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Author Topic: Are people buying BTC @ $27000+ idiots?  (Read 2818 times)
Sithara007
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December 29, 2020, 03:18:17 AM
 #61

I still remember when people were making fun of those who invested in Bitcoin at ATH levels ($20,000 per coin) when the prices crashed. Some of these investors booked losses and sold their coins at a loss. But those who held on to their coins are sitting on top of 35% profit now. 27K may sound like too high, but after a few years, you are going to regret that you didn't purchased at this level when you had the chance.


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December 29, 2020, 03:25:02 AM
 #62

The way in which bitcoin price increasing day by day we cannot say people are idiot. In past couple year of year since 2017 bitcoin price continuously going up and at this time there is a good chance of bitcoin pump to 3600$
The people who buying are long term holder and they know that they will make a profit even if they buy 2700$+.
For small investor it is risky but big investors can afford this
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December 29, 2020, 04:12:39 AM
 #63

For some it may be crazy to buy bitcoin at $ 27,000 but for others not.
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December 29, 2020, 04:48:28 AM
 #64

I don't want to say that is idiots to buy bitcoin at $27k because as long as they can sell more than that price, they will make a profit and they can wait for another drop in the bitcoin price. But if they still hold bitcoin because they have a high target price, they need to wait for some time because the bitcoin price does not increase in a short time. Perhaps, each people have their own reason why they buy bitcoin at that price, but some people buy bitcoin is because they read the news that bitcoin will increase so high and they don't want to be late to make money from bitcoin.

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December 29, 2020, 04:56:56 AM
 #65

There is nothing wrong with buying bitcoin these days. because bitcoin still has the potential to go up even more in the future. Maybe in the short term there could be a fall in prices, but don't worry then it will go up even more. All it takes is patience to hold back not to sell.
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December 29, 2020, 05:25:05 AM
 #66

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.
For a long term hodler, I think no they are not idiots of course. But for short term hodler it's like 50/50 win or lose situation because buying at peak could be a big risk for me. If they bought March this year and they are still hodling right now then that is worth a toast of a wine.

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December 29, 2020, 05:34:33 AM
 #67

DCA my friend. Buy a certain amount at regular intervals. BTC is at $4000 USD? Buy. It's at $27,000 USD? Still buy. And as is the rule, don't invest more than you can afford to lose.

If you believe Bitcoin will have a much higher price in long term then no price is a bad price. I would perhaps re-consider my stance once BTC crosses $100,000 USD. Right now, at $27,000 USD, I don't think anyone is an idiot for buying. I personally am buying as much as I can every month.
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December 29, 2020, 05:38:07 AM
 #68

People who are into large volume trading risk buying above $27000. This means, people invest big and try to profit out of the small difference in the price between time. Cryptocurrency is all about risk, we need to risk to profit. I've known about people selling all their belongings to invest on bitcoin. These looks idiotic when we see as a common man, but those investors have other perspective upon bitcoin growth.




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December 29, 2020, 05:42:48 AM
 #69

Purchasing bitcoin at $27000+ is both savvy and excessively hazardous however may benefit you. As we have noticed the current year's bull run is much in a way that is better than 2017s more selection came into bitcoin so the establishment and essentials for bitcoin to siphon are solid so $27k probably won't be the pinnacle cost at this season. Yet, the danger of losing big time as well if things get turned is likely. They are not simpletons, they are daring individuals.

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December 29, 2020, 05:43:31 AM
 #70

DCA my friend. Buy a certain amount at regular intervals. BTC is at $4000 USD? Buy. It's at $27,000 USD? Still buy. And as is the rule, don't invest more than you can afford to lose.

If you believe Bitcoin will have a much higher price in long term then no price is a bad price. I would perhaps re-consider my stance once BTC crosses $100,000 USD. Right now, at $27,000 USD, I don't think anyone is an idiot for buying. I personally am buying as much as I can every month.

Doing a systematic investment plan (SIP) is a good way to do investment in cryptocurrency. But along with the SIP, you need to have a systematic plan to book the profits, after a certain amount of time. Profit booking is also quite important, when you deal with a volatile asset such as Bitcoin. Having a well defined plan will protect you from panic selling and market volatility.



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December 29, 2020, 05:49:01 AM
 #71

People like them are moving price forward. Its much easier for newbies to buy asset that growing, newbies never changes

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Genemind
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December 29, 2020, 05:56:45 AM
 #72

Based on my experience, it's not really wise to buy during the peak, bad idea, unless you are a long term holder who are willing to hold longer and will not panic when the price dump. We are again at the time where some people get FOMO and we can't stop them since they believe the uptrend will continue and we also don't know if it will stop, so let them do their thing and learn if they make mistakes.

I'll just wait for the dip and then start buying.

