This year, Bitcoin dropped 40% from its November pump of last year. This has stirred up a lot of conversation concerning the present and future value of Bitcoin. The reason for this is that the recent dip had been caused by an economic problem different from the previous dips caused by the Covid 19 pandemic.
Now a lot of people in the crypto space are wondering whether the recent dip is a good point of entry or not. If you are familiar with the crypto space you are aware that the cryptocurrency market can be very unstable. One minute the market is all green and the next minute there can be a drastic fall.
Nevertheless, the crypto space is still a very viable place if you follow the market trend.
Now back to the main discussion which is whether to invest in bitcoin now or keep your money.
The first thing I want you to know is that no crypto expert can give a 100% guarantee on how the market will be tomorrow. The best they can do is base their analysis on the market trend, so I will not tell you whether or not to invest but I will provide you with some dos and don’ts before investing then you can base your decision to invest based on them.
Here are some things you should know before investing;
Today is always the right time to buy Bitcoin
With the trend of the crypto space anytime is a good time to enter but when to enter the trade depends largely on you. You need to find out which entry point is good for you by checking out the market trend. Bitcoin has been existing since 2008 and from the history of Bitcoin, it has always proven to bounce back regardless of the cause of the dip. Bitcoin is the father of all coins and it is going nowhere even if it dips
See Bitcoin as a long time investment.
If you are buying Bitcoin to make money quickly you might be disappointed, so see it as a longtime investment. According, to crypto experts Bitcoin, has been predicted to reach US$250,000 by 2025 and an enormous US$5million per bitcoin by 2030. Imagine buying now in the next 3-5 years how much it will be worth.
Buy with spare money
If you want to buy Bitcoin or any coin for that matter use money that you can afford to lose. This is because even if Bitcoin is the father of all coins you can’t always predict the market, so don’t buy Bitcoin now with any money you may need urgently, or will make you bankrupt.
Set a deadline to sell
Don’t just buy and leave your Bitcoin to grow without setting any goal for it. Also, don’t sell when the price is high or low have a selling goal and when you achieve it you decide to sell it or set another selling goal whichever it is it all depends on you.
Hopefully, you have been able to decide whether to invest in Bitcoin or not now. The Bitcoin in the last few days has been showing a pumping sign, so if you buying now ensure you are comfortable with the entry, invest 10% of your capital in the decentralized model, trade with logic and not emotion, so you don’t lose your money.