Bitcoin Forum

Market has been doing great, and this is just the beginning.

Nonetheless, we all saw how this market operates with sharp ups and downs, and saw the great opportunity the July dip gave us.

My question is simple: Do you think it is time to start accumulating some fiat (or USDT) to reenter after a correction?

I speculate that the 1st Nov bitcoin fork (or non-fork) might create the conditions for fear somewhat like we saw with 1st Aug.

I also speculate that this time the down-turn will be less sharp than what we saw, as the market matures and also since traders start to learn how to play the market.

What is your view? Are you selling a part to be locked-and-loaded to re-enter? Any targets in mind (either in terms of time, total market cap, or coins price)?

In theory that is a great thing to do, in practice it's a bit more hard since sometimes you invest on the spot when you see the opportunity, or you don't sell in time to get into USDT ... still if you can time it right you can make good money !

Yeah, I guess you have a point. Unfortunately, it is so hard to hit the right spot... it doesn't feel good when you had sold your bitcoins and then eventually the price goes up. I guess the right way to take advantage of the correction is to save your money now and buy bitcoins on correction. Do not sell bitcoins just to re-enter after a while.

I think it's a great idea; I think there will be a correction around the 5000$ mark; but the real question is what is the price you enter at? and how do you determine that?

As long as topics like these are being created, I doubt there will be much of a correction. Too many people are waiting to buy much bitcoin. BTC is bullish.

Just buy and forget. See you at $100000.

USDT is a bad idea.  You have to trust that they're still backing the fiat in their reserves.

Basically you have to trust the US government to preserve the value of the US dollar (bad idea in itself) and then trust USDT to keep the value of USDT at one dollar (an even worse idea).

As for accumulating fiat, I can understand it but you'll have to be wary of the capital gains laws in your country.

Personally I think BTC is somewhat overvalued, but you could try going directly from BTC to another asset instead.  For example, JM Bullion accepts Bitcoin (https://www.jmbullion.com/investing-guide/buying-physical-metals/bitcoin/), so you could buy gold and hold that.

Yes, I'm waiting the right moment to re-enter again. With the currently BTC price I think it's waste of money to buy. Long term buyers will surely continue buying, especially if money isn't a problem for them. But for those who needs to maximize their profit maximum as possible it's necessary to be more strategic. I strongly believe at some point Bitcoin will be cheaper than now, that will be the right moment to buy.

Anyway, not possible to know if it will be in November or any other day... Only watching the charts daily to know.

I'd say now would be a good time to have a foothold in both crypto and fiat. It is perfectly possible that Bitcoin shoots up several more thousands of dollars so you'd be in a good position with your crypto. However, I don't trust the steep current rise of Bitcoin in the sense that it is 'too fast' and the chances of a significant correction are higher. In that case, you would be able to make a move with your available fiat.

How do you see the relevance of the 1st Nov protocol change and potential fork? Do you think it has the potential to drive the market down like 1st of Aug?

I am doing exactly what you write, I still keep a very significant amount in crypto but today I decided to sell 10% of the portfolio to start accumulating cash. If bitcoin shoots some few thousand dollars higher I obviously will have lost on some profits but would still be happy to see that happen.

I'm expecting a big correction since the price broke the $ 2000 barrier, and I'm still waiting. From what I've seen today, the price seems to have enough momentum to reach $ 6,000 or $ 7,000 before the end of the year.

Therefore, any slight correction that brings the price closer to $ 4,000 will seem like an excellent time to buy before the train resumes its march to distant lands.

I think the potential November fork could be amazing for Bitcoin. The market did not get driven down August 1st, it started going up after. lol

No, the market got driven down due to the August 1st uncertainty, quickly recovered and continued the already existing momentum after the uncertainty disappeared.

If you want to lock-in some profits don't feel bad about it. If you want to leave the market just to re-enter at a better price point... I wouldn't bet on it.


Yep, while I've been bearish for the most part I'm starting to feel the same. I thought BTC would hit this years wall at USD 3k,- but no, it just keeps going. Not that I'm complaining! I'm just baffled that BTC has maintained this kind of growth so far at a moderate, apparently sustainable rate. No mania so far that warrants a large correction.

It just became possible to reenter at cheaper price ;)

Nah, the protocol change / fork is a foreseen event and I assume the effect of it is already more or less 'included' in the current value. Could knock off a few percent like on the 1st of past August but nothing major.