Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
Tmoonz
on 13/05/2024, 05:27:52 UTC
⭐ Merited by JayJuanGee (1)
The first and foremost goal of those of us who invest in Bitcoin is to hold our investment for a long period of time. We all have a tendency to buy bitcoins when we see that the price of bitcoins is high then we wait for bitcoins to be low. Maybe many people think this is the best time to buy Bitcoin. But you mentioned that you don't wait for the price of Bitcoin to fall because it can rise again. If you don't care about Bitcoin price going up and down then you should go for DCA.

If you start investing using the dollar cost averaging method, you don't have to worry about the price of bitcoins going down or up. You can buy bitcoins anytime and save them for investment. So set a fixed average price and hold accordingly by buying bitcoins.

It is true that the aim of investing in Bitcoin is to maintain it over a long period of time. This must also be taken into account, because I think not everyone can do this, especially by waiting for it over a long period of time. not everyone can have the patience to wait for a long period of time. I was once advised, when we invest in Bitcoin, don't pay attention to the price going down, go away and don't care about the price going down because he said one day the price will go up again.

Also, I think many people think that the best time to buy Bitcoin is when the price goes down, maybe that makes sense, but for people who really understand Bitcoin, maybe it's not just when the Bitcoin price goes down that they will buy it. Apart from that, there are many things you have to pay attention to if you really want to buy Bitcoin, don't let yourself be impatient with doing it, it's possible that it will only make us experience something bad.

Buying or making purchases of Bitcoin when the price goes down is not a bad idea as it gives you the opportunity of buying more Bitcoin with  the same amount of money that can use to buy lesser quantity of Bitcoin at it previous high price, but when you completely wait for a drop in price before making purchases is what makes it bad and it is retarding to your investment, the waiting strategy of buying only when their is a price drop is more of a trading strategy with the aim of buying low and selling high or probably for an investor who has already gotten to the maintenance level in their accumulation process that may not need to be buying frequently as that of a low coiner but may decide to be buying Bitcoin only when their is price drop. A low coiner with the aim of accumulating Bitcoin and hold for a longer period of time of about possibly 4 to 10 years or more should have no business timing to make purchases only When there is price drop and it doesn't make sense at all, rather he or she should should most concerned about maximizing every opportunities that shows it's self in the market in other to have a sizeable worth of Bitcoin up to a reasonable amount. With a consistent dca strategy you are already on time in the market without any forms of timing the market by making purchases on regular intervals irrespective of the price point either weekly or monthly with the amount that you be can comfortable with while making other preparations for buying when there is a price drops that may happen or not with your reserved funds after knowing how much of your discretional and disposable income left when your personal needs and provisional emergency funds has been taken care of. I know that your are very new to this wonderful thread where alots of knowledge is been shared when it comes to Bitcoin long term investment plan all you just need is to pay good attention and ask relevant questions when and where necessary and you will never regret participating in this thread and at this point I want to say you are welcome mate.