Planning and discipline in investing are very necessary and also instilled in us so that we can do it well and routinely, long-term investment in Bitcoin is a very good and safe choice because if we look at the extraordinary track record that has occurred in Bitcoin, it is not impossible that in the future the price will be much higher which allows our long-term investment to be a big profit in the future.
However, all of that must be planned very well and seriously, investing an amount of money that we can afford to lose is a wise choice even though Bitcoin will always provide good profits in the long term will not harm us if it is not as expected because we use money that we can afford to lose. However, if we do it routinely with the DCA method and according to our abilities, it is an ideal choice for those of us who have limited money but will be big in the long term if we can do it routinely every week or month for a maximum of 5 to 10 years. And besides that we must have savings outside the investments we make with the aim of urgent funding needs and not touching the investments we make in the form of Bitcoin so that everything runs well and successfully.
if you want to invest anything, not just in Bitcoin. they must have good financial management. all must be prepared to avoid chaos in the investment plan that is carried out.
we who want to invest must of course sort out money for needs, money for savings, money for fun, and money that we allocate for investment. many beginners misunderstand investment with savings. some that put their savings funds to increase their investment portfolio. the wrong step when finally someone needs funds for emergency purposes. when you no longer have savings funds, then the choice taken is to mess up your investment. a wrong choice.
We should stop pampering responsibilities as a factor for not investing, it may only encourage excuses and unnecessary spending and will not allow many to invest at all if care is not taken. I noticed that this mindset is popular on this thread, it must not necessarily be adhered to before you invest, otherwise, many people being happy with their investment in Bitcoin today wouldn't have invested anything but give excuses, investing goes with sacrifice. Investment and risk also go hand in hand, it's part of the risks you take by investing what you invested at that time, just reserve a little and then go hustle to make more money that can continue to take care of the bills while you leave your sacrificed investment locked as if it's not there if you are serious.
You are right before now some people go to club they party every weekend with there discretionary income but now they have started accumulating Bitcoin they find it hard in doing those things with there discretionary income that are some of the sacrifices you make in other to keep up with your accumulation you need to be consistent and so anything that will make you not to you cut it off.
Not that you will not have fun and do some fun things but that will be with part of your discretionary income not the part meant for your Bitcoin accumulation because you are dividing your Discretionary income some part for your Bitcoin accumulation and the other part for what ever you wish to do with it however if you have no backup funds you need to also you some part of that discretionary income to build it, if you are not willing to sacrifice somethings in other to invest then you are not ready for investment.
The 7-day chart for Bitcoin looks pretty brutal. I think we're all just watching and waiting to see how low it is going to go. Hopefully not too much lower, not that I'm planning to sell any but I think we all enjoy seeing Bitcoin in the 6-digit range. One thing is clear... The market traders have been embracing the Sell Sell Sell lately. I worry we're only going to end this drop with a massive volume shakeout and who knows what sort of cascading liquidations that will bring. It might be the time to hold on for dear life...
The chart is brutal for sure but should we be moved to sell out of panic? NO. Surely, we love to see the price at 6 figures but does it really change anything? because corrections will always push the price below the six digit mark due to the actions of those fearful fucking traders. It's just obvious, these traders are giving institutional investors the privilege of buying more below the 6 digit price point but i like the fact that the price still hovers around $93k regardless.
I think it is better to say that we're hodling till we build a great treasure in bitcoins than to say ''it might be time to hold for dear life'', We can't hodl forever.
If you are a long term Bitcoin holder I see no reason will should panic, bitcoin is highly volatile in nature so rising and falling has been part of Bitcoin however that has not stopped it from growing there was a time Bitcoin was not even up to $10k that that time Bitcoin was still volatile in nature but Bitcoin kept on growing in price till date so I see no reason people will panic because of the dip, when there's a dip I'm happy because is an opportunity for me to buy cheap before it goes back to the price it was before or even more than that former price.
You really do not understand what OgNasty meant by "it might be time to hold for dear life" that statement is an idiomatic expression which means that we need to increase our level of patience when it comes to holding, he used the expression of holding for our dear life to tell us that we should try securing our Bitcoin by holding on to it patiently, his not tell us to hold till death, anyone who thinks his has accumulated enough and will love to sell is free to, Bitcoin is and investment and surely a time will come when you start ripping the good of that investment.
As a Bitcoin investor, not giving room to panic and side distractions is one of the safety measures you should always apply, being keen to your investment and getting focus makes you get a clearer picture of where your going, because doing so will help you appreciate the volatile nature of your investment and not make you to see any dip as a supposed threat but rather an investment opportunity. As a holder, if you watch very well, you will notice that whenever there is a dip, you will always come across vile and negative comments from distractors and naysayers, most of them are not even investors but they just want to talk down on your investment and make you feel bad, but immediately there is growth in Bitcoin, you will see them running back to their shell's.