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.
A lot of people don’t talk about enough, Timing the market is a gamble, and most of the time, emotions get the best of us either FOMO or panic selling. I totally agree with you patience is key. Let the market breathe and correct. The goal is to enter smart, not fast. It's better to be late and right than early and wrong.
Patience is very important as long as long term investment is concerned. Investing in bitcoin for a longer term requires patience in other to be able to hold and to avoid making impulsive decisions based on market fluctuation. Just like you said timing the market is gambling and it is mostly those that are into bitcoin for short term goals that prioritise waiting for the price to dips.
sometimes during bearish season most investors used to sell there bitcoin at loss.