Topic: Bitcoin price and my mindset - page 5. (Read 976 times)
Nice plan OP, I will advise you to open restaurant business for your wife so that it will reduce spending money on food in your family. And It will not take your wife a long time before she will start making money from her Business, if she can employ potential cooker because many people like were to eat quality food that will bring more strength and energy. I think, it will be profitable if she can learn how to invest in Bitcoin because it will really help her to grow like you if she involve in long term investment, which many people in the community has used it to grow their businesses and also used it to establish other business.
if the purpose of this thread is information I would like to add a little, it is better to use english writing (not your country's language) because english is the most common language.
responding to your writing I really appreciate the effort and motivation from you. I really agree with the message you want to convey in this thread, an investor should not rush to make decisions or panic when the BTC price drops. especially new investors, seeing the price of BTC fall and the assets decrease usually rush to make decisions and panic sell.
responding to your writing I really appreciate the effort and motivation from you. I really agree with the message you want to convey in this thread, an investor should not rush to make decisions or panic when the BTC price drops. especially new investors, seeing the price of BTC fall and the assets decrease usually rush to make decisions and panic sell.
To profit from investing in Bitcoin, it is necessary to be consistent with the initial plan, volatility can occur at any time which can slow down the plans that have been designed from the start.
Op must give up wishful thinking about getting bigger profits, except for having an emergency fund in anticipation if something unplanned happens. Implementing a take profit strategy can reduce the risk of loss, even if the profit you get doesn't meet Op's expectations, at least the results from investing in Bitcoin can help with his plans to open a business for his wife.
So far the OP has a good strategy and is able to make good profits from his trading activities. Price volatility is ideal for what a trader expects to earn, but if he wants to be patient then of course there is a possibility of making bigger profits.Op must give up wishful thinking about getting bigger profits, except for having an emergency fund in anticipation if something unplanned happens. Implementing a take profit strategy can reduce the risk of loss, even if the profit you get doesn't meet Op's expectations, at least the results from investing in Bitcoin can help with his plans to open a business for his wife.
I advice selling as long as it is profitable if the OP is a trader, but if the OP is a holder then he should remain patient and wait for a higher price. Long term profits are better than short term trading profits. That is something that has been believed by holder so far.
It is important to have a plan for taking profits when investing in Bitcoin. Moreover, Bitcoin is known for its volatility, so having a clear take-profit strategy can help reduce potential losses. However, the decision to take profits will depend on your investment objectives and risk tolerance. It may be tempting to hold on to a winner in hopes of a bigger win, but this can also lead to overexposure and potential losses. Having a clear take-profit strategy can help you balance the potential rewards and risks of investing in Bitcoin.
To profit from investing in Bitcoin, it is necessary to be consistent with the initial plan, volatility can occur at any time which can slow down the plans that have been designed from the start. Op must give up wishful thinking about getting bigger profits, except for having an emergency fund in anticipation if something unplanned happens. Implementing a take profit strategy can reduce the risk of loss, even if the profit you get doesn't meet Op's expectations, at least the results from investing in Bitcoin can help with his plans to open a business for his wife.
The thing that has become a fact is that the price of bitcoin will increase in the long term, as long as we can be patient to hold then we can get profit, of course to be able to get big profits then what we have to do is hold long term and never be affected by short term fluctuations .
That is the key here, we should look at the long term price of bitcoin, specially the bull run because it could be in 6 digits minimum next. So patience is the key because this game is going to be very long for us.
And with that, we should set our mindset to be strong and not fall for this short term profits.
In might take a lot of experience, but for those who have been through with it, it's rewarding in the end.
The thing that has become a fact is that the price of bitcoin will increase in the long term, as long as we can be patient to hold then we can get profit, of course to be able to get big profits then what we have to do is hold long term and never be affected by short term fluctuations .
We all know about the bullish trend of Bitcoin. At what point did it go in 2021? Bitcoin peaked around $70000 but may reach more than $100k target in upcoming bullish market. Moreover, if we listen to the predictions of experts, then the price of Bitcoin can reach 1 million. Only those who believe in Bitcoin will get that price.
I can still remember that many have expected that the peak will be $100k during that time and I am one of those people that have thought that it will really come into reality but, it didn't. Was so close yet too far but I am not losing hope that the time will come again that bitcoin shall be in a bullish trend and last year was the actual bear market which was part of the cycle that we're all waiting for. And as it has come to an end, we all know what we're expecting and it's about time to stock while we're not yet on the peak again. I know that someday with those high predictions like a million dollar for a bitcoin, it will happen but we have no clue when so keep your faith and keep those bitcoin's on hold and add as much as you can before that happens. We don't know if the bull run by next year or two will be crazier than 2021's. 
