Today we see Bitcoin going over 70k, we have been on a sideway run from the start of March to now. We saw a new ATH $73794 on 14 Mar, and have also seen some dips along the way. Anyone care to state how close they got to the dips over this period?
(Bitstamp USD$ prices on the daily chart)
20 Mar $60,760
17 Apr $59,629
01 May $56,500
From my own DCA data, looking at the lowest cost price around/near/on those dates I got corn at these prices:
March $62,000
April $62,050
May $57,033
I didnt do any dip buying, but did triple my dca amounts from May. How did you all do dca or dip?
As always I went with my DCA, I'm not really a fan of buying the dip because I don't want to get into some emotional and psychological drama. I stick with DCA because it's something I have have gotten use to. Either way I still benefitted from the market dip. Unlike you I didn't double my DCA amount during those period. I didn't want something that will take me out of my original plans because I have already programmed my income how to spend them so I don't run into troubles. You know it's not just about going outside of your original plan when you never budgeted for it. But for those who already have this figured out before time just like you can go ahead and double their DCA amount when there is need, but for people who hasn't made any provision before hand, it's best to continue with what they are already used to in order not to get into trouble.
I totally agree with you and I am also doing the DCA method of buying bitcoin. Maybe right now the amount is still relatively small but I'm sure one day it will be worth a lot. This method is very helpful for managing market risk by investing small amounts regularly. I believe bitcoin has a very good future, so I don't hesitate to use the DCA method. This method can help you have discipline because it ensures you are not too exposed when buying at high prices, while on the other hand it helps when the market recovers, because it has to buy when the market experiences a correction. By not depending on time, DCA can minimize the effect of market ups and downs on the portfolio because the average acquisition price will not be too high or too low.
People who keep on missing bitcoin opportunities are probably not aware about DCA. Or they really are aware but the fear to take the risk is high because they have no substantial amount of knowledge in the first place. I have been fearing bitcoin investment way back then and so I end up procrastinating most often, but I realized I won’t achieve something if I keep doing the same thing and keep the same attitude.
Thankful to have learned about DCA. That idea lessen my fear and started taking small steps in bitcoin investment. Now, from a humble beginning, I can say that I am hodling a little amount of bitcoin already. DCA is the key, and of course having a good mindset and a positive attitude towards bitcoin is also a great factor for success.
This is quite impressive stating your bitcoin journey with a long term mindset, it’s best everyone invest according to their strength and income knowing how bitcoin investment work because it can’t work with a short term plan. It’s common now and here when people choose bitcoin investment the first valid point anyone can mention is a long term plan. The DCA strategy is common and mostly every investor identify with this strategy not just because DCA is perfect as people conclude but it allows an investor to arrange every needs before going ahead to buy. In summary an early journey need no hastiness even if the journey is kinda slow it doesn’t necessary matter as it’s good you also consider your reserve, emergency funds this stage.