You are absolutely correct, in any business or Investment in life one should always set a target or goal before any other thing but setting a goal and target sometimes is not what matters the most rather what matters the most is you working persistently and very hard to achieve that goal or target. I believe everyone in this world has dream, target, goal etc but some are unable to get it and the reason behind this is because they are not consistent, they are not working towards it though some are working but they are not working harder because at some point you need to stretch yourself because nothing is easy so we should try as much as possible to work hard after setting and defining our goal.
It's very important to stick with your target no matter what Bitcoin price is. Like if you are accumulating at current price of 109,000$ and your target is Bitcoin price of 500,000$, then you need to have control over emotions when Bitcoin hit 200k, 300k or even 400k. We have recently seen few instances where Satoshi era wallets have sold there Bitcoins at staggering high rate of 120k$. The point to be noted is that these whales have not sold there Bitcoins at 10k nor at 50k but they waited for Bitcoin to touch there target price.
Before starting to invest,
we need to set a specific goal and cannot sell Bitcoin investment until that goal is reached. As an investor, we need to hold Bitcoin with intelligence until we meet the specific goal in a disciplined manner, and no matter how low or how big Bitcoin falls in the meantime, we can never break our goal and sell Bitcoin, then this can be the reason for missing out on a bigger opportunity.
We can never decide to sell our holdings due to temptation or panic, this is definitely wrong, we must stick to the goal we set, and ignore all obstacles, instability and greed. Those who can stick to their goals and decisions can ultimately benefit the most, so set a specific goal in Bitcoin investment, such as at least 1 cycle or 2 to 3 cycles or more, acording to your ability, and sell after reaching that goal, but before that, no matter what the situation is, the decision to sell cannot be made.
Having a discretionary income and then an emergency funds is very pivotal to your Bitcoin accumulation journey, this is because without them it is very difficult for an investor to achieve this specific goal that you talked about. Discretionary Income is the money left after settling all your basic needs and responsibilities. When you invest from this income, you will not be under any kind of pressure to break your plan/goal coz your daily life has already been covered.
Emergency fund on the the other hand functions as a kind of financial cushion for unplanned or unexpected situations. Without this safety net, you maybe forced to sell off your Bitcoin at a very wrong time( at a loss) just to attend those unplanned situations.
That is why every investor needs these two in place coz with them in place, you will be more likely to stick with our set goals and achieve them.