That could be correct, but buying during the ATH puts you in a risk, but as you mentioned if you are a long term HODLER, you will have to wait for a few years again just to be at the same position as to when you bought it. That is why you shouldn't be skeptical buying Bitcoin during it's price dip. Consider it as buying a very cheap ticket for the upcoming train.

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December 29, 2020, 06:06:21 AM
 #73

DCA my friend. Buy a certain amount at regular intervals. BTC is at $4000 USD? Buy. It's at $27,000 USD? Still buy. And as is the rule, don't invest more than you can afford to lose.

If you believe Bitcoin will have a much higher price in long term then no price is a bad price. I would perhaps re-consider my stance once BTC crosses $100,000 USD. Right now, at $27,000 USD, I don't think anyone is an idiot for buying. I personally am buying as much as I can every month.

Doing a systematic investment plan (SIP) is a good way to do investment in cryptocurrency. But along with the SIP, you need to have a systematic plan to book the profits, after a certain amount of time. Profit booking is also quite important, when you deal with a volatile asset such as Bitcoin. Having a well defined plan will protect you from panic selling and market volatility.

I think that's a sound advice, I have seen a fair few people get burned because they buy at a high price and then panic sell at a loss when the price falls. These are the big mistakes I see that many novice investors make: 1) Buying into the hype without understanding the technology or previous market patterns 2) Putting money they shouldn't be putting into BTC (like emergency savings) 3) Investing more than they can afford to lose

There are many of us who invest wisely and don't need to book the profits yet though. If there is another bear market we can push through for several more years before having to book any profits.
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December 29, 2020, 07:57:13 AM
 #74

There is nothing wrong with buying bitcoin these days. because bitcoin still has the potential to go up even more in the future. Maybe in the short term there could be a fall in prices, but don't worry then it will go up even more. All it takes is patience to hold back not to sell.
Buy bitcoin at high price means the buyers will get the more risk compared when they have bought bitcoin at the first quarter of this year when the price of bitcoin plunged so hard.
It looks like you didn't even understand about how the market cycle works these days. You get the more chance to be dumped by the whales when you are buying at the peak.
People should have learned a  lot from the dump that happened in 2018. It's really wrong if the market will be bullish forever.

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December 29, 2020, 08:57:07 AM
 #75

With the price of Bitcoin continuing to rise, it means that there are people who buy Bitcoin at high prices, the question is why would anyone want
to buy Bitcoin at price of $ 27,000. Even though the Bitcoin price could fall at any time, because people who buy Bitcoin at high prices are very sure
Bitcoin will rise even higher. Although there are some people who do buy Bitcoin because of FOMO, but right now I am sure that the number is buying Bitcoin because the number of FOMO is not as much as when the Bitcoin pump was in 2017.

So in conclusion, people who buy Bitcoin at price of $27,000 are not idiots as long as they buy because it is for a long term investment. And do have knowledge related to Bitcoin, so the most important thing is to have patience when buying Bitcoin at high prices. Because sometimes it takes years
for us to feel the profit from Bitcoin, if you are an impatient person avoid buying Bitcoin at high prices. Wait for the Bitcoin price to be corrected and
then you can buy Bitcoin

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December 29, 2020, 08:57:26 AM
 #76

I don't think so
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December 29, 2020, 09:39:12 AM
 #77

What gos up must come down.
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December 29, 2020, 09:58:47 AM
 #78

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.
As the famous quote says "Be greedy when others are fearful and be fearful when others are greedy".

If you bought when people are selling then you are in a huge profit right now already (around 5-6x). Right now Bitcoin is in a parabolic rise, similar to what happened in 2017. The year is ending already and in 2 days we are in for another year. I'm not saying that what happened in 2018 will happen again in 2021 but there is nothing wrong with us being ready in the worst case scenario that might happen.

Now to answer your question, are you saying then that Grayscale and other big institutions now are complete idiots since they are buying Bitcoin even though it is at its peak?? There is nothing wrong buying at the top. The only difference is the profit and the risk. Buying at the peak has a higher risk and lower profit still compare to investors who waited for Bitcoin to make a small correction then entered.

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December 29, 2020, 11:17:46 AM
 #79

Now how much confidence do you have to survive in the long term?
believe everyone who buys over $ 27k is a big risk taker who believes bitcoin price will increase over time.
sometimes a fool is better off waiting without doing anything and hoping the price drops below $ 20k just buying, but after $ 20k he doesn't dare.

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December 29, 2020, 05:17:27 PM
 #80

Bitcoin topped out at $28395 for 2020, just a few days left until newyear. If history serves as any guide to the future we might see bitcoin drop some 80% from it's high to its future low.
Of course past patterns is no guaranty it will happen again in the same manner, but it is strongly adviced to be careful going forward.

Cryptocurrencies can be very price unstable, just take a look at the recent meltdown in XRP. Once bitcoin turn downward it might be fast and furious.
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