I was thinking, because of Bitcoin price skyrocketed, would it be wise to buy bitcoin now? I have some bitcoin in wallet, but nothing much, and i was thinking to buy some bitcoin more. But because of price rising in last few days i am not sure what to do, because if i buy now, maybe price will go down and ill lose profit, or maybe it will go up and i did not buy so ill lose profit too. What are your thinking on matter and what do you think how much will price of bitcoin rise this year?
The time to buy and sell is hard to know, but there are some general rules you can use to decide when to buy in and when the price is too high when to sell.
When the price reaches an all time high, it is best to not buy in around there, as it usually pulls back by 10% to 25% within a week or two of that happening. We just saw it happen again recently, went to 5,000 USD and down to 3,900 and back to 4,600.
The optimal buy order to place when the price reached the all time high of 5,000 USD would obviously be 3,900 in hindsight, but if you want to get some at a lower rate, try putting in buy orders for 4,400 4,350 4,300 4,250 4,200 and let the orders sit there. You likely will get them filled.
For the sell orders, the all time high of 5,000 USD you would have the ideal of selling at that price, but if you wanted to realistically sell it, put sell orders at 4,600 4,650 4,700 4,750 and 4,800.