The amount of full time traders and Bitcoin analysts on Twitter is incredible. It seems like everyone has a prediction on the price of Bitcoin and just about every other crypto asset available.
The truth is nobody can tell you what the market is going to do in the short term. Things are just too unpredictable. Plus with a fairly low liquidity it’s pretty easy for whales to move the market to their advantage which subsequently wrecks short term traders.
If you ask me you probably shouldn’t get involved with the short term price prediction of Bitcoin. The chances are you will lose money instead of making any. Many of the traders on Twitter don’t even trade. They are also like to delete their losing tweets and just keep the winners to give the impression that their predictions are correct more often than they actually are.
Forget about the short term Bitcoin price which can resemble a roller coaster most of the time. Instead try focusing on the long term picture.
If you’re constantly looking at bitcoin so that you can buy at the best possible price, you should probably think about averaging in instead of waiting for the best deal. If you’re waiting for the market to pull back you may find that it never does. Everyone wants to buy the dip but the truth is it rarely happens.
Instead divide up however much money you are thinking of investing and average in over a number of weeks. This is a much smarter way to buy Bitcoin rather than just going all in, in one hit.
Concentrating on the price of cryptocurrency over the short term is pointless. It can be bad for your mental health as well. Bitcoin is a long term investment. It’s not going to make you rich overnight. Once you’ve built up your position you should forget about it. Over time you will get your rewards
The number of people learning about Bitcoin is increasing daily. This alone is enough to drive the price up over time. Just hold and be patient.