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?
Bitcoin is very volatile; you can buy Bitcoin today, and the price can drop in the next few minutes. This doesn't mean you have lost the value of your Bitcoin or that the price will continue to fall and won't rise again. You have to understand volatility before investing in Bitcoin. If you don't understand it, you will always have problems with when to buy Bitcoin and when to sell. There is no perfect time to buy Bitcoin; you can always buy Bitcoin at any time, and if you do, you need to hold it for the long term. If you have made a good profit while holding, it is up to you to decide when to sell.
Yes, and that is the first thing that we need to learn too, that the price of Bitcoin is unstable. But given that fact, there are ways that we can take advantage of it. If the price goes down, then that is the perfect opportunity to buy. And I think that's what separate BTC to the rest of assets, it will really test our patience, but if you were able to get over with it, then at the end, it's going to be rewarding.
That's why we have this HODL mentality, the thought that no matter what the market is showing us, we shouldn't be deter but keep on buying and doing DCA and look at the long term, (at least a full cycle).
And don't let volatility affect you, it's not your enemy, on the contrary it teaches you to become a good investor specially in the long run.