Is it good time to buy some bitcoin?
The right time to invest is when the Bitcoin price is down, so we can buy coins at a cheap / low price.
Good answer. You also have to make your own assessment, analysis and judgement, but the main good time is to buy low rather than buy high.
Remember when BTC was over $10k, then $15k, then reached $20k... do you remember how many people wish they had bought below $10k? But this is the thing, most people buy at the highs, or when the price is growing. Only long-term and institutional investors buy the dips.
Bottom line: Now is an opportunity. Personally I think BTC will ony fall to $6.8-7.2k at the moment, but I wouldn't recommend throwing all your money in either. Best idea is to ladder your positions.... for example, if I didn't have enough Bitcoin at the moment I would enter the following positions.
Position 1 25%: $7.2K
Position 2 25%: $7K
Position 3 50%: $6.8K
This would give you an average under $7k, or otherwise 25-50% of a your total allocation, whereby you could increase exposure on the way up if you wanted. Never try and get all your money into crypto... always aim to get half in so you can buy positions lower if necessary.
Personally I'm already averaged out a long-term position at $7.8K, so don't feel I need to buy more unless it reaches less than $6k, but I also don't think this will happen anytime soon. For me this is fine as I have equal amount of Ethereum from $385 which balances me out, as well as gains from altcoins at lows that are still in enough of profit. Not to mention that I still have 66% of my money in fiat on the sidelines in cash of crashes. Always keep spare cash on the side.
Oh, and don't just invest in one cryptocurrency. Diversify. Not financial advise, obviously!
Also, please don't expect it to double in value in a month, McAfee is a notorious shill, not to be trusted.
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Topic: Good time to invest in bitcoin? (Read 11063 times)