As a long time hodler why do you need to be bothering yourself with watching the market? Your sole purpose is just to keep buying and don't let your attention be bothered by market activities. If your goal is to accumulate and hodl for 6 years and above, then the market timing is not something you should be bothering yourself with. You should just be concerned with getting steady flow of liquidity to inject in bitcoin. Any price you meet bitcoin when you liquidity is available you buy. Let the day traders bother themselves with the market timing.
Bitcoin market is volatile which can create different sentiments at any time among those who follow the market. Those who are committed to long-term holding would definitely do well to keep an eye on how to further diversify their portfolio. Those who understand the value of Bitcoin see the dumping of Bitcoin as an opportunity for them. Those who are short-term investors may be happy with small profits but a Bitcoin holder usually dreams big.
Are you saying that buying other coins in addition to Bitcoin is really diversification? I do not agree with you on this one because Bitcoin is enough to avoid mistake. I think the main focus of most of the people here is how to build their Bitcoin portfolio and not diversify into other coins that you are not sure if their founders will dump it and run away.
Many people have lost fortune investing in coins they were convinced will give them big profits. I expect you to learn from the mistakes of those people and concentrate in building your Bitcoin portfolio rather than thinking of diversifying when you are just exposing yourself to danger.
You cannot mistake buying assets for liability just because they have the same nature, while shitcoins and bitcoin would all be considered crypto currency does not mean you can call all of them assets. Investing in shitcoins is not advisable especially since this coins are dependent on bitcoin to have any value or even do well, why go to the servant, if you can access the son? . Diversifying in shitcoin cannot even be seen as Diversification cause you are gambling with uncertainty and luck. If you really want to diversify, you should build your bitcoin to a substantial amount of holding, then find something real like real estate, stock etc to actually diversify. And I think the lessons we learnt in accumulating bitcoin would also be of use if we decide to diversify with other asset.
And I don't think that's what he meant when he mentioned diversify