control you want over your investment.
A non-custodial wallet, without a doubt, allows you complete control over your crypto assets, but you are responsible for the security of your private key and investment. On the other hand, a custodial crypto wallet is a third-party manager who handles your security by safeguarding your investment and private key.
However, regardless of your choice, whether custodial or non-custodial crypto wallet, you can enjoy the best of both worlds with Cwallet. Cwallet is a unique multi-functional wallet that combines centralized and decentralized capabilities in a single app. This futuristic and user-friendly wallet bridges the gap between Web 2.0 and Web 3.0 by providing a comprehensive toolkit for everyone. Cwallet lets you store, purchase, and exchange crypto assets on social networks using bot-enabled features such as tipping and community management.
Cwallet offers advanced features and robust security measures to meet your investment needs during any market season, whether bull or bear market. This adaptable wallet offers a comprehensive solution that bridges the gap between Web 2.0 and Web 3.0.
What's more? You do not need KYC Verification to operate a Cwallet account; you only need to create an account with your mobile phone or a third-party platform such as Twitter, Telegram, Discord, or Reddit.
Why wait any longer? Download the Cwallet App today to gain access to over 800 cryptocurrencies over 50 networks, allowing you to diversify your portfolio and prepare for the great returns of the crypto bull run!