Part of the reason that many of us should want to ongoingly invest into bitcoin for a whole cycle or more is to help ourselves to get over our concerns about current price, and surely if we are assessing 4-8 years down the road, we likely are going to appreciate that we made a lot of our buys in the past and even if some of our past purchases were at high prices, the passage of time is continuing to contribute towards higher and higher BTC prices and likely more and more difficult to buy bitcoin at similar prices as it had been bought 4-8 year or longer into the past.
When I first got into bitcoin in late 2013, my first purchase was around $1,200 which was a high oint in the market. So it took right around 3.5 years (in March 2017) before that purchase became consistently profitable and the BTC price discontinued dropping below that level. Of course, now people really woudl like to get $1,200 bitcoin, and even in late 2018 and into 2019 and 2020, there were some folks still fantasizing about being able to buy bitcoin in the $1,200 region. and there were several folks who were confident that the BTC price had to get back to test that $1,200 level, yet in the several bitcoin price dips in 2018, 2019 and 2020, the lowest it ever got was $3,124, and even the time in March 2020 when BTC prices dipped down to $3,800, there were many folks who thought that $3,800 was a real fluke.. which probably was true since the BTC price largely went shooting up from March 2020 and the biggest dip that we got after March 2020 got us down to $15,479 in November 2022.. and guys would even really love to get some bitcoin for $15,479, and yeah so that 1st purchase of bitcoin at $1,200 in late 2013, is looking like a great bargain right now, and it is not even like folks who started out investing into bitcoin at a $1,200 top in late 2013 would not continue to buy bitcoin in 2014, 2015, and 2016... which resulted in a lot of purchases that were quite a bit below the initial $1,200 purchase..
I think zooming out and thinking in terms of cycles is a powerful mindset regarding bitcoin.
When buy and hodl over a long time. (About 5-8 years) the high prices you once though were painful or feeling too late to buy starts to look like bargains. The example you shared of $1200 from late 2013 prove sit perfectly. At that time it would have seemed too much price to buy but years later the price is just laughable compared to BTC price right now. The key is To invest time to time in the market because DCA'ing smoothens the volatility out. Even if you dodn't have a perfect entry it doesn't matter. In 2013, there were chances of getting btc below $1200 but if someone bought it that high they made their average price down by DCA'ing and would have become profitable very early.
We've seen this many times
- people in 2018 dreamt of having BTC at $1200 yet never got it
- people in 2020 dreamt of having Btc at $3800 but never got it
- Now people would love BTC at $15k but a few years from now they would want BTC at $118k
The lesson we get is that there is no perfect time to buy BTC bug the only way is to DCA and continue investing your discretionary income. There will be day when just owning BTC no matter the quantity will be people's dream and wish they had bought or earned it.