I don't think you'll see bitcoin hit $40k or $30k anytime soon, but you'll see some more dumping. We know bitcoin always corrects the price after a massive pump but this time it took a different form. Moreover many altcoins are now trying to pump the price of bitcoin using the opportunity to increase. But this time will be best for those who want to invest short time. So if you plan long time holding then you should wait for some more time.
You were right that Bitcoin will correct further. Given the current state of the market, I still think Bitcoin can go lower than this point. A lot of altcoins which are very high went up as Bitcoin went up. Bitcoin hasn't gone down that much yet but with a little correction the altcoins have gone down a lot.
What do you think? Is this a good time to invest or should we wait more considering the market conditions?
From what you said, I guess you haven't bought any bitcoin since March and are still waiting for bitcoin to drop more. But I want to ask you, will you definitely buy if bitcoin drops to $40k in the near future? Or will you continue to think that bitcoin will fall even more when bitcoin drops to $40k and will you only buy if bitcoin drops to $20k? This is not new to those who like to bargain with the market and those who always say they wait for bitcoin to correct before buying, most of those people will never buy bitcoin. They will never buy bitcoin when it corrects, but when bitcoin bounces and goes higher, they will definitely rush in to buy at high prices without thinking.
Thank you very much for your valuable reply. For your information, let me tell you that I bought Bitcoin at the time when Bitcoin was at $16,000 and of course, the bitcoin bought at that time haven't been sold yet because for me, Bitcoin is not a daily profit and loss asset, but for me, Bitcoin is a future investment that I would like to hold for another four to five years.
However it is very important to know that BTC will go down further or up from here, so I always like to get opinion from senior people like you that's why I ask and the more one asks the more one learns there is nothing wrong with that, in my opinion.