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@Onyeeze, ideally investors don't want to buy Bitcoin when the price is very high (at the peak) unless the person is just DCAing, but the reason why many people rush in to buy at such high price meanwhile they are not DCAing is because of the fear of missing out, they thought that price will keep surging high and they don't want to miss out from the profit they will get once they buy and see price shooting to the sky. Knowledge is power and for someone that possess a precise knowledge of Bitcoin, they will invest properly and not chase after quick profit knowing how volatile price can be.
While investing in Bitcoin, work with a plan, budget and target. There could be more things to consider but primarily, when you have a planned investment you will not be victim to FOMO or some other challenges, when you have budget for allocation you will know how to invest that will not cause you to lose your sleep seeing that price is not shooting and when you also have a target, you will stand more firm in the direction of your investment. For example,
you target can be to sell at a certain price and no matter what it takes, you will hold till that price.
I otherwise agree with your post to the extent that it seems to be suggesting that ongoingly buying bitcoin has good chances to help to prevent feelings of FOMO. FrequentlyI think that if guys spend 4 years or more consistently buying bitcoin, they are going to end up relieving any sentiments that they did not buy enough. So part of the reason to prepare for up by ongoingly buying is so that you don't feel any panic during those times that bitcoin prices go shooting up.
Sure, bitcoin's price is not guaranteed to go shooting up, but it is not guaranteed not to go shooting up either...and historically we have had a lot of times that bitcoin's price has gone shooting up, and bitcoin's current investment thesis is not any weaker than it has been historically, and even the way bitcoin behaves on the market is not really any different from its history, even though the players (of financial institutions, governments and/or rich people) who are interested in bitcoin are getting BIGGER with the passage of time.
No, I was not considering it as a trade alone, but I was just saying it based on the fact that we also have different classes of investors such as those that could be just short-sighted over their investment and sometimes they could panic when price reached a certain price, their panic could be based on the contemplation whether to sell or keep holding while waiting for the price to surge higher.
Having a target eliminates fear and panic for such people, it makes them stand their ground on what they want (their desire) irrespective of what ever price does, they will hold. For example, as I continue to accumulate, I could set a target that I would not sell my Bitcoin until the next 8 years and when I backup this target with the right investment strategy, like DCAing respectively to my income capabilities and also making sure it is flexible such that I don't over invest.
Start buying at timed intervals, On the long run you increase your stack and got less worries about the price. It will give ease of mind to not check the charts every x minutes ; )
Honestly it's not as easy as it may seems to buy the dip because one is afraid of having losses
but I think it's preferable to buy the dip when it's close to a pump but regardless i go on with the mindset of always checking the charts every now and then, inorder to make sure that you ain't missing out on when you can be profitable.its just that I'm okay with this cause I'm doing this for long-term.
And how would you know it's close to a pump? At all time, Bitcoin does not systematically signals investors that it is about to pump and that's the reason why you would sometimes hear the short term Bitcoin traders mentioning something like, "I missed my entry price" It means that they missed to take a trade at the price they wanted to. Even the experts that analyzes price of Bitcoin to know the next move, they have been wrong many times.
Looking at price chart every now and then does not guarantee that you are going to know when the price is about to pump, if it was that easy many people would have abandoned the strategy of dollar cost average but they did not, the strategy made it a lot more easier to organize yourself, know how you would invest at a pace and the intervals you want to invest the money. For example, you can say that you want to be investing $xx amount every day, every week, or every month, so that, even if the price is pumping, you are buying more and even when the price is dipping, you are yet buying more and more.