It happens, I think Bitcoin goes with dollar exchange, and we all know that dollar rate is not stable. Soon one dollar will amount to 2000 in the local market and we all know this might affect Bitcoin market, some persons might be afraid to even buy. But I think the most important thing is to buy the Bitcoin then monitor the market.
No, no, this is a terrible way to go about your Bitcoin investment, because monitoring of the market are for traders that thought they can outsmart the market blindly, which is the real reason you will hear that traders are losing money in the market, but they will never admit to their losses, moreover why putting yourself under tension that will not end well due to short term thinking. Investment in bitcoin is mostly suited for long term, so their is no need in monitoring the market as you said because their is no benefit added to it, plus the tension you will get due to volatility.
It is not only traders who monitor the market and monitoring the market doesn't make you a trader unless such investor is regularly cheeking on the market to see when there is an increase so they can sell out, there are investor who monitor the market to accumulate aggressively or accumulate more Bitcoin when there is a dip and still continue with their DCA strategy so will say you are wrong by saying that monitoring the market is for traders.
I get what you mean, true not everyone checking the charts is doing it with a trader’s mindset.. For me, I would say monitoring the market is just part of staying connected to what u have invested into.. you may not be looking to sell or buy instantly like traders, but just like seeing how things move, the reactions at certain levels and all is more like keeping track of progress..
At the same time, there is nothing wrong with investors being active with their screens.. Some people prefer DCA quietly without watching, while others still peek at the market but not because they’re trading.
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..
Secondly, an investor should only invest with his discretionary income and not money for his basic needs or funds for important purpose, because if you invest beyond your discretionary income, you will end up selling your bitcoin when the need for that money arises.
If you are putting money you actually need for rent, food, or bills into Bitcoin, you are just asking for trouble.. Life will always throw something at you, and the moment you need cash, you will probably sell at the worst time.. I have seen it happen too many times. Best is only using money you can really let sit there and forget about.
Honestly, once you stick to that, holding becomes way less stressful. You will not constantly check the price for dips.. It is like your mindset changes, you are in it for the long run, not trying to chase every move. That is how people actually stay calm…