Don’t rush to buy Bitcoin

[adaseb]

I know many either bought at $30K or $28K because it seems like a great price. Or even earlier at $25.5K.

However if you look at past bear cycles you are going to have a lot of time to make your purchase. Better buying 10% higher from the low than guessing and getting a massive 50% loss.

Remember November 2018, it broke $6000. Went to like $5K, people assumed it was the bottom and then the ultimate rug pull down to $3.2-3.5K.

You could of waited and bought close to the mid $3K for weeks.

Patience and stay away from leverage….

[Findingnemo]

Some people like to grab the opportunity when it's available instead of waiting for the perfect moment because we never know it will happen or how long it will be there, but I agree that 27K will not be the lowest low of this cycle, probably somewhere around 20K is good buy.

[$crypto$]

I'm not going to do that for buying now it looks like we have to be a little patient for the right moment, I know a lot of people continue to speculate about buying now but in reality bitcoin will go down to the bottom again, we have to know the cycle before this will indeed happen 2018 with some saying so but I still see continuous movement.
The reference point of 20k is indeed the lowest. I am still preparing everything, whether this is the right moment or will it take a long time.

[mk4]

At some point we're going to break from the price trends of previous cycles. Remember the famous stock-to-flow ratio? Yea, got invalidated this cycle. Sometimes things tend to not follow the trend if almost everyone expects the movement to be the same.

Pro tip: DCA

[Lucius]

Until recently, I assumed that we would not go below $28k unless something really bad happens, and it was hard to imagine such an incredible clusterf*ck that happened because obviously every kid today wants his own cryptocurrency, and has some crazy ideas on how to make stablecoin backed with BTC...

Speculations that the price will go as low as $20k are something I read in several analyzes, but will 2018 be repeated in the sense that we will experience an 80% + correction? Either way, those who invest in the coming days will most likely be rewarded after the next halving.

[crwth]

The better approach to this is to buy at whatever price and then average it down continuously. It's better to spread out evenly within the week. Maybe you can get a better average buy-in price because you will never know when it will go down or perhaps go up in price now. It's now or never.

No one can predict the future, so best to buy at your best.

[YOSHIE]

Your topic, I remember someone saying about Bitcoin speculation going forward.
He said:

Bitcoin will grind lower to around $15,000 before bottoming, so investors shouldn't rush in now, Guggenheim's Scott Minerd says.

I don't know for sure, because Bitcoin is a type of digital/crypto currency, from what I've seen, What I thought didn't happen and what I didn't think about, did happen.


Elsewhere another speculation says.

“When the Fed is tight, Bitcoin isn’t the best place to be,” he told Barron’s. “Due to Fed over-tightening, Bitcoin will fall as low as $10,000,” he predicted. He expects the world’s largest cryptocurrency to fall that low in 2023.

In fact, in the past two days the Bitcoin price has experienced an extraordinary decline compared to the previous week, I judge, what you say is at least a possibility and not a good time to buy, maybe, maybe, something will happen, before buying Bitcoin there is a good time to do it.

[jackg]

However if you look at past bear cycles you are going to have a lot of time to make your purchase. Better buying 10% higher from the low than guessing and getting a massive 50% loss.

You haven't really made a loss unless you sell at one.

I was selling $6k last time though and I'm still undecided as to what to do here - $29-30k may be similar to the old $6k now (which imo was still a good time to buy back then).

Whether you think its a bull or bear market now, you'll probably have to give up on the idea we're anything similar to the last time (for a bear market, there was no descending triangle this time and for a bull we don't normally stoop this low on the second trough).

Pro tip: DCA

I've seen a lot of pension advisers say the same recently about the stock market (even with lump sums).

Buying dips also might be more helpful psychologically to some.

[buwaytress]

Agree to stay away from leverage, that's really going to kill you at whatever situation, agree not to rush but disagree not to buy.

I'd be really pleased to be buying now and see it pullback to sub 20k, wouldn't be feeling regret, since I'm not buying with the intent to sell so soon. DCA folks will be pretty happy sitting like this for another year I think.

[OgNasty]

I’ve been looking to buy back the BTC I sold earlier in the year but fiat funds are stuck in cyberspace trying to find their way to my exchange account. Gotta love how fast the fiat banking system works. My mouth was watering last night watching the drop to $25K. Unfortunately it will probably be another few days and I’m stuck watching the price recovery while waiting for funds. Ironically, that’s why people get into crypto. I always forget how awful it is to move money around using bank transfers until I’m forced to do one. I think the only thing capable of dropping prices to new lows is the mtgox coin distribution. Feels like that’s the final boss to conquer.

[rhomelmabini]

I know many either bought at $30K or $28K because it seems like a great price. Or even earlier at $25.5K.

However if you look at past bear cycles you are going to have a lot of time to make your purchase. Better buying 10% higher from the low than guessing and getting a massive 50% loss.

Remember November 2018, it broke $6000. Went to like $5K, people assumed it was the bottom and then the ultimate rug pull down to $3.2-3.5K.

You could of waited and bought close to the mid $3K for weeks.

Patience and stay away from leverage….

