Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
Marvelockg
on 11/04/2024, 10:50:46 UTC
A few days ago I was withdrawing some money from my bitcoin holdings to fulfill my dream of a computer, which I also needed. But I think I was wrong, if I had bought the computer a few days later, I could have expected better things, as many people think that the price of Bitcoin will increase after the next halving. from my holding, I withdrew about $500 from Bitcoin when it was worth 69k , after halving it, sold my holdings and bought a computer, I would have got something better.

But anyway there is no use in thinking about what has happened,

  Now we should be well prepared for the next half opportunity, I would say, to avoid making the same mistake I did, you invest now and forget this investment for a long time, either you invest more together and hold for a long time or regularly Invest on a weekly or monthly basis using the DCA method for long periods of time. After you invest, instead of thinking about the price of Bitcoin, focus more on holding and keep holding without looking at the price for a long time, you will surely achieve a lot.
what you should have asked yourself is if you're investing or saving up in Bitcoin for the purpose of buying your laptop? Their is nothing wrong if you want to buy your laptop and you don't have enough resources to buy it at the time and then you DCA till you've reached your goal and then you sell off your holding for such purpose. Sometimes we need to be realistic enough to know that depending on what your short term goal is and how important it will be in ensuring that you're productive, you can take advantage of buying and then holding for few months and once you've reached an amount that's enough to buy an asset that will help you to become more productive with work, you just sell and use it for such purpose and maybe when you're comfortable enough to start really time long term DCA you can set out the right modalities in place to help you achieve that.

As simple as this your situations is, an average person that's in this thread have hard to sell part of his holding to meet up with things like this and as a person, thier hard been times I invested and HODL for about six months because I needed to save up to rent an apartment since I was just done with school and needed a quick way to save up for my house rent. I was fortunate that within the months I saved up, Bitcoin actually increased above amount it was when I started buying and i was abke to sell it and rented my current apartment. I knew the risk involved since I was working on a short timeframe and I knew the possibility that when I would need the money, Bitcoin might possibly go dip putting me in a situation where I would have to choose between waiting longer before selling or selling at whatever price Bitcoin is and probably end up being in loss but fate shun well on me and it works well for me. But then, short termed investment isn't always profitable and if you're unlucky, your plan might go futile and you probably wouldn't be able make anything good outa it.