When bitcoin prices are high, anxiety and fear of missing out usually lead some people to consider investing in the bitcoin. They are motivated by the belief that if they invest now while bitcoin is rising, it will continue to increase and they will profit from it without considering the possibility that the crypto market could quickly go from being sweet to bad.
This where those newbies gets bitcoin investment wrong because you shouldn't buy because the price is rising so that you can make profit because it shows that they didn't come up with a proper plan to buy and hodli for long term but for a short term, and that is where they become frustrated when the price dips below their entry point and they will panic and sell and make losses. It is better that you don't go into bitcoin because of the pumping in price but instead because you have seen that the best way to make profit from bitcoin is when you hodli for long so that you can have all the time to increase your bitcoin investment portfolio and this will help you prepare very well towards how you will make sure that there is all the necessities that will needed to prevent you from not achieving your long term goal. which is selling your coins due to panic or an emergency that you never expected.
Instead of focusing solely on the current price, whether it is high or low, every crypto investor should set a long-term price target that will help them determine when to purchase and when to sell for a profit.
Even after setting a long term goal, you don't need to determine when to buy but instead set an amount like 10% or 5% for low income earners based on your cash inflow for the month so that you can use it to DCA regular and gradually you are increasing your bitcoin portfolio and before you know it after several years, you will be shocked with how much bitcoin that is in your portfolio. If you are to start determining when to buy it will distract you from accumulating the quantity of bitcoin that you will be able to accumulate assuming you kept on with the DCA strategy. It id better that you continue growing your investment bit by bit than trying to figure out the right time that you will use to grow it, which might end up to be the wrong time, who knows.