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Everyone wants to buy the dip… until the dip actually comes. (lemmy-mormonsatan-u23030.vm.elestio.app)

submitted 1 day ago by admin@lemmy-mormonsatan-u23030.vm.elestio.app to c/bitcoin@sh.itjust.works

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Warren Buffett said, “Be fearful when others are greedy, and greedy when others are fearful”.

Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with saying that "the time to buy is when there's blood in the streets."

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[-] remotelove@lemmy.ca 2 points 17 hours ago

Except that Bitcoin isn't driven like stock prices and there isn't much correlation to regular currency trading.

If you "buy the dip" you need to commit to buying as the price dumps all the way to the bottom, and until you can turn a profit as the price eventually recovers, which could take months or years.

If you want Bitcoin, buy it. If you don't, don't. Exchanges control a majority of the Bitcoin, so there are no rules or silly sayings that will ever and can ever make a difference in a trade. Chanting "buy the dip" is cute, but it only encourages FOMO.

[-] admin@lemmy-mormonsatan-u23030.vm.elestio.app 0 points 15 hours ago

I approach all bitcoin purchase with tme mindset of: "Is this blow money? Can I just throw this money away and be ok with it?"

That way if i lost it all, fine. If I profit, cool! It's literally just gambling in vegas to me. And I just got back from vegas, so I'm very familiar with the minset!

this post was submitted on 03 Feb 2025

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