But do history really repeats itself that fully? I wonder what could be the answer but we all don't know, no one can predict the bottom nor the peak, but one thing is for sure is to DCA, don't put all your money on one asset and in a bear market it's always advisable to do DCA, go to stable assets or don't do anything at all and wait for it to come back up (though this one was for those coins/tokens that survived the blizzard in crypto, I'm referring to Bitcoin and Ethereum).

[el kaka22]

If you do not rush now, you are going to be upset later on, I can guarantee it. I mean it is obvious that you do not have to go all-in, I am not selling like sell your car and buy bitcoin with it right now lol. Of course not, however you need to also realize that if you just sit down and watch then you are going to miss so much and you shouldn't do that. The best thing you could do right now would be to plan how to get in.

If you do not want t oget in right now, at least have a plan when to get in because as we all know it is a great time to get in right now and if you are feeling worried, you should still realize you shouldn't miss this chance and plan how to get in.

[ajochems]

Actually the price is not the stable one in the crypto currency.Being a experienced traders,most of us know this.This is not the option to do such things.When ever market dump,it’s essential one to do holding.Only the panic sellers will do of cash out.Why it’s essential to cash out,when the market is very down.Hold for the market strength to recover to the old value to get profit.

[OgNasty]

Capitulation happened and it was the result of one dumb idea to try and back an algorithmic stablecoin with a cryptocurrency.  What we're seeing is the manufactured decline as a result of banks taking advantage of an opportunity to make money.  A lot of people made a fortune this week shorting Luna.  While it sucks that the damage they caused has probably eaten the life savings of many and gotten many more to swear off crypto for their life, you don't hear about the fact that a couple of banks did all of this to make millions. 

Blackrock and Citadel, which Gemini's help caused this.  That's the rumor going around.  Blackrock and Citadel have responded saying they never traded UST and therefore couldn't have crashed it.  More lawyer speak for they crashed it by shorting the hell out of Luna all the way down 98%.  That's the rumor anyway and there's plenty of evidence to back it up. 

That being said, this was clearly a short term opportunity.  I don't see Bitcoin hitting $25K again before the mtgox distribution, but I'm sure there will be more fallout to this crash and it's possible that fallout could take us down to $10K.  Don't think that's impossible.

[batang_bitcoin]

If there's a larger budget for buying bitcoin. It's better to do it in sequences like buying at this price then eventually if it goes lower, you still have money to buy again.
Yeah, the DCA strategy and you're going to thank that strategy for doing so because it will collect you a lot of it as you wait for the next bull run that's going to be sure to come after this bear.

[Silberman]

I know many either bought at $30K or $28K because it seems like a great price. Or even earlier at $25.5K.

However if you look at past bear cycles you are going to have a lot of time to make your purchase. Better buying 10% higher from the low than guessing and getting a massive 50% loss.

Remember November 2018, it broke $6000. Went to like $5K, people assumed it was the bottom and then the ultimate rug pull down to $3.2-3.5K.

You could of waited and bought close to the mid $3K for weeks.

Patience and stay away from leverage….

It depends, if the ones that want to buy bitcoin now are a bunch of newbies then you may have a point, it is better to wait until the market has calmed down enough and we have a clearer view about where are the new resistance levels, however if the person that want to do this is someone that has been in the market for a long time then I do not think it would be a huge mistake to buy bitcoin now even if the price went below the current levels, as they would most likely bought that bitcoin to be held for the long term.

[Yaunfitda]

Well it went to $3k'ish because of unforeseen circumstances and that is the covid-19 pandemic. Not sure if we will going to see such kind of events that will have a huge impact to the market to go and went to 2 digits again.

So the better approach will be like DCA, or if you really have a lot of capital to purchase in this bear market, then really buying in the dip.

[palle11]

Remember November 2018, it broke $6000. Went to like $5K, people assumed it was the bottom and then the ultimate rug pull down to $3.2-3.5K.

You could of waited and bought close to the mid $3K for weeks.

Patience and stay away from leverage….

I think the challenge of buying or selling is the exact time to buy and the fear for many is not to miss the buying time before the market move up from the range so they jump right in with hope that it has touched the button. It is not patience that is the issue but being patient to miss buying opportunity is reducing profit margin. Just do what goes with your trading indicators at the moment.

[Vaculin]

Some people like to grab the opportunity when it's available instead of waiting for the perfect moment because we never know it will happen or how long it will be there, but I agree that 27K will not be the lowest low of this cycle, probably somewhere around 20K is good buy.

I guess its easy to say that let's just be patient and wait for the lowest price of bitcoin, but the problem is how can we determine that its already the lowest price? The thing that no one can tell that's why we tend to grab every opportunity that comes. But i think bitcoin price right now is already a good time to buy, maybe dollar-cost averaging can be already done if we don't have the bigger budget to buy this time.

[goaldigger]

There’s a small pump right now but I think it is still not yet the sign of recovery, I also believe on a bottom price to still be hit, but of course we can’t tell this accurately. I suggest to do cost averaging, buy now while the price is still below $30k and if BTC goes for another dip below $25k, that could be your second option to buy more. Patience is the key and playing smart in the market can make a big difference.