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?
Well, that just shows that the market is unpredictable.
You can't time the market because it's very unpredictable. You might see it's price going up for a few hours then suddenly, it will go down. Just look at Bitcoin's price a few days ago when the Coinbase anomaly happened. It went down from I think around $68,000 to nearly $59,000 in just a span of a few minutes.
What's my take on what's happening right now? We're in a time where we need to wait for the market to correct before entering. We have been seeing the market going up for days already, and I don't see any reason for me to enter the market when the market is on the green. I mean we want to buy coins at a lower price, so it's better to just wait until the market corrects then that's the time for us to buy.
Waiting to buy Bitcoin at the right time is not a good idea, when do you know is the right time, saying we need to wait, it might be dangerous because you don't know when the price will come down, what if it goes up again and ondo we still keep waiting.
A long-term investor can't be waiting, he sees everytime as an opportunity to buy and hold since it will take him a long time to reach his target, and so he believes at any amount he buys he his going to make profit not loss.