What? Bitcoin Cash price? Up and down, up and down.
The whole cryptocurrency market has been pumping in this long weekend, and I guess you could call it a Memorial Day discount for those with fiat currency in their pockets and an appetite for current prices. Those who bought in the previous lows are sitting pretty right now, but the market, no one knows where it will take us, and whales will try to capitalize on dumps and pumps.
That being said, what can the ordinary person do in this situation? Pretty much nothing but sit pretty and start preparing for the next dump. If you are holding Bitcoin Cash and buying at $400 or more, you have some nasty unrealized losses, and if you purchased at around $200, you would be okay at this point. Unless the price dumps below $150, many will not be okay.
Now those holding Bitcoin Cash for the long term have no other choice but to wait for the market to go back up, and for those who believe in the peer-to-peer currency idea today, it could be a better entry-level to accumulate more satoshis in this market. And others who don't think that much about the vision could sell their holdings today and never look back.
I believe that when the markets are down, you make your money. If you were to sell when the price was $1600 and buy today, you would make good profits and get your initial satoshis back. In my case, I didn't sell at the top, and I am not buying right now. But I am planning my next move regarding holding Bitcoin Cash.
I plan on saving some fiat currency to buy some Bitcoin Cash in the future because today, I don't have any left to take advantage of this fall in price. The market may dump to previous lows, and by that, I mean that it is possible to see Bitcoin Core BTC below $10,000 and even below $3000, which will mean that Bitcoin Cash could see its all-time low again, which was around $75 to $100. Why so bearish?
It is straightforward when it comes to the market. A probability for the price to go up or down, and a cost of $3500 for each BCH is possible. The same is possible for a price decline to hit $75. I am saying the price can hit all-time highs and all-time lows. And the only thing you much do is be prepared to buy into those opportunities.
I think it will always be good to have some cash to buy if you see a buying opportunity at the low levels, and I'm not saying that those price points will happen for sure. I am just saying to have some fiat currency around because you don't know when you may need it to buy the next dip.
Buying today could be seen in the future as the best idea ever because it is possible also that we will never see current prices again. My final message is that you should hold what little Bitcoin Cash you may have and don't sell, and if the price comes down, even more, have some fiat at hand close by and ready to buy some more satoshis.
It is bought low and sold high, and BCH below $200 could be seen as cheap if you compared it to over $400 just a few weeks ago. If the price drops, you are supposed to buy, and if it falls even more from where you purchased, you are supposed to believe. The more it drops, the more you buy. And the same if prices start to go 5x to 10x on the way up, you sell more the more it goes up.
Agree with you