Waiting for the right downturn is a bad strategy because no one can predict the market, and it can change at any time. That is why the bitcoin market is frequently referred to as unpredictable; it may change without notice. To be honest, the dollar cost average has decreased a lot of tension when it comes to accumulating bitcoins, as well as those who are not serious enough to grow their portfolio, which means their lack consistency and patience, which is necessary things in all cryptocurrency.
Yes, waiting for a price drop when buying bitcoin is not the right strategy. Because as you said that bitcoin is difficult to predict the price,
so if it is forced to continue waiting for the price of bitcoin to fall, it will certainly cause boredom which will make our enthusiasm for investing in bitcoin diminish. Because basically when the price of bitcoin does not go down as we expected, it is certain that our minds will feel a little disappointed and that is the risk if we wait too long for the price of bitcoin to go down when buying it. So that's why when we already have discretionary funds, we must immediately invest in bitcoun, if we are really serious about investing. Because if we are already too focused on market volatility before investing in bitcoin, I think it is an unfavorable action and waste a lot of momentum. Because basically the volatility of the price of bitcoin is very difficult to predict, because there are millions of people every second who make transactions in bitcoin, so that's why the price is very difficult to predict. So DCA is really the solution to all this.
I don't necessarily think that the problem about waiting for the dip is about being bored or not, the problem of waiting for a dip before buying is that you may miss so many buying opportunities that may present itself in the market, and it's even more unwise if you are seriously lacking behind in your accumulation journey, because no one can determine the next destination of the market, so if you are waiting for a dip, the particular one you are waiting for may never come, so it's never a good strategy to wait for the dip before buying.
The best thing to do is to buy and accumulate once you discretionary income is available and if along the line their is a dip in the market, you might still buy or accumulate aggressively, but waiting for it is not the best way to accumulate a huge stash of Bitcoin.
I think when we wait for a price drop that might never happen in Bitcoin, psychological we'll get very bored, and ultimately, that will make us reconsider whether or not to invest in Bitcoin. So, the boredom I'm referring to here is the psychological impact we'll feel, and the impact in other contexts. Waiting for a price drop when buying Bitcoin will certainly waste a lot of momentum. I think I mentioned this in my post, so please read it more carefully.
The DCA method is the best for every Bitcoin investor, I would like to add something to the information you have given. Because if Bitcoin can be invested according to the DCA method, then it is definitely possible to be successful and it will be possible to hold Bitcoin for a long time. However, we will give more importance to income or income, just as much importance should be given to Bitcoin, the more income sources, the stronger the Bitcoin investment, the more long-term and aggressively it will be possible to buy and hold Bitcoin.
For this reason, income is very important for us to buy Bitcoin, but investing in Bitcoin is as easy as it is to sustain. Because sometimes we have to face danger in the long run, it is very important to use emergency funds to counteract this danger.
Overall, I completely agree with your assumption, because having multiple sources of income will certainly ensure our Bitcoin investment remains untouched or unaffected. However, I believe that in addition to having multiple sources of income, we should also cut back on non-essential expenses. I believe this is also crucial. It's essentially the same if we have multiple sources of income but are wasteful with our lifestyle. Therefore, it's better to combine multiple sources of income with a simple lifestyle. And that way, I'm sure our Bitcoin investment will run more smoothly.
The truth is, weather an investor have multiple sources of income or not, at the end of it all what really matters is your ability to be able to figure out a discretionary income for your bitcoin investment. Having a multiple sources of income is not a guarantee that your bitcoin investment will be untouched, because having a multiple source of income without the right financial management will lead to multiple financial crisis which in turn is capable of affecting your bitcoin investment. The most important thing needed to sustain your bitcoin investment is your ability to figure out a discretionary income to consistently accumulate bitcoin using the DCA method and also to be wise enough to build up your emergency funds alongside while accumulating bitcoin.