Is it advisable to buy now or letter?

jeraldskie11

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Quote from: rachael9385 on March 18, 2023, 03:38:32 AM

Please I want suggestions.

Don't just enter the market right away because the price is going up. Avoid FOMO because that's what people do who lose what they invested. If you see that the demand is low, it is not the time to buy. When the supply is low, that's when you invest because there's a good chance that the next thing will be an increase of price because it's only a retracement.

If you are left behind in the market, don't lose hope because there is always an opportunity in the market. Wink

Lucius

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Quote from: Pokapoka124 on March 18, 2023, 06:44:45 AM

From your very first post till date, all your focus have been centered on investing in bitcoin and making profits. Everyone here is pro bitcoin and won’t discourage you but I think 700k is a lot of money for a fisherman.
~snip~

OP seems to be making a decent living considering where he lives, and I'm glad that's the case because fishing is a tough and dangerous job. I remembered the OP and his thread he opened about ten days ago and his investment in a solar panel, and I hope the whole thing works out the way he envisioned.

As for the "now or later" question, I or anyone else can never give a correct answer to such a question because we cannot see the future. Therefore, I agree that the OP should not invest everything he has at once, but that he should first figure out how he will store what he buys, that is, he should think about investing in a hardware wallet first or learn how to properly make cold storage.

cryptomaniac_xxx

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As other have said, it's really hard to give financial advise here as no one is expert and we really don't know where the price will be next. And in any investment, it's better to put your money or buy when the market is going down.

But if you look at what is going on in the last 3 days or so, the market is on the rise.

So it depends on the OP, and what will be his goal here, short or long term and other factors that he needs to understand.

cryptoaddictchie

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Much better if you gonna do a solid dca or average buying cause no one would know the market status or what I meant is if its gonna stay strong right now or gonna crash later. Usually it depends on a lot fo factor and to take advantage of the situation since if its low you could buy more, actually its good to catch the bottom but even experts having hard time determining that so dont dwell with it right?

sulendra12

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Quote from: rachael9385 on March 18, 2023, 03:38:32 AM

So now the price of bitcoin is high and I don't know if this is the right time to buy or should I wait for a while before I buy?
I have about N700.000 I want to invest.
Please I want suggestions.

People always think it's high and refrain to invest into Bitcoin at all because of how expensive it is. While it's true, but you can still buy smaller amount of Bitcoin with that N700.000 and you can still get the profit from there. If you are aware with the risk and ready with the consequences when the market is failing behind while you know what to do at that time, then no one would stop you. With the behavior of Bitcoin, you can invest now and then wait for few years for better return and profit, also doing DCA if possible if you are not a trader person.

Pokapoka124

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Quote from: rachael9385 on March 18, 2023, 03:38:32 AM

After learning a little about bitcoin, I decided to invest from my little savings and also my parents gave me little money so I can invest on bitcoin.
https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-price/cryptodetail/symbol-btc.cms?from=mdr
So now the price of bitcoin is high and I don't know if this is the right time to buy or should I wait for a while before I buy?
I have about N700.000 I want to invest.
Please I want suggestions.

From your very first post till date, all your focus have been centered on investing in bitcoin and making profits. Everyone here is pro bitcoin and won’t discourage you but I think 700k is a lot of money for a fisherman. You sure you want to spend all that on bitcoins? There is a popular principle when investing in bitcoins “Don’t invest more than you can afford to lose”. I have read your other topics and don’t think you are in a good position financially to make such a huge investment. I would advice you invest only 20% of that amount in bitcoin and use 50% to start a business or side hustle, the remaining 30% should be savings.

AicecreaME

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Quote from: rachael9385 on March 18, 2023, 03:38:32 AM

After learning a little about bitcoin, I decided to invest from my little savings and also my parents gave me little money so I can invest on bitcoin.
https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-price/cryptodetail/symbol-btc.cms?from=mdr
So now the price of bitcoin is high and I don't know if this is the right time to buy or should I wait for a while before I buy?
I have about N700.000 I want to invest.
Please I want suggestions.

The price of Bitcoin is defined not high as of the moment since we're still in bearish market. Buying right now is not bad, if you're gonna go for long term hodl, in short term, I don't think so since the price is unpredictable. But if you're waiting for it to dump to $17,000 again, it's up to you if you're gonna take the chance of waiting for that to happen. The only thing I'm sure about is that if Bitcoin's price would just pump more, you'll end up not buying because you're waiting for a scenario that already happened.

