As Bitcoin plummets downward in a massive sell-off, ready to break down below the higher-low trendline, I find myself asking: At what price will I be buying again? What price am I ultimately waiting for before investing more FIAT? And, what about you?
BEAR MARKET
Ever since Bitcoin has reached it's peak around the year's end we've been in a downward bear market and the current market outlook is far from positive as Bitcoin continues to loose steam. I've commented before on the similarities between the present day and the 2013/2014 bubble and following bear market, but from the looks of it we're actually going to go through another Bitcoin winter after all.Despite some positive sentiment a few days ago, my prediction of dropping down below a price of $5000 per Bitcoin is back on the table as far as I'm concerned. If we drop any lower, which could be any moment now, the next stop being $6000 is almost a guarantee, and that opens the door to drop even lower and set a new lower low.
CARE VERY LITTLE; BUY BITCOIN
I'm a HODLer and have hodled through the darkest days before in the 2014-2016 period. Though I had given up hope back then, now my perspective has changed and I see a potential crypto-winter as an opportunity instead of a disaster. Sure I would love to shoot up to the moon - but I welcome the opportunity to increase my stack before we do. In my mind, finding the bottom in this bear market is akin to finding the bottom and buying Bitcoin at $220 each last time around. Buying Bitcoin at those levels during the true desperation, is what it really means to 'BTFD'.
But where to find the bottom? A big question, but maybe we can tone it down. If you're a true believer like me, the real bottom doesn't matter all that much. The real question becomes: Where is your bottom?
At what price will YOU be ready to buy more Bitcoin?
Don't misinterpret my question though! I'm not asking at what price you think would be a good moment to hypothetically buy in. I'm asking at what price will YOU actually FOMO the hell in and actually make a real-life bank transfer to buy more Bitcoin.What price would be so low that you would be unable to resist buying more Bitcoin, even if just a little bit, in order to not miss that opportunity?
I think answering this question honestly is an important one in our joined quest in trying to predict where the actual bottom will be. If you're not lining up to FOMO in right now, chances are the same goes for everybody else. So at what point would you be lining up to actually buy?
For me, the answer is: Below $4500 I will start buying Bitcoin again with FIAT money. Market morale will be extremely low by then, but if we drop to $4500 I don't consider $3000 unrealistic either. Anywhere between those two price levels I hope to complete my stack of Bitcoin.
So, what's your FOMO-buy-in-price-point? When will you actually start spending FIAT again?