Markets generally work to scare people out who are willing to sell, if they dont scare you they wear you out over time. Its likely the whole of 2023 will be a demonstration of wearing people out so that they agree to sell before any later and greater gains.
The recovery already seen in 2023 shows BTC is still a great trade but my take for this year is still in sum total a sideways movement more then full bull run as some years have had so fortunately 2017 being the one I remember most clearly.
If you are learning then quick points to avail yourself of would be use Japanese candlesticks not line charts, it gifts you more information to judge on.
2nd point would be to respect higher time frames, BTC does move rapidly but nothing below daily and weekly bars carries alot of weight (to judge a trend).
The recovery already seen in 2023 shows BTC is still a great trade but my take for this year is still in sum total a sideways movement more then full bull run as some years have had so fortunately 2017 being the one I remember most clearly.
If you are learning then quick points to avail yourself of would be use Japanese candlesticks not line charts, it gifts you more information to judge on.
2nd point would be to respect higher time frames, BTC does move rapidly but nothing below daily and weekly bars carries alot of weight (to judge a trend).
I read about your business plan that you mentioned in the op. If you are currently satisfied with the profits that you have gotten from Bitcoins, then definitely sell the coins and start the business immediately; otherwise, I would suggest that you hold for some more time. as bitcoins are way more valuable than their current price. I know 28k USD is not a bad price, but generally, I suggest people to buy in this price range. If you need the money urgently, then only sell the coins. Otherwise, hold the coins, and definitely within a year you will see triple profits from them.
I would never recommend him to sell all his coins only because he is running in profit with his Bitcoin investment. He can probably get a lot higher gains if he holds on to it. He should have invested the money that he wouldn't need in Bitcoin, and now if he needs to cash them out, it will only make him sacrifice the benefits he could get out of it.A business plan should never be executed by using funds allocated for another investment. This thing does nothing more but will only finish the investment that has already been done, and there is never any guarantee that a business will run successfully.
you have to know that there is an actions called cut loss to avoid big losses on your bitcoin investment. we do not need to always hold our bitcoin until the price is higher than buying price.
Cut Loss does function to avoid losses, but it is usually very often used by traders in the market, not by investors who like to invest in Bitcoin in the long term. Because if an investor holds Bitcoin by waiting for a higher price than he has ever bought before, I think that is a very reasonable thing. Because they are investors who are looking for profits in such a way, while traders whose focus is often on the market, of course, must use several features to help themselves when trading, including the Cut Loss feature that you said. 
If we focus on the long term then don't ever check prices on a daily basis, it's better to focus on the goal, namely big profits, I have not checked prices for almost 3 years and was surprised when in 2021 the price of bitcoin skyrocketed, even though when I left the price was only $ 4800 in 2018 then at the start of 2021 the price was over $48k or up 10x in a 3 year time frame.
I doubt what you're saying, if you're determined to hold onto it for the long haul and buy bitcoin 1 time and leave to do other non-crypto related jobs, then I believe you can. But if you focus most of your time on cryptocurrency investing, I don't believe someone will sit in front of a computer every workday without checking the price. It's true that you should focus on the long-term and don't need to check prices every day, but as an investor, you also need to stay up-to-date with news and market fluctuations to act promptly.
The price of bitcoin already shown in the picture at the awning and I know at any time it will be higher than it is now or it will be lower than it is, but if the current price of Bitcoin eventually reduces never sell hold until you are satisfied with the price before selling.
I am not too keen on this. The price might just be going up before the black friday sale and will go back down again after that. At least that is what I observed the pattern is every year at this time of the year. Hopefully I am wrong and this trend will continue.
For, I am thinking of opening a business for my wife with the tangible profits I have made from Bitcoin, I would have dropped a picture of my electrum wallet balance but I will not because I don't think is either advisable to do so.
It is not good to show internet how much money you have, you might be targeted. That said, hope you will be successful in the business you will open with the profit you gain from bitcoin. A lot of opportunity has opened because of Bitcoin and hope your opportunity will be a success.
If we focus on the long term then don't ever check prices on a daily basis, it's better to focus on the goal, namely big profits, I have not checked prices for almost 3 years and was surprised when in 2021 the price of bitcoin skyrocketed, even though when I left the price was only $ 4800 in 2018 then at the start of 2021 the price was over $48k or up 10x in a 3 year time frame.
We all know about the bullish trend of Bitcoin. At what point did it go in 2021? Bitcoin peaked around $70000 but may reach more than $100k target in upcoming bullish market. Moreover, if we listen to the predictions of experts, then the price of Bitcoin can reach 1 million. Only those who believe in Bitcoin will get that price. 
