I asked my friend if he was going to buy bitcoin when it was 800. He said it was too expensive and he would wait for a dip.
at $1200 he said the same thing.
at $2400 he said the same thing.
at $3400 he said the same thing.
Now its about to break 4,000. I asked him if he was going to buy some bitcoin today. Guess what he said?
They are waiting for the dips because they want to buy Bitcoin , in a way that it won't be expensive, then they'l hold it for a period of time and will sell it if the price of Bitcoin is high. The only thing wrong with your friend's decision is that, he should've buy Bitcoin when the price is only 800$. Same as now. He may buy Bitcoin at this moment, because the pumps are continuous. Something big in return is also assured.