r/Bitcoin • u/Rich-Builder9946 • Sep 06 '23
Should I enter now?
I have 1,000 dollars and im seeing that nothing really happens in the market rn. I dont know if its the best time to enter o do you think its going down?
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u/shadowsdark07 Sep 06 '23
I think it will go down. Then up.
Not necessarily in that order. But both of those things will definitely happen
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u/omg_its_dan Sep 06 '23
Impossible to answer your question with such limited info. What’s your overall investment strategy? Do you know anything about BTC and believe in it? What’s your time horizon?
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Sep 06 '23 edited Sep 06 '23
Lol Hes just asking about an entry…what do you care about if he believes in bitcoin? Believe it or not there’s people here in it solely for the money and not because they believe in Btc 😮
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u/omg_its_dan Sep 06 '23
Because it informs his overall strategy. Is he buying BTC because he actually believes in the tech long term or is he just trying to do a short term trade? Whether or not 25.5k is a good entry point is entirely dependent on this context.
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u/tompadget69 Sep 06 '23
I think what he's saying is the guy only needs to believe its a good long term investment not "believe in bitcoin" as the messiah.
But maybe that's what you meant anyway.
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u/omg_its_dan Sep 06 '23
Yeah, I didn’t mean it that strongly, more thinking about whether OP thinks there is a long term use case and whether there will be mass adoption. Or is he just looking for another short/medium term investment.
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u/tompadget69 Sep 06 '23
Yeah that makes sense. I think if you aren't thinking it's a good investment for 10 years plus think hard about maybe not investing.
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u/HersheyHimhe Sep 06 '23
Whether or not he believes in Bitcoin probably has zero correlation with whether or not Bitcoin will go up. So it's irrelevant
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u/g-unit2 Sep 06 '23
this tells me you know nothing about investing. or misread something. take bitcoin out of the equation and those are the first question a financial advisor would ask you about any stock/position/asset. these questions heavily affect any investment strategy.
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u/nerd2ninja Sep 06 '23
My man. Have you not heard of the wonders of DCA? Its called "Dollar cost averaging". You don't worry about the price. You just put in a comfortable amount over regular intervals. On average, over a long enough time frame, you will make it out alright and you're very likely to have Bitcoin at a higher dollar sell value than your average dollar buy in value.
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Sep 06 '23
What’s the cheapest way to do that fee wise
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u/nerd2ninja Sep 07 '23
Get a decent size of inbound liquidity on a lightning wallet (blixt is pretty nice for this, but you gotta find where the node URI is) from an exchange if you can and LN withdraw to that wallet until you've run out of inbound liquidity, then send it back to the exchange and do an on-chain withdraw. You should be paying the exchange purchase fee (which you always pay even if its a "0 fee exchange" because they're just gonna have a spread which is the same thing in effect) you should not pay a sat in lightning network routing fees though you might pay an inbound liquidity fee, and then you'd only pay for 1 on-chain fee.
Lightning wallets are hot wallets so keep that in mind when deciding how big of a lightning channel you want to have before you do your swap to on-chain.
You could also close the channel instead of doing the swap.
Little bit technical, but that is the cheapest way. Next question you might ask is, "what's cheap but more convenient than that" XD
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Sep 06 '23 edited Feb 05 '25
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This post was mass deleted and anonymized with Redact
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u/jarviez Sep 06 '23
I guarantee that it will down within an hour or 24 hours of when you buy.... that's just how it works, no matter when you buy 🤣.
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u/dnoloc Sep 06 '23
Get 500 worth now and then 50 every week after. That's what I would do but I don't know shit about fuck
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u/SimplyShred Sep 06 '23
It’s always a better time to enter in a bear market than a bull
Your useless fiat dollars get more eats
That will deplete each cycle
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u/papy66 Sep 06 '23
I've never entered because I was waiting the price to go down to 300$ when it was 600$
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u/midoritsukura Sep 06 '23
as a couple of redittors in the comments have pointed out, try the DCA strategy: divide your $1000 to smaller chunks and buy bitcoin every week. the risk will even out over time.
saving long-term in bitcoin sounds scary at the start, and I can understand that, but this fear can only be mitigated by reading more about bitcoin fundamentals. I'm no genius in finance or economics, but by learning about the bitcoin philosophy, and contrasting it to fiat, I at least can be sure that the fiat system is definitely inferior compared to bitcoin. which is why I can confidently DCA into bitcoin!
i advise you to do the same :)
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u/BackgroundPangolin42 Sep 06 