It is important to have a plan for taking profits when investing in Bitcoin. Moreover, Bitcoin is known for its volatility, so having a clear take-profit strategy can help reduce potential losses. However, the decision to take profits will depend on your investment objectives and risk tolerance. It may be tempting to hold on to a winner in hopes of a bigger win, but this can also lead to overexposure and potential losses. Having a clear take-profit strategy can help you balance the potential rewards and risks of investing in Bitcoin.
If we focus on the long term then don't ever check prices on a daily basis, it's better to focus on the goal, namely big profits, I have not checked prices for almost 3 years and was surprised when in 2021 the price of bitcoin skyrocketed, even though when I left the price was only $ 4800 in 2018 then at the start of 2021 the price was over $48k or up 10x in a 3 year time frame.
You support the OP has a plan to create a business for his wife using the profits from bitcoin as capital, and I hope you also study and understand the movement of bitcoin, especially the fluctuations we have to accept that will occur due to several factors.
and as long as you have strong patience, you will achieve your goal. The price of bitcoin is currently moving in the range of 27k-28k which I think the price of bitcoin will reach 30k in the near future and you have to be more patient to make sales so that your plan is to make your wife's business run smoothly and have more capital for you to use for things another.
and as long as you have strong patience, you will achieve your goal. The price of bitcoin is currently moving in the range of 27k-28k which I think the price of bitcoin will reach 30k in the near future and you have to be more patient to make sales so that your plan is to make your wife's business run smoothly and have more capital for you to use for things another.
Start collecting as much Bitcoin as you can to realize the plan to open a business for your wife. It takes action and consistency in doing it, you also need patience when prices start to get unfriendly.
One thing you should avoid (greed) to speed up the process of your plan, immediately press the sell button when the price is at the point you want. There is no need to expect bigger profits because if suddenly a price shift occurs you have to wait even longer.
If someone has adopted bitcoin in their business, then they are obliged to realize the profit of that bitcoin. I don't think the OP should hold bitcoin long term if the budget used for his business is stuck, it means he should realize his profit as soon as possible. One thing you should avoid (greed) to speed up the process of your plan, immediately press the sell button when the price is at the point you want. There is no need to expect bigger profits because if suddenly a price shift occurs you have to wait even longer.
The OP can temporarily hold bitcoin if he has other budgets to cover his business needs but it is always good to consider selling bitcoins while the price is still profitable. But if the OP wants to invest, that means he has to be prepared with other budgets so that his business and investment plans go hand in hand.
The mercurial nature of Bitcoin's worth and the associated forecasting difficulty must be kept in mind. You may feel confident in your ability to predict and benefit from movement, but the possibility of loss is ever-present. However, if you plan to open a business for your wife with Bitcoin profits, you'll need a meticulously crafted strategy that accounts for timing, risk, and financial goals while being full of surprises.
Openly displaying your electrum wallet balance can be a security risk. It could lure hackers or criminals to try to steal your money. It's better to maintain your privacy and avoid showing others an overview of your electrum wallet balance. Instead, focus on your business plan and make sure you consider all relevant factors before making financial decisions.
Openly displaying your electrum wallet balance can be a security risk. It could lure hackers or criminals to try to steal your money. It's better to maintain your privacy and avoid showing others an overview of your electrum wallet balance. Instead, focus on your business plan and make sure you consider all relevant factors before making financial decisions.
For, I am thinking of opening a business for my wife with the tangible profits I have made from Bitcoin, I would have dropped a picture of my electrum wallet balance but I will not because I don't think is either advisable to do so.
You can also ask for ideas and pieces of advice from those businessmen that already have this kind of payment option.
Compared to what happened in the year 2018, the current situation is in which the price of bitcoin is above average, as 2021 ATH is less than 70K. We are now not far from half of that peak.
Exactly and this current situation of the price of bitcoin is as a result of various external factors, in 2021 there was no major incidence that force the price to be below the current price and half of the all-time high of 70k.The entire market has faced several incidences such as FTX, LUNA crashes now silver gate bank and so many others in their category that made the price of Bitcoin sink 15k in 2022.
If you compare the current situation vs 2021 before the 70k all time high there was no such incidence that could have a drastic negative effect on the market compared to what we have today.
Perhaps the confusion in the monetary policies is what pushed the price to rise in this way, and therefore we will retest the resistance level at 30K several times before it is broken during the next month and a half, but as I mentioned, the situation is abnormal, which makes all scenarios open.
I agree with you, the current market realities are a result of the rigorous process as regards monetary policies and its processes rate increases and debates have been reflected in the weekly behaviours of Bitcoin price and market demands. Jump to: