BTC- The yield for buying these 30% dips is roughly 153% profit!
More proof you need to be buying the dip!
In a post the other day I mentioned that we are due for roughly a 30% pullback in bitcoin prices.
Then I went on to say but you want to make sure you are buying that pullback...
The post can be seen here by the way:
Well, now I have some numbers for why you should be buying these pullbacks...
Check out this chart of those 30% dips and then the price action that came next:
(Source: https://twitter.com/Josh_Rager/status/1131668130995085312/photo/1)
As you can see, bitcoin tended to perform very well after these 30% dips, so well in fact that if you bought these dips you would more than double your money before the next dip!
The new bull market means it's time to buy the dips again!
Now that we are in a new bull market, that history says could last roughly 2 years, we are in a "buy the dip" mentality instead of a "sell the rip" mentality like we were in the bear market.
Keep in mind that history doesn't exactly repeat, but it often rhymes, and with the way bitcoin has reacted recently, it looks like there is a very good chance that these patterns will keep repeating.
Stay informed my friends.
-Doc
Congratulations to everybody who bought the deep, even though it was hard to make a decision in the bear market but I think 153% is enough to celebrate🍷🍷 cheers!!
This is mostly referring to the dips that are yet to come. :)
Yes, buy the dips...
but, buy with what?
There are only so many dollars to sell for bitcoins.
And, if you got out of your bitcoin position before the pull-back, what would you get into? Most of the other cryptos just follow.
Stable coin, cash, other investments. All kinds places to hide out.
Buy Buy Buy!
I like the prospect of 153% profit 😋. Hurry up and dip!
Yep, those are my thoughts as well.
My Bitcoin Target is around $6000... if we can reach $10k in a few weeks, I'm expecting that 40% drop. :)
40% or 30%? :)
But yes, it may chug higher first. The point is just that whenever it does dip, it makes sense to buy that dip. Not run for the hills!
BTC is about to make a move with in a few days. I would say 30% correction if we can’t break $8200 but if we do break it... it can go close to $10k then I expect a 40% correction.
I can be completely wrong though 😂
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No, that makes a lot of sense based on what I am seeing as well.
Be nice to get it before the market open on Tuesday so all the retail will panic sell GBTC at the bell!
Do you mean if bitcoin dips?
Yes, seems like the reaction to a major move in BTC over a weekend has a pretty disproportionate reaction in GBTC when the market opens. Wouldn't you agree?
I think it depends really. I have seen it play out both ways.
Do you pay attention to the GBTC premium at all? I use this site for current readings:
https://www.neotechdevs.com/gbtc/
I have noticed that when bitcoin goes way up, the price of GBTC often opens "lower" than it "should" based on the previous close and the percentage move in BTC. However, I also feel that on big drops GBTC opens higher than it should based on the same things. Those having to do with changes in the premium.
I guesstimate it here and there for my own edification, but definitely not any sort of detailed analysis. Bookmarked that site. Definitely a handy reference! It would be even better if you could overlay the BTC chart!
So you think that there is an equilibrium in premium that is constantly being sought? On what kind of time frame though? Seems like it has more violent moves on shorter timeframes (retail FUD & FOMO), then it smooths out on longer timeframes (Perhaps because people paying attention to premium are stepping in because they see value in one direction or the other?). The premium has been over 100% historically, so that equilibrium would have to be heavily based on market sentiment.
Correct, no equilibrium, it just kinda does what it does. Ironically though during periods of bullishness the premium tends to increase and during bearishness it tends to decrease, which ironically is contrary to my little weekly open observation I mentioned above. :)
Got my feet wet before the weekend but tried some Ether and a Stablecoin just to position myself for the future!
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Nicely done. I feel like this ETHE launch may impact GBTC, not sure it will impact ether all that much. Hopefully it helps you out though!