Buy when everybody is pessimistic.
We might not be there yet but it's close.
How can we be close to pessimistic? Bitcoin was $100 a year ago. True despair-pessimism is a long WAY DOWN.
We've been through so many of these rally/corrections that we've learned to front-run the cycle, so it won't go that far down. It always seems different this time but in hindsight it's not.
or... the people who are front-running the "cycle" (which is an imaginary thing actually) are the only reason the price is as high as it is now, and this is just a dead cat bounce before it goes down again.
Dead cat bounce speculation is part of the cycle too. If Bitcoin was going to fail for any reason other than a superior technology rendering it obsolete, it would have failed by now. Anything else only delays without preventing the next ramp. Chinese and Russian hostility to crypto will have the effect of causing western policy makers to support it. The enemy of my enemy and all that.