KaliLinux

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Quote from: rachael9385 on March 18, 2023, 03:38:32 AM

After learning a little about bitcoin, I decided to invest from my little savings and also my parents gave me little money so I can invest on bitcoin.
https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-price/cryptodetail/symbol-btc.cms?from=mdr
So now the price of bitcoin is high and I don't know if this is the right time to buy or should I wait for a while before I buy?
I have about N700.000 I want to invest.
Please I want suggestions.

That is roughly like $900 if I got your amount correctly and I would say it is a good amount to invest in Bitcoin. Even some of us don't have that much in Bitcoin HODLings Wink

however, I don't think you should hold out for too much, people always think that the price might go down again, so what if it does? your target should be for the long hold at least next ATH and what happens if it doesn't go down again? except up. But always remember to have your BTC away from your exchange wallet to your own personal HD wallet.

kryptqnick

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If the price is in INR or Nigerian naira, 700 seems like a very small amount (or is it 700,000?). I mean it merely from a practical perspective: sometimes the transaction fees can be, like, $1 or around that, so it shouldn't be a significant amount of your investment. Also, if you invest, say, $10 into Bitcoin, it means that even when it grows 10x, you'll only have $100 out of it. Is it a difference-making sum over several years? Is it worth it? Of course, just as an experiment, it's good to invest any sum. But the expectations should be adjusted to the state of affairs. As for the time of the investment, it's really hard to say if we're finally in the bull market which is hitting fast or if Bitcoin can be around $20k soon once again. But others are correct that if the investment is meant to be long-term, it does not really matter.

Oneandpure

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Better not hype when investing in Bitcoin indeed how much do you want to invest, seems right now Bitcoin on higher price after raising up from $23,000 almost reached to $27,700 and too risk keep try investing in higher price. Despite is not the highest price from Bitcoin but I sure one or three days later have correction for bitcoin price.

Many people entry with wrong moment actually after looking on twitter with Bitcoin trending but they was forget have reached higher price and little patience most important to get Bitcoin with lower price. Good ideas waiting one or two days later if Bitcoin back correction for investing or invest right now but I don't think Bitcoin without any correction yet after stable on higher price since from yesterday.

pawel7777

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Quote from: rachael9385 on March 18, 2023, 03:38:32 AM

(...)
I have about N700.000 I want to invest.
Please I want suggestions.

Not sure what currency you are referring to, and if that amount is substantial to you or if it's something you could afford to lose (i.e. do you have any other investments, will you be needing that money in the future etc). Obviously, your financial goals also play a big part. But it's a good strategy to approach investing of a small amount the same way you would do with a big one.

So (assuming those are your only investment funds), I wouldn't put it all in Bitcoin, but rather try to build a more diversified portfolio. As for Bitcoin itself, my personal expectation is that, more likely than not, it will go up in the next 1-2 years, but previous rates of returns will be impossible. I don't expect it to go much higher than the previous ath.

Jawhead999

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If you're not sure enough to invest Bitcoin right now and as you said you're only have little knowledge about Bitcoin, it's better for you to learn more and ask yourself what's the reason you invest in Bitcoin, not in the other assets e.g. stock, gold, etc.

No one force you to invest in Bitcoin, most people only invest in Bitcoin because they think they will make a quick money, but when it goes wrong with their predictions, they will blame Bitcoin. I just want to make sure you will not blame Bitcoin when the price doesn't move like your speculation.

TheUltraElite

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So anyway, I applied as a merit source :)

The price is on the rise since the last dump and has been increasing by 1000$/day and therefore not the time to buy but hold. I know you might feel impatience building up because you are unable to buy with newly owned money to spent but patience is a key factor keep the pro traders from the wannabe traders. We might see a dump in coming future when it would be right to buy again, specially if the price drops below 20k USD, otherwise we are in for a bull ride upwards.

Remember that the patience you have today will give you good results in future if you can manage to keep it.

Charles-Tim

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If you are not planning to sell in the next 2 years, you can invest.

You can take certain amount of money every week to invest, so not to invest at ones as the price can still go down, but the price may go up as well. You can divide the money and invest as the price go down. You can read more about the strategies you can use to invest in bitcoin.

If you invest all and the price start to fall, do not be panicked, see it as unrealized loss that it would later become a realized profit, just do not sell until bitcoin price has increased significantly.

rachael9385

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After learning a little about bitcoin, I decided to invest from my little savings and also my parents gave me little money so I can invest on bitcoin.
https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-price/cryptodetail/symbol-btc.cms?from=mdr
So now the price of bitcoin is high and I don't know if this is the right time to buy or should I wait for a while before I buy?
I have about N700.000 I want to invest.
Please I want suggestions.

Topic: Is it advisable to buy now or letter? (Read 187 times)