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There is fire everywhere, there is chaos in the market right now. It was maybe when fans of bitcoin started changing your twitter avatar pictures to those featuring laser eyes that should have been a clue there was too much euphoria in the market. There needed to be a cool off, and there has been a great one.
Bitcoin was knocking on the price door of $59,000; while ethereum had finally eclipsed the big milestone of $2,000. People were longing quickly, thinking about just how high the price would go and perhaps not being ready for a quick retracement that caused an extreme amount of liquidations.
My philosophy to accumulate more bitcoin has always been to dollar-cost-average, accumulate even more by lending a portion of it out for interest and also to have a nice amount of cash on the side to take advantage of large dips.
Well that large price dip has finally arrived; but were you ready to take advantage of it? The problem is that people often go along with the current mood or momentum. When the price is going up and the mood is all-around excitement, people want to jump in and buy more. But while the price is dropping, people become scared and/or wait for the price to go even further down to their desired price point. Even I have been guilty of this in the past; but I have learned from those mistakes and vowed never to do it again.
Of course, the common fear that people have when taking advantage of a price dip is that once they finally do buy, the price will continue dropping even further. Even though, it is a price point that they were begging for just a week ago. The mind will play tricks on you.
I repeat this quote all the time by Warren Buffet. Even though he isn't a fan of cryptocurrency, there is no denying his investing abilities.
During March of 2020, there was the infamous price drop caused by the Corona Virus panic. The people who invested heavily during this scary price drop time have done very well, and are most likely sitting in very great positions. Perhaps just investing during this one time period could have life-changing for some of them. Thankfully, last year I was one of those people, and it completely transformed my portfolio.
While I am not saying this price drop is as good of an entry as last years, but it is the people that great conviction in the asset that they are investing in, and take advantage of these "deep red" days that make the most money.
During these type of panic drops there are three types of people.
1) Those who panic, lose faith in the asset, or perhaps never had it in the first place and then sell.
2) Those not sure what to do. They sit on the sidelines. They're hoping the price will go further, or quickly recover. Perhaps they didn't have any cash on the side to take advantage of the dip. It could be hesitating to sell or even buy.
3) Those keep some rainy day money on the side to take advantage of the big dips, and buy heavily.
While it is quite possible that the price dip has not finished, but I still have no doubts about where I believe the price of Bitcoin will be going towards the end of this year. Today changes nothing.
But I want to know about how you feel during this price dip!? Did it shake your confidence in BTC and this bull market!? Also which type of person are you during the large dip days!?