Time to long Bitcoin or further drop ?

[Wind_FURY]

Judging by the latest data, the crypto markets are having difficulty maintaining momentum, and social media data indicate that there are significantly fewer optimistic comments about Bitcoin and Ethereum compared to last week. Comments are increasingly positive and optimistic rather than negative. Meanwhile, even alts such as XRP have reached a 5-week high in bullish sentiment, probably due to recent announcements about the expansion of the partnership.

Apparently, the crowd decided that it was time to calm down in terms of panic and start thinking about buying. And this applies not only to Bitcoin, which is a good indicator.

What the increasing optimism may indicate is people bought the DIP and they're currently trying to convince everyone, AND THEMSELVES, that it's the bottom.

BUT if the market starts to DIP again, it will start another negative cycle of comments which will indicate that they sold in panic.

 

[Pandu Geddon]

However, sometimes when there's a significant drop, I personally always wait for that moment. That is, by accumulating more. So I do DCA, and I also sometimes do Average Down. So, the bottom line is that it depends on my financial situation. However, the lower the price of Bitcoin, the more advantageous it is for those of us who are accumulating for the long term.

Taking advantage of opportunities visible in the market is better. Have you ever heard of people selling their assets to buy Bitcoin when the price drops very low? Sometimes people become confident to take risks even when the situation looks bad to some. 
For those who want to wait for the price to drop, there’s no problem. It all depends on our predictions as well. But for those who want to make a purchase now, the price certainly isn’t bad. Bitcoin has once reached $126k; buying at the current price and waiting until it returns to the ATH would still yield profit.

[vanesha]

You’re right when you said you would feel confident re-entering the market when Bitcoin is around 65k. However, the market is still very uncertain and can move in any direction right now. My suggestion would be to start entering gradually and buy little by little. Then we can observe the market’s progress over the next few hours. If it moves positively, you might choose to hold. If it turns negative, you could continue accumulating gradually.

[tvplus006]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price .

Few people have been able to buy BTC at the lowest price, but it has long been noticed that buying in parts, as the price decreases, eventually gives the best average price. And the current price of bitcoin looks very good, and this is the price at which you can start shopping.

[Wind_FURY]

To be honest , I longed from 65k . But I now start to have another fear of a slow drop from the current price .

Few people have been able to buy BTC at the lowest price, but it has long been noticed that buying in parts, as the price decreases, eventually gives the best average price. And the current price of bitcoin looks very good, and this is the price at which you can start shopping.

That's especially if the person still has not started his/her Bitcoin purchases yet. For the early phases of someone's Bitcoin accumulation journey, it's psychologically important to anchor your initial purchase at a lower average price. That's how Chad Saylor would have done it IF he didn't go on a FOMO buying spree during the late phases of the Bull Cycle.

[Byebyebtc]

Bitcoin right now is in a state of "nobody knows tomorrow"
I personally have no idea how low Bitcoin will drop, and I know very well that Bitcoin had completely disrespected like 90 percent of technical analysts world wide.

As a technical analysist what I will be looking up to is the next draw of liquidity, buy side or sele side, but the prediction of a rally right now is quite more than me and majority of technical analysts.

[SquallLeonhart]

I don't need to bore you or anyone with some charts, just go to your monthly and weekly charts of Bitcoin and tell me what they read. All reads red, right? That means the market is still very bearish. Now, this doesn't mean it can't just start going up, which is where your own decision matter this time. Some will not wait till the perfect bottom before buying. You may start too since a significant dip has occurred, you might start DCA approach at this time. And if you've already bought it, I don't think selling at a price close to $65,000 (current levels) is a good idea. You might just target a lower level to buy more instead.

While it's true that it doesn't mean it won't go up, of course it may, but it's also pretty obvious that it's heavily favouring going down. So thinking that it will suddenly start to go up, even though possible, is not where the smart money goes, most likely that we are going to end up seeing how things could get better. For that reason I think we should be considering how things could be different and we could see that be going down instead of going up because of what the market looks like.

Bounce back from current level is highly possible but that may not sustain to be a bull run toward a new ATH. I mean, we may bounce back and then may come down to test bottom. It means that market will remain unpredictable and dead-cat bounces are highly possible. I wish that I turn to be wrong but I will confirm that we are entering bullish market once we test 100k. So, until then we need to live among many ups and downs.