Stopped my daily DCA today going to save my cash for a drop in price. Either we go down and I buy way more Bitcoin or we keep going up either way it’s a win, win situation for me.
Discussion
I'd like to buy the dip 👀
This is a trap. Said as someone who’s been in BTC longer than most. Don’t have to listen but I wanted to put this out there.
What’s a trap? Are you saying it’s a bull trap or a bear trap? Also how long you been in Bitcoin? I’ve been around since the beginning of 2017.
I don’t like to say my entry for opsec reasons. I’m saying stopping DCA to wait for the dip is a trap. In my experience every time this happens the market moves against you. Maybe I’m jaded I dunno. I’ve learned over the years DCA is a better strategy because it’s consistent and less susceptible to market emotions. Just my 2sats.
I have to agree with stack here. The whole point of dca is to buy regardless of price
Doesn’t mean you can’t make educated guesses. I’m already in a lot of profit on my BTC I have more to lose than to gain if I keep my DCA going.
All good if you want to give it a shot.
I think there's a good chance we're in a similar position as April/May 2019 when the price was around $5-6k.
If that's true then it pays to keep stacking until the price at least doubles from here.
Nah this feels more like an August of 2019 position where people think the bull run has started a little too early before it actually has and we have a sell off before the real bull market occurs 6-8 months later.
Just to be clear I’m not trading/selling any Bitcoin at this position just saving my cash in case the sell off happens in a month or two. I don’t think the real bull run will happen until December-February.
Yeah man I'm not being critical just sharing how I think about it 🤙
I’ve been in your position and dropping the DCA was 100% the wrong move. Bitcoin is different in that the market moves against what you think it will do constantly.
Yeah Bitcoin works this way because of supply and demand. Bitcoin was over sold at 16K-20K but the chances of it hitting 25K again before passing 35-40K again is much higher but we will see. I’m not 100% sure on my opinion I just think the chances are higher. If Bitcoin does pass 35K from here I’ll still be sitting happy on my stack. No doubt about that.
I already have enough Bitcoin to where I am satisfied I’m not a whole coiner yet like I used to be so I’m not at my goal per say but in my humble opinion I have 8.5 years to become a whole coiner again. I’m 21 and am in no real rush to become one again more of a long term goal than short term. If we go up then so be it I’ll buy later on with increased prices just another donation to the network is how I view it but if we go down I achieve my whole coiner goal much faster and cheaper. Just weighing the upsides and downsides and to me there’s more upsides to holding off on my DCA.
DCA is the safest approach, _especially_ if thinking long term. Ultimately it’s up to you.
Bull trap. The market’s real bottom will be in early October 2023 according to several technical analysis experts. The one I follow very closely is Brendan from Market Makers on YouTube.
Agreed it’s a bull trap but I firmly believe we already hit bottom. Max pain has been achieved this bear market. Only time will tell I guess.
Glad that I held off on my DCA lol