It's early to say it yet, because the scenario isn't solid at bitcoin's favour. We have seen a nice fluctuation up to 37,475$ today, but the price is already bouncing back to 36,632$ again. To make sure bitcoin is really recovering, this pattern must repeat itself for the next days until a new support level becomes clear enough in a higher price range than the one we currently have.
For now, the market continues looking bearish and to revert this situation fantastic news are needed. Average news like "bitcoin rised 8%", "investment funds buy 14 million dollars in bitcoin" aren't enough to push btc up. Something bigger is needed...
Bitcoin price showed an increase of 2.24% compared to a week ago, even Bitcoin price increased by 5.25% in 24 hours. This is quite a positive
thing, hopefully this week the price of Bitcoin can reach a price of $ 40k. Because now Bitcoin is at a price of $ 37,900. We shouldn't get too excited
at first, though, there's a chance Bitcoin will drop below $35k again in the near future. Because the movement of Bitcoin is volatile, so we have
to be careful and don't panic easily. People who can be patient, people who can profit from Bitcoin. It will be even better in the near future there is
big positive news, it really helped to push the Bitcoin price back to at least $40k again.
Move of 2-5% in a day is something a normal thing or movement on day to day basis which its not a solid indication for you to rely on making investment decisions but if you are
really dont mind about it and go for long term then these things wont bother you and since bitcoin could really make out recovery no matter what and if you do go for long
term then any price entry point would do and since you dont go for short term kind of decisions then this is depending on someones preference.
What you say is true, we can't just watch the Bitcoin price move around 2%-5% to make an investment decision. It needs to be supported
by other things to be more sure that we make the right decision, such as reading Bitcoin movement patterns is also quite important to do.
Actually what is more complicated when we choose to invest in Bitcoin in the short term, we have to actually enter and exit at the right time,
in order to make a profit. Meanwhile, if from the beginning we invest in Bitcoin in the long term, buying Bitcoins can be done on a regular basis
and there is no problem buying at any price. Because the price of Bitcoin will always go up, so if long-term investment easier to get a profit.
We just need to wait for our selling target to be reached, but we do have to be patient when investing in Bitcoin in the long term.