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Therefore, considering history is very important for new investors. Bitcoin is cheaper today than in the future because Bitcoin can increase in value more than we fear and you may be left behind. Therefore, it is better to consider small market declines as opportunities rather than looking for opportunities to invest and it is also important to complete that investment for your long-term.
In the past no one expected Bitcoin to ever cost $100k dollars. But over time the price of Bitcoin has increased more than expected. So we can expect that the price of Bitcoin will be higher than we expected in the future as well. It is not 100% sure that the price of Bitcoin will increase a lot in the future. But according to past history we can expect, so if you invest in Bitcoin and hold on long term you can expect good returns. However, if you want to invest in Bitcoin then there is no need to wait for the fall, if you plan long term and invest in DCA method you can invest anytime, if you invest in DCA method you will be able to buy bitcoin at average price.
Even people who predicted and set a target for bitcoin to reach $100000 couldn't wait in the long term.
This market truly requires patience. Most people wanted to accumulate by making gradual purchases, but had to sell when they needed money.
I wish we could lock bitcoin wallets for 5 years..
It is not about wishing because it is not necessary that is to say that we can still leave our wallet without locking it and still hold for a long period if we are prepared and have made our mind that we want to hold for that particular time. Even though some people lock there wallet they will still unlock it and touch there portfolio if they are not prepared and ready. What makes people touch their investment is lack of emergency funds when an investor has this fund available and enough it will help them and protect their investment from been touched. Preparation is very good and knowing what to do at every point in time is also important.
You are right, in fact, mental preparation is much more necessary to hold for a long time. If you can start investing in Bitcoin in the right way by managing the fund properly, then it will become much easier to invest for a long time. Some things need to be given much more importance in this regard. For example, you must invest with discretionary income. Keep an emergency fund ready for at least 3 to 6 months. If a person's monthly expenses are $700, then he should keep an emergency fund of $2100 for at least 3 months. If he think that it may take more time to create a new job or income source if the income suddenly stops, then he can increase the emergency fund according to his convenience. Keep the emergency fund as a
last resort. But he can create a reserve fund to meet various needs, big and small. In this way, he can use this fund first for medical expenses, initial expenses after losing his job, or any emergency situation. If you follow DCA and invest, there is no mental pressure towards low price increases. This allows you to manage your investments smoothly. Those who have followed DCA weekly from 2017 to
today have made about 10 times more profit. If you keep these things in mind, I think it is possible to solve any kind of problem and invest in Bitcoin for the long term without any kind of problem.