Within 24 hours, Bitcoin price went up and then fell down 4k$. Just keep an eye on Bitcoin in the long run, I am waiting for the day when it will hit 200k$.
What you going to do then (at $200k)?
I suspect that probably at around $200k-ish, you will sell too many too soon... since you still seem getting overly excited about that price, and you seem to be struggling with the idea of investing into bitcoin, rather than trading it and/or trying to play its likely ongoing and likely inevitable waves.
Trust me JJG it's not like that.
I am no more interested in small ups and down of Bitcoin nor I check Bitcoin price on daily basis. That's mainly because I am now very sure that it will hit 200k some day and I am waiting for that day. I have made few mistakes in the past but not anymore I will repeat that.
Maybe I am having a bit of an internal clash with you in regards to how much you are currently emphasizing that number, which is hardly even very significant in the whole scheme of things.
You have been in bitcoin for nearly a cycle and a half, so you should have had gotten it somewhat figured out by now.
Sure many of us make mistakes, and we do not necessarily make the same mistakes, even though some kinds of mistakes are more common than other mistakes, and frequently I attempt to make comments around the most seemingly common kinds of mistakes that involve largely not accumulating enough bitcoin and selling to many too soon. And, sure, guys can over correct in the other direction, too - meaning that they get into bitcoin too BIGgedly and they do not hold enough cash in reserves.
People can sometimes make up for their mistakes, and I frequently consider that by the time most of us get through a whole cycle then we should start to get some grasp regarding bitcoin as a superior investment as long as we do not get overly and ongoingly lured into shitcoins and/or trading..
Sure, you have explained several times that you plan to shave off some coins at various points along the way, while you stay in accumulation, which I think is problematic, yet seem to have plans around various price points, such as $200k.
There were people talking about $100k as if it were the end of the road, but now all of those guys selling too many coins around $100k, now have less coins and it could well be that we continue to climb upwards with the price and a good number of folks selling coins around $100k since about December 2024 might well start to feel silly about selling too many coins too soon..
I understand that whatever cost basis any of us might have, we mgiht well cheer for UPpity in order to put more and more gap between our cost basis and the current price, even though how well we do with bitcoin tends to be a combination of how much we paid and how many bitcoin we have, and frequently we are not able to buy them all at once, so they will have various cost bases that are spread over time.. and some guys become reluctant to continue to buy when the BTC price is going up, even though they don't have enough and many times there can be perceptions that the price is not coming down.
Frequently a guy who has been buying steady for 4-6 years or even more might not have had been able to get enough bitcoin unless he might have had been able to somehow accumulate more than 15% of his income per year during that time, and it still might not have had been enough.
Look at the guy with a $30k per year income and who invests into bitcoin starting from late 2019 at about 17% per year (that is $100 per week, which would be $5,200 per year).
After nearly 6 years investing, maybe he would have invested the equivalent of his whole year's salary into bitcoin, yet he would ONLY have about 1.4 BTC, unless maybe he was able to lump sum buy at various points along the way when the btc prices had been as low at $6 to $8k during that time, and of course, we had our March 2020 dip down to $3,800, too... so he could have also gotten as many as around 5 or 7 bitcoins, if he had bought mindrust's coins at around $4,500 then he would have had gotten close to 7 BTC... yet we have to be practical in understanding that guys do not tend to have large lump sums hang around, and even if they did guys tend to be a bit more incremental in their ways of investing.. .so better cash scenarios for a guy with a $30k budget might not have had resulted in more than 5 BTC at best and more likely much lower quantities.
I am no more interested in small ups and down of Bitcoin nor I check Bitcoin price on daily basis. That's mainly because I am now very sure that it will hit 200k some day and I am waiting for that day. I have made few mistakes in the past but not anymore I will repeat that.
i havent check prices daily for many many years now (except for occasional rips) and chartbuddy is on ignore (but its great to unhide it for the price context when needed).
youve seen how btc rolls. and you have and are continuing to hone a sense of balance of sell vs hodl and what priorities (shelter, power) are necessary for your familys health and well being.
looks like youre getting comfortable fitting right in to the btc life.
That is a good point.
Some kind of balance allocation, which a lot of people have troubles figuring out an amount that works for them, since in their earlier years they are still accumulating bitcoin, yet bitcoin continues to change in price so much, while a guy might still be needing to accumulating it, yet if it continues to go up, he might get paralyzed by that going up dynamic and not buy when he should be. Even the last 3-ish years have not been easy since the BTC price has mostly been going up, yet guys who did best were likely accumulating the whole time and potentially erroring on the side of front-loading their investment.
Guys who sold and expected to buy back cheaper might have had a few limited times that they were able to profit from such plays, but largely they ran risks and they might have had spent more time waiting for the prices to move rather than the guys who just kept buying without overly occupying themselves with prices.