Bitcoin (BTC) – In a long term bull market you wait for the dips to buy. The funny thing is everyone waits for the dip, but when it happens most can’t bring themselves to pull the trigger. When you’re staring at all that red on the screen you’re thinking that the price is never going to stop falling! I’m the same, if my buy orders hadn’t been sitting waiting then I might be hanging on right now trying to catch the short term ‘bottom’.
I haven’t bought any BTC with fiat since early November when it dropped back to $6250. Since then it’s been on a monster run and I missed the 2 x flash crash dips that occurred on the way up to $19,850. The last 6 days have seen BTC drop 40% down to $12,000, as I write this post it trades at around $13,300.
I’m stacking and holding BTC for at least 2 years which means I’m happy to buy 40% dips every day of the week. My BTC strategy is to ‘dollar cost average‘ and try not buy anywhere near all time highs, instead I’ll wait for the dips. I’ve set buy orders at various levels with fiat sitting waiting to be converted should the price drop that low. The lower it drops, the bigger my order is. Long term believers in Bitcoin will be taking the opportunity to pick up more whilst this panic selling takes place and I’m doing exactly the same. Let’s see where we are in 12 – 24 months.