Buying Bitcoin right now is probably a good idea, even if you don't nail the exact bottom

in bitcoin •  3 months ago

Bitcoin and cryptocurrencies have had a very rough last couple of days.

Ironically, people had been complaining that there was no movement in crypto anymore, no volatility.

And then this happened:

(Source: https://www.zerohedge.com/news/2018-06-10/crypto-carnage-continues-bitcoin-plunges-below-7000-after-korean-exchange-hack)

Well, it sure isn't boring anymore!

Yes it is painful, and no it might not be the exact bottom just yet, but this is likely a great time to buy.

I am not out there pounding the table to all my friends and family to get in at this price as there might still be downside to go and they never like being down on anything.

Go figure.

However, there was a nice reminder on the CNBC show "Fast Money" last night where cryptocurrency trader Ran Neu-Ner said something that made a lot of sense.

He actually says a lot of things that make a lot of sense, but this one in particular made a lot of sense.

He said something along the lines of:

"Look, you may get bitcoin $6,200 or you may get it at $5,900 maybe. Or you may even get it around $5,000. However, that doesn't really matter. If prices are going to do what I think they are going to do and we see $30k, $40k, $50k in the next few years, it won't matter whether you bought it at $6,700 or $6,500 or $5,900. You are going to have massive returns regardless. But, if you wait for the exact bottom and you don't get in at all, you may miss the entire next move up."

That was not a direct quote as I was paraphrasing what I remember him saying on the show last night.

Though, the point should be clear.

His point was that if you nitpick and try to time the bottom you may get left out. Even if you do nail the exact bottom, it likely isn't going to make you all that much more money if prices are going to something like $40k. You are going to have huge returns regardless.

(Source: https://fortuneinsider.com/cryptocurrency/cnbcs-ran-neuner-bitcoin-end-2018-50000/)

The other interesting thing Mr. Ran Neu-Ner said was regarding the Coinrail hack.

Again this is all paraphrased based on what I remember from the show:

"Look, this is a small exchange, the 100th largest in the world.

The crypto markets selling off due to that news is akin to people selling dollars because a small local bank got robbed... basically it doesn't make sense.

If some small bank was robbed would you sell your dollars?"

(Source: https://www.cnbc.com/2018/06/12/bitcoin-hasnt-hit-bottom-cryptocurrency-trader-says.html)

That is akin to what is going on with people selling due to a small exchange being hacked.

Not that I really think that was the sole reason people were selling the last few days, but it certainly seemed to be one of the sparks that kicked things off.

All that being said, it is very difficult to buy the exact bottom, but if you still believe in the long term thesis of bitcoin, one where it becomes digital gold or is used widely as a form of payment, then the current prices are likely to make you lot of money down the road for anyone willing to buy here.

Stay informed my friends.

Image Source:

https://stansberrychurchouse.com/cryptocurrencies/stop-procrastinating-buy-bitcoin-now/

Follow me: @jrcornel

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Buy bitcoin, buy Yes it is time to shop for bitcoin. I hope a few days later it increases. I continually encourage buy a touch to find out how it really works. this receives people started out and extra importantly, they begin watching. when you have a few bucks in, you will be inclined to observe what is going on. I am also planning to buy bitcoins.

Yeah, well last night I bought some Steem..around $1,800 and Powered on Up to get my SP over 2K. It is hard to pick a bottom. You're EXACTLY right . Bitcoin seems like a viable investment but I just like Steem because i t has real world use RIGHT NOW RIGHT HERE with Steemit Inc.

And I Figured under $2 was good enough for me . And btw you can check out my recent Post at my blog on explaining my decision in doing this purchase last night

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Thanks for you sir...

Buy Buy Buy! 🧐🤑🧐

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Did you?

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Yes I did! Just another $500

My upvotes are worth shit 💩. We need a rally in Steem!

Buying little amouts of cryptos continuously 😎

We're in outer orbit now... but it's still gonna moooooon

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Agree, but it might take a while yet.

Okaaaay love dips!!

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Did you buy this one?

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Yes I Purchased $750 at 7500 last week and today I bought $400 at 6450 .059 bitcoin I plan to buy another $500 if it goes o 5900 or less! and this is not including what i have been buyin in steem lately POWER UP!!

Wbu did you get any?

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I haven't bought any on this most recent dip yet, no. Planning on it though. :)

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Too good broski, doooo!

Yes it's time to buy bitcoin. I hope some days later it increases.I bought in under 500 bucks. I always encourage buy a little to learn how it works. This gets people started and more importantly, they start watching. If you have a few dollars in, you have a tendency to watch what is going on.

Goodness this does make life interesting, one never knows what the new day will bring.

Its a good time to try other coins also - #Icon #tron #wan #mana #ada

I am trying to decrease my average book price but I am doubting wich coins should get the most attention within my portfolio. The ones where I do want to strengthen my position are BTC, Neo, Steem or Neblio. I don’t have EOS in my portfolio!
Any ideas. I know that I still would have to make my own decision bit sometimes another viewpoint could verify my thoughts!
Thanks,
Peter

Bought some ETH. I need to diverisfy but still live BTC.

That's a great information.i appreciate valuable information.
I support your idea.
This content @resteemit sir.

EXactly it is the best time to purchsae bitocin because after reaching the bottom it will rise like a rocket and you will not get a chance to buy.

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I have seen it happen too many times. People wait for the bottom, it happens fast and they miss it, then they don't want to buy on the way up because prices were just recently a lot lower. The end result is them never getting in.

That's a good tips, i love bitcoin.
and i appreciate your blog.
thanks a lot for this post sharing...
upvote and resteemit done.

Nothing lasts forever so does bear market?

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Hello jrcornel, I totally agree in not waiting for the bottom because you will loose out. Human being are allwaways afraid of loosing. They allwaways want to be a winner. You have to look at the bigger picture and work out risk to reward.

Deffo the time to buy, be a BTC'er HODL and when the next financial crisis happens, well it won't be a crisis for you if you're holding BTC! BUY BUY BUY it's sale time people 🙌
l-142.gif

Good tips.
Thanks for sharing valuable information of btc.
I appreciate your blog.

Since BTC's true value is far greater than what we are witnessing now, buying and holding them for the long term makes perfect sense.

I would get into crypto investing but GDAX can't verify my F'ing identity so it looks like I'm gonna miss out on a potentially great investment....

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Did you try coinbase?

Nailing the exact bottom is very hard, same with getting the top. I've learned to buy incramentally, that also helps to take the emotion out of it. Most analysts are of opinion that we're heading down further. Watch out for $6.4k and the $6k. If we break $6k we're going down further.

Hi @jrcornel

Funny thing is that when BTC went over 10k - many people were saying that they missed a chance to buy cheap BTC once it was worth 6h. And now we're back to this level and most likely many of same people will avoid purchasing anything convinced that another crash is coming.

Such a lovely loop

Thx for great post. Upvoted big time :)

Yours
Piotr

I didnt hear from you in a while. Have been away and just got back.

Im glad to see that you're still active and writting about crypto and blockchain.

Hope you've been doing fine

obviously upvoted :)

Cheers, Piotr

I'm happy with my Bitcoin and Ethereum position for now. Intead I want to focua on other coins. Im thinking XEM, Cardano, and PIVX.

I think investor are getting frightened from investing their money in crypto. Last six months have been drastically bad for btc and all other crypto. I think another selloff is going to come and we should wait for it. Receiver appointed by court in MTGOX case recovered much bitcoin, he sold some in jan 1st week and we saw price drastically got down, now he announced to sell remaining bitcoin in coming aug or sept.