Timing The Crypto Market
It has been a while since the crypto market had a breather from the bears, Bitcoin testing $18k brings some excitement as Altcoins display their green sides.
A bullish rally of this kind is questionable whether it is for a short-term or a rally that could propel the market into a much anticipation bull market.
Regardless of the market direction following Bitcoin at $18k, the market does need a breather and it has gotten one at the moment.
Buying The Dip
It is an investor's responsibility to ensure not to buy at the top of the market, this has been a major challenge that leads to timing the market and waiting on a bottom price range.
The reality is the market moves in any direction as it pleases, so trying to time the market might be more dependent on luck than being spot on.
Some have plans to buy when Bitcoin drops to $10k, it is too soon to conclude we are out of the bear market at the moment, a lot is still lingering about the FTX incident, and trust in the market is far from fully regained, therefore a 10k BTC might be a possibility for those wishing to buy at that price range.
An interesting observation within the cryptocurrency space is, there's rarely a price range where we are ever fully satisfied to buy in. I never saw Bitcoin dropping to $30k after setting an All Time High (ATH) of $69k, in November 2021. It is left for anyone to decide whether the current price level is a good entry point or not. We had Bitcoin hovering in the $16k-$17k region for a while and some still wish for $10k which makes me think we will always wish for a lower price entry.
FOMO
Should Bitcoin touch the $20k mark, you are bound to find buyers throwing money at it, they want to get in before it hits $30k.
It is exciting how the market controls people's emotions, as witnessed on Hive with fewer activities during the bear season, and people come back to being active during the bull season.
To avoid falling for FOMO, a better approach might be the long-term approach, is an approach that has made me immune to the market influencing my reactions.
I react the same way all season bear or bull, I believe there's no better time to buy than at present, and implementing the Dollar Cost Averaging (DCA) method makes building cryptocurrency portfolios better for those that can do DCA.
Patient and time have been known to be more rewarding in the crypto space than jumping in and out of the crypto market as a result of FOMO or Fear Uncertainty Doubt (FUD), getting involved in project(s), sticking to it through bear and bull, holding position(s), and avoiding being a bagholder has been my approach and am sticking to it.
As for the bull season, hopefully, this is the beginning.
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