Hi, normally I'm a fan of dollar cost averaging. But I'm thinking of not really dollar cost averaging because the market is obviously a very bull market right now for BTC.
What do you think will be the best strategy to enter the bitcoin market today?
Pick the lowest dip I can find say, this week, and invest all my principle. Or, dollar cost average anyway....if so, over what time horizon? Surely not over the next year. Maybe a week? A month?
I personally believe that the train has almost left the station, which is why I am wondering if it makes no sense to dollar cost average at this time.
It is my opinion that the best thing that you can do is to not doubt your strategy once you have picked one, dollar cost averaging is great for the long term as you're not picking a specific point in time in which you can buy, rather what you are doing is that by buying every single week pretty much with the same amount of dollars then overall you're still going to get some decent amount of bitcoin.
There are obviously times in which this is not optimal like when the market is going through a bull run but that is not really the point of that strategy, so if you do not really feel comfortable using it right now maybe it is time to rethink why you choose that strategy in the first place.