We have seen the price of BTC fall from $20k to the lows of $3k. And now we are near the $10,000 point and things are looking much more bright for Bitcoin and the rest of the cryptocurrency market.
There are signs that Bitcoin will soon also cross the golden cross-market. A positive sign according to price analysts. Don’t worry if you have no idea what I’m talking about. A majority of experienced traders and investors see it as a positive sign. Self-fulfilling prophecy or genuine price indicator.
With that said, we are now in a completely different situation than we found ourselves as the price of Bitcoin was falling sharply from the heights of $20,000.
After that many people were ‘right’, saying it was bound to happen and it was a bubble that burst. Others were left with holes in their pockets and investment dreams or even retirement plans gone.
That meant that the overall market sentiment was at its lowest, or near the bottom. Fast forward two years and a few months and now we’ve had the Bitcoin halving event just occurred and there is a whole lot different type of feeling yet again surrounding BTC.
Most of the old sentiment is gone. Or at least the people carrying any grudges or resentment towards Bitcoin are probably gone. And now they are getting replaced with new beginners.
Newcomers to the space, hoping that this could potentially be their one in a million chance to make a shortcut to a future dream scenario.
So with anticipation comes greed. And with greed comes even more greed.
We have all been beginners. No one started out knowing everything about Bitcoin, or about investments. And in order to succeed with anything, including investments we need to learn how it works and execute on our learnings when the time is right.
The latter, timing is near impossible to predict. I think if you like me were a fan and believer of Bitcoin then seeing the price fall to the low $3000s meant it was a good opportunity to get in on BTC.
Timing or luck. It’s no point trying to perfectly time the market. But instead you can do the other thing. Learn. Learn as much as you can so that you are ready when you need to be.
Three best Bitcoin tips for newcomers
So here’s our three best tips for beginners that are thinking about investing in BTC!
1 ) There is no perfect timing so don’t wait for it
Others might be reading charts, noting golden cross points, discussing market sentiment with seasoned traders. Well that might be their were of evaluating and thinking about timings and stuff. But as we said no one can predict the market.
If they could surely they’d sell everything and get rich immediately. Take a loan out if you are so sure.
For the rest of us that haven’t joined some online course or watched a YouTube channel about trading strategies for Bitcoin can just sit back and calmly avoid that nonsense and realise there is no better time than now.
If you truly are thinking about investing in Bitcoin and it forms a part of your overall portfolio and you’ve got money for it then just go for it. Don’t overthink it and wait for the perfect time.
Find a good place to buy Bitcoin (explore BTC options) at and start small and see where it goes.
2 ) Expect volatility and don’t get freaked out
The rise and falls of Bitcoin is as common as rise and fall of the sun. It will happen. You can bet on it. And it will be more severe and extreme compared to the rise of your stocks, bonds or index tracker funds.
Bitcoin is volatile. Just deal with it.
In any given day BTC can drop 20% without it being something out of the ordinary. So don’t freak out. And don’t just yet jump for joy and put a deposit down for the Tesla after seeing a 20% rise.
After any big drops or rises and this happening through perhaps extreme movements over several days and weeks you should think that this is normal for Bitcoin and you are sitting calmly with the plan and avoid any drastic measures like selling it all or buying more than you can afford.
3 ) Stop comparing yourself with others.
There will always be someone that timed the market better than you. Don’t worry if someone else bought at a better price, or for less fees, or has a bigger portfolio of BTC than you.
It’s all about you and your trading plan. So stop comparing yourself and what your overall portfolio value holds up at.
See it as a competition if you need to, but look inwards for any comparisons. What can you do to better yourself? To learn more? Isn’t that much more useful rather than feeling down about someone owning more BTC than you?
There are many more tips and ideas we could share with you. About how Bitcoin works and stuff. But I think the psychological aspects about investing is much harder to learn, manage and control. So I think those are the ones we should focus on. Learning how you send some BTC to another wallet is easy enough for you to learn.
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