Ive been hearing about situations where someone buys a coin for a certain rate and not quite long after, the said coin drops in value, or someone sells his coin for a certain rate and then it appreciates just after.
What's your take on this? Given the period we're in is it buy time or sell time?
Maybe that's our problem when we invest in any coin and constantly check the price of what we buy and can't hold our emotions. There are many of us investors who invest for the long term and many who invest for the short term. Yesterday I also invested in bitcoin for a short period of time by selling when bitcoin was touching $69k and buying when it hit $63k.
Moreover, if one is a long-term investor, he can buy bitcoins at any time and wait until the bull market begins to earn his profits.
Our biggest problem is not being stable about anything. The first thing we need to achieve is to analyze the market movements and prepare to make a mature investment. When it comes to investing in Bitcoin, we see different people's behavior at different times, such as many who show the mindset of holding (BTC) for a long period of time, while many people decide to sell (BTC) in the short term due to its volatility. We can assume that Bitcoin investment is waiting to reap a big profit in the near future regardless of market trends.
If we briefly discuss the essence of Bitcoin, we can see that although it started with $0.06 in July 2010 at the beginning, it reached a peak value of more than $73,000.00 in March 2024 through various ups and downs. Although the current price is $69,462.74, we can expect Bitcoin to cross $100k in the next year.
Analyzing the market movement shouldn't be the first thing a new investor needs to achieve before he starts his bitcoin journey because he is to be buying bitcoin always regardless of the price of bitcoin. Rather the new investor should know the basic knowledge of bitcoin and have a long-term mindset on his bitcoin journey by seeing bitcoin as a place to throw some value into overtime. Because that will make him have the zeal to build and grow his bitcoin investment and hodli for long.
Figuring how much of his discretionary income he will use to buy bitcoin weekly without overdoing it is next, so that his plans on investing for long and keep on increasing his bitcoin portfolio will be achieved overtime. Just focus on only buying, buying, buying and give less attention to the market.