Bought my first BTC @ $4600, slightly worried

[Fievel]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

[1713531183]

1713531183

[exstasie]

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

Sure. Even for old timers, there is a perpetual feeling that one doesn't have enough coins. But such market sentiment (greed) is inevitably balanced by fear, and the nature of markets is to test the mettle of its participants. That means squeezing bulls and bears alike. If I were you, I'd prepare for the worst, which from here looks like a return to the $2000s. In the interim, there is major support in the $3000s, perhaps after a stop run below the $3600 low.

For all I know, this is just a shakeout before new all-time highs next week. But it's also possible that you bought a long term top. You need to be prepared for that.

[TanyaDegurechaff]

wow that a lot of money you got there. my advice is to closely monitor the price of bitcoin. then decide whether you sell it if the price goes up more a little more than you in invest or let it sit for a very long time and wait for the price to go up to 7k. then withdraw the profit.

[hotmetaldobermans]

New to the game, but I'm sure this thread has been made 900,000 times.  Just hold.

$3,900 and dropping, though.  

[Rahar02]

If you're aiming for long term investment, nothing to worry.
Yes, according to the price, Chinese exchanges really dumped bitcoin around $3837-$3860 right now, but global exchanges could hold above $3900 which is good. Some advice; do not look at the price every hour or everyday, just wait until next week or next month, it may takes several months before the price bounce back to $5000 again. Keep holding 

[sotoshihero]

New to the game, but I'm sure this thread has been made 900,000 times.  Just hold.

$3,900 and dropping, though.  

Yeah its dropping but I think it will have a  buy support at $3800 or less. @OP its wrong timing fopr you, but If you can still hold, thats the right thing to do now or you can sell and bought again to a lower price just to cut some losses.

[dillpicklechips]

Surely you will recover your losses in the long run. It would be a real struggle to cut your losses than holding since that's a very decent amount you thrown there but think of if you sell it now then you will lose but if you hold it then you'll profit. Just hold and chill. It might dump even more so be prepared but don't panic. It will soon recover in a couple of days, weeks, or even months. Just trust Bitcoin.

[davegee]

It's a bear trap. Same manipulators manipulating the price! Keep holding. I've seen this week in week out since I bought in 2013. Its the Ethereums of the world I would be worried about!

[Kemarit]

Hey guys, new member here

I've been watching Bitcoin's development since early August this year, and I finally gave in and bought 1 BTC for $4600. I didn't wait because I figured the value could easily break the $5000 barrier at any time, and if the price would suddenly normalize above that level, 1 BTC would be outside my budget.

I probably went OCD on the matter and should've waited instead of having to have 1 full BTC, especially since the ICO-related news from China were still pretty recent.

Anyway: the 2nd wave of news regarding shutdown of local exchanges hit hours after I made the purchace, and the value plummeted (it's now hovering just above $4000, that's a 13% decrease). Lesson learned I guess. I've been lurking on the forums for a couple of months trying to pick up some sound advice from you guys, and from what I've gathered I should stick with holding for 5-10 years instead of panicking. But honestly, it's tough to ride the lows.

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

Well everyone goes to what you are feeling right now specially newbies. But don't be nervous and just stay calm. If you bail out today you will lose your investment so the logical thing to do is just hold on your bitcoin. The news coming from China really put a impact on the price right now. But rest assured that bitcoin can recover from all of this. It has proven time and again that it can bounce back from this minor bumps along the way. Just don't look at the price because if you constantly looking at it and seeing the price going down you will panic and might think of selling your coins resulting in a loss. Just stay positive maybe tomorrow we will see the price going up again.  

[BitcoinMuscle]

You buyed just when it got on the top of its price. That is a beginner mistake. Think if you would research a little and wait till now, you could buy 1 bitcoin with 700$ less and you would be closer to make profit in future. Anyway, I think there is absolutely no reason to worry. Dont panic and keep your bitcoin in wallet for future. Its price is going to double in next 2-3 years

[Dhaaaw]

Don't you worry... I have been in your position before and i can assure you that some people do worry about the bitcoin price even with no bitcoin at all but every time it's the same bloodbath but it gets better overtime and settles then goes BOM and i hope in the next BOM your wait will be worth it

[MostHigh]

Since you said you ve not been here for long i will just give you one word, PATIENCE. Just wait until December and tag me. It's definitely gonna grow just be patient

[Carlsen]

It is tricky when you are new to this kind of business. Time always seems to be running out, forcing you to make quick decisions.
But with having bought at 4600, I would not worry too much. At least not on the long run.
Don't let irrational emotions fool you. The market is unstable at the moment, but when things are a little more clear again, it will get back on track.

[Santinella]

dont worry!
bitcoin is a long term investment and you will be happy in a few years.
will come other mistakes...on your first trades!

[AwpDragonPoor]

I'm sure bitcoin will go up like it always does. As long as you hold it, it should be fine

[Idaho]

Put it in a long term wallet, delete all bitcoin related bookmarks and set an alarm for next spring to check on progress.

Some of us bought at the $1300 high a few years ago... And eventually it worked out.

Ignore all these "traders" who "know the market". They are coin flippers. Some are lucky gamblers who think they are skilled. Some are unlucky gamblers who understate losses.

[Pursuer]

Any words of encouragement? I guess I'm not the only one who've had a nervous start in the world of cryptocurrencies. Anyone else feeling like they "need" to acquire 1 BTC before the train leaves the station for good?

there is nothing more encouraging than looking at the charts. open a bitcoin chart and then start panning to the left as much as the chart goes. look at each time price takes a dive. there has been someone like you who bought on top of that dip without exception, so many of them sold and never bought back, some sold and bought back again at the bottom, some held. I think you can guess who is the winner today.

here are some of the similar dips: https://bitcointalk.org/index.php?topic=1935374.0;all

[Knife19]

Do not worry too much, bitcoin price will return $ 4600 soon and up very high,
Calm

[bitcoin31]

Dont worry if you bought bitcoin at 4600 dollars becayse even bitcoin price decreasedfor sure it will increased again after few weeks it will back again to the highest price and maybe it will be high to the current price. As of now the price of bitcoin is 3980 dollars and its time to buy bitcoin and for sure it will increase again . So if you buy today holding after weeks or months for sure you will earn profit

[JamesIV]

I belive price will come back 3k6$ soon. In 3 day. brace your self. But it's will recover soon. Hope so