I just want to remind you all to stay level-headed right now. I know that with Bitcoin reaching near 70k, some of you might feel pressured to jump in. Please listen: Don’t let your feelings take control. No matter what you hear online or on the news, Bitcoin is NOT guaranteed to keep going up from here. We’ve been stuck in a range for the last 7 months and who knows if that will continue for a bit longer? Don’t assume that Bitcoin must start moving just because we are in Q4 or anything like that.
Especially when everyone shouts that Bitcoin is breaking out, that’s often when most people make mistakes. We could very well drop below 50k again and I’m asking: Are you ready for that?
I’m not saying we will definitely go there (though I have my reasons for thinking this), but if that possibility isn’t in your mind, then you shouldn’t be investing. Don’t overextend yourself and be careful. Stay realistic and don’t FOMO in. Be ready for both the upward and downward trends, we’re still in a tricky spot.
A drop of 28% is pretty normal with Bitcoin, compared to missing out completely. Bitcoin is likely to keep rising in our lifetime, so it’s fine if you buy and it drops. If we were talking about altcoins, I’d agree, but these are solid points on being realistic.
@Zinnia
That really depends on how long you plan to hold it. If you’re in for the long haul, then I agree, it doesn’t matter. My post was more of a warning for those who are new and might make risky decisions. Leveraging and putting in too much money can be dangerous. Most newcomers can’t handle those rapid 28% drops, surprising, right
@Crosby
I’m completely with you on that. This is about the long term; don’t be the person who buys in, sells during a 30% drop, and then misses out on future gains.
I would actually be okay if it dropped to 50k since I just started investing in crypto around a month ago with ethereum and xrp. I’d hold and keep adding. In the long run, we’ll all be fine.
Mal said:
I would actually be okay if it dropped to 50k since I just started investing in crypto around a month ago with ethereum and xrp. I’d hold and keep adding. In the long run, we’ll all be fine.
Ethereum and xrp? Yeah, you might want to rethink that. I hope you realize soon that anything other than Bitcoin can be a scam.
@Shan
Bitcoin doesn’t have much real use. Just wait until you pay nearly 5k in fees when sending 1 BTC. Plus, I’m only planning to hold for the next couple of years. I think I’ll be fine.
Mal said: @Shan
Bitcoin doesn’t have much real use. Just wait until you pay nearly 5k in fees when sending 1 BTC. Plus, I’m only planning to hold for the next couple of years. I think I’ll be fine.
It’s not even close to 5k in fees, come on. XRP isn’t good either and ETH has been lagging lately.
@Thayer
It’s only 2-3% of my portfolio, so it’s not a huge risk for me. I’ll take my chances. Bitcoin lacks real usage. Right now, the fees might be low, but when it’s time to cash out in a bull market, the fees will skyrocket.
Mal said: @Shan
Bitcoin doesn’t have much real use. Just wait until you pay nearly 5k in fees when sending 1 BTC. Plus, I’m only planning to hold for the next couple of years. I think I’ll be fine.
Haha okay, hit me up in 5 years and let’s see how it turns out for you.
Sure, there are always risks on the downside, but overall, the good signs outweigh the bad. We’ve got elections coming up, with betting odds favoring Trump. There’s also more money in the system thanks to easing policies in the US and China. The list goes on.