Do you know that the best way to make a profit in Bitcoin is when you purchase your Bitcoin and the store for longer time before he use or you sell your Bitcoin many people does not know that the longer you hold your Bitcoin they more the price of Bitcoin appreciate, but people who is new into the system does not really like to invest for long time and when we are making this reference or this suggestions that the longer your investment in Bitcoin the more you are accumulate more profit depending the percentage of the market at that moment
If an investor buys bitcoins with a long term plan and if he can hold his investment for that long period then he can definitely make the expected profit from his investment. After investing we should forget about our investment temporarily because the more we think about our investment the less time we can hold on to it. Most of the time the wrong thing we do is to observe the market multiple times every day after investing and due to this observation when there is normal pumping or dumping in the market we think that maybe the market is dumping and this time maybe we should sell the investment. Therefore, if we do not monitor the market after investing, then it will be seen that we will succeed in the challenge of holding our investment for a long time
Yes, the wisest step in using bitcoin is to HODL for a long period of time. Because that way the money invested will increase or produce more profits. However, it is true, investing in Bitcoin for a long period of time does require several factors that can make the investment run smoothly. One factor, as @Lidger say, is not monitoring the market very often. There is some truth to this factor, because the more often we monitor the market, the more our psychology will be eroded and will give rise to feelings of anxiety that make us doubt market price movements and tend to be afraid of losses (because Bitcoin prices are falling).
However, this factor is actually only dangerous for beginners (who haven't learned much about Bitcoin prices and their cycles). Because bitcoin investors who already understand the entire bitcoin price cycle will certainly not feel panic or fear if they frequently monitor the market. Because they already know that the price of bitcoin will definitely continue to rise as time goes by. For this reason, knowledge must be prioritized when investing in Bitcoin, so as not to be fooled by falling prices.
Then the next factor that is very important for us to apply when investing in Bitcoin in the long term is capital or cold money. Believe it or not, this factor is the most crucial factor that can derail a long-term investment in bitcoin. Because if we don't invest using cold money, and only use hot money, then it is certain that the money will most likely be used. So even though the money has been purchased into bitcoin, when an urgent situation comes, and there is no more money other than the money invested in bitcoin, it is certain that the bitcoin will be resold to cover the urgent need. That's why I say that this factor is the most crucial factor that can thwart long-term bitcoin investment.
So in essence, when investing in bitcoin, you have to use really cold money, because it will certainly feel smoother in HODLing the bitcoin.
I think these factors are the most dominant or the most important ones that must be paid attention to first when investing long term in Bitcoin.