Bitcoin Market Enters “Fear” Territory, Time to Buy the Dip?

Bitcoin has entered a correction after flying past previous highs at the beginning of November. BTC is currently trading at around $58,000  nearly 16% below its all-time high price of $69,000 registered on November 10, according to the Clark Moody Bitcoin Dashboard.

Whenever price dips, newcomers get nervous while long-timers enjoy buying the dip and stacking cheap sats. The difficulty of newcomers lies in the short-term vision of becoming a millionaire, usually propagated by some. At the same time, Bitcoiners can keep purchasing more BTC as the price drifts downwards. This dynamic is part of human nature, as one tends to sail according to the winds. However, generally, applying emotion in your investments can hurt your strategy, and the best strategy is to “play it cool.”

Armed with a foundational knowledge of Bitcoin and an experienced past of BTC’s ups and downs, Bitcoiners who have been part of the community for a while no longer get affected by the extreme fear that price dips inundate the market. They profit from it. Whenever bitcoin crashes, Bitcoiners are the first group to step up and meme “buy the dip” into reality because they know that, historically, the price trend has been upwards.

Source link Bitcoin Magazine

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