Those who want to hold Bitcoin for the long term must keep a close eye on the crypto market. Whenever you see a dip in Bitcoin price in the crypto market, you will try to buy and hold Bitcoin. But I know that Bitcoin will pump multiple times in the next few years. .Now bin our time and expect to earn multiple times in a few years from now.
On the contrary holding Bitcoin for long does not require you to keep a close eye on the market. There are certain conditions that will enable you hold Bitcoin for long and monitoring the price is never one of them. As a matter of fact, if you have your eyes glued to the market, monitoring the price, you are setting yourself up for emotional torture and the temptation of selling quick.
To be able to hold Bitcoin for long, first calculate your basic expenses check if your income is enough to cover it and still keep some balance, part of which you will invest in Bitcoin and keep the other part for any emergency expenditure that will come up any time within the period you are buying the Bitcoin.
To achieve this, how you buy the Bitcoin is very important. I mean, you can chose a method of buying Bitcoin which is call DCA, it require you to be investing a certain amount you have calculated to be fine for you to put in Bitcoin without putting your self under pressure. This amount can be invested weekly or monthly into Bitcoin as the case may be. If you are not comfortable with this method, you can just buy Bitcoin anytime you have the finances but the most important thing is that you must invest only what you can afford to leave in Bitcoin for a long time without being affected in any way.