This image just tells the whole story without even trying too hard.. So many persons still stuck on I will wait for the perfect entry mindset, they keep saying they will buy when Bitcoin drops to this or that price, but months pass and they are still standing on the same step, watching the market move without them. The funny thing is, even if price actually hits their dream number, most of them still freeze because fear kicks in…. Meanwhile, the person who decided to just buy a little bit consistently, no matter the price, is already halfway up the ladder without stressing over every chart move..
To be honest I'm not in support of waiting to let price get to a favorable entry zone before buying bitcoins. In fact, waiting could mean you'll never get to experience that price range you've been waiting for a long time, because the market is indeed volatile and prediction doesn't always go as plan. I could remember the early part of last month, we had several person making prediction of bitcoin dropping down to a good buying position due to chart pattern. But price ended breaking another ATH which is $123k and market price is still around the ATH zone. The best approach to bitcoin investment that I've seen so far is accumulating bitcoin using the DCA strategy. You can imagine a scenario where such person wanted to make an investment of $100 but waiting for the price to get to probably $75k but price didn't, it's possible he may end up spending the money after waiting for a whole month and price didn't get to that level.
But for someone who's using DCA he might split the $100 into 10 part investing $10 weekly while the remaining are kept as emergency fund. And it might be shocking to know that the person who is waiting for price to get to a certain level may not have an emergency fund to fall back to when emergency need arise, and may end up withdrawing from his Bitcoin investment.
True Man, chasing that so called perfect dip is one of the quickest ways to miss out in Bitcoin. This market does not even wait for anyone, and the so called ideal price you’re holding out for might never show up… By the time you realize it, price could already be away and you are left wondering why you did not just start stacking earlier.
That is why i am all in for steady buying too. A simple DCAing plan keeps us in the game without stressing over every chart move, and we will be building our stack bit by bit no matter what the price is doing… The real trick is pairing that with an emergency stash so you don’t end up touching your Bitcoin when life suddenly asks for cash. In the long run, that discipline pays off way more than sitting on the sidelines waiting for some so called magic entry…
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?
Yes, what you said is true, there are many who think for a short time but sell when the price drops, later they have nothing to do but regret it when the price increases. So I would say if you invest in any currency, then definitely hold it for the long term, there is no need to be disappointed when the price drops, later the price will increase from which you can expect to get good returns. If you buy the currency now, then you can buy and wait for the highest price. When the price increases much more than the amount you bought it with, then you can sell it.
I get what you’re saying, but I have to point this out, I don’t understand the part you talking about currency, if it is Bitcoin then Bitcoin is not just any currency…
Putting it in the same box as a random currency or tokens is exactly how people miss the bigger picture. With Bitcoin, you’re not just holding for a price pump, you’re holding an asset that had proven itself over and over again..