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I only check the bitcoin price a few times per week now under normal circumstances, but I saw a ton of people whining about it so of course I saw the recent breakdown.

I sometimes throw a few extra bucks at it on top of my normal dollar cost averaging when there are heightened liquidations.

In the prior consolidation, Bitcoin peaked in March 2024, consolidated for a while, then broke down in September 2024, before breaking out to the upside about a month later. Technical breakdowns mean little. Charts are useful sometimes, but mainly for those who don’t know what they own.

I like technical breakdowns when the fundamentals are still solid. It lets out froth. A lot of the post-election stuff is struggling, which is normal. That’s why I faded the hype originally. When all of it weakens, I’m still here.

Still adding for the long run.

RP 10mo ago 💬 1

It’s easier for early adopters to ignore the price because accrued gains provide a psychological cushion (“I already made a good decision, I’ll ride it out”). For new adopters, there is a temptation to check the price constantly to validate their decision (“What if I made a bad choice? Should I get out before more damage is done?”).

It is very difficult psychologically to buy, hold, and ride out the price swings from the outset. Many believe they can and convince themselves they will, but following through is easier said than done.