Quote from: flower12 on October 03, 2023, 05:47:24 PM

Quote from: Sayeds56 on October 03, 2023, 04:00:15 PM

Quote from: Odohu on October 03, 2023, 02:32:40 PM

Is there really a way to use news to predict the price of Bitcoin? Have you tried it before and predicted it correctly through the news? Well, it is obvious you are suggestion panic buying and probably selling too as you will not hesitate to sell when the news does not seem favorable. In all honesty, this is akin to gambling!

Unfortunately, looking at the news to be able to predict Bitcoin price is not really necessary because, by the caption of this thread, we are buying and holding for long. Therefore, our main focus is how to accumulate as many Bitcoin as we can possibly get while being able to hold for long without being compelled to sell haphazardly.

Absolutely not, there is no way to correctly predict Bitcoin price overtime. While news items and technical analysis can provide into market sentiment, but they are far from fool proof. Technical analysis is not a perfect science, it is science of probability that relies on historical trends and patterns, which may not necessarily repeat in future.

The most effective and widely recognized strategy is to accumulate Bitcoin by employing DCA , as frequently discussed here. Additionally opportunistic purchasing during significant dips can further lower average cost of investment.

Based on my experience with DCA, focusing too much on the price tends not to be good for me. Because the current movement is a temporary or short-term movement, while I aim to hold bitcoin in the long term. Maybe this is good because we can buy a lot at the lowest price, but when our goal is long-term then we should focus more on the strategy we are doing.
Accumulating bitcoin with DCA is our goal to be able to benefit when bitcoin shoots back up to reach its previous ATH or even exceed it.
It's a comfort for me when I don't think too much about the current price. Because my goal is not the next week or month, but a long term that does not know when I will achieve my long-term goals.

Planning to hodl your coins for the long term is a good start and I also support you not focusing on the price as you want to hodl for the long term. Using the DCA method to accumulate is a good strategy and that should be where you should focus on. While a price move up and down, while focusing on Bitcoin's price, you might end up stopping accumulation or selling your coins. People who hodl for the short term might have the idea of risking their funds for the long term, but based on the way they focus constantly on the Bitcoin price movement, they end up selling in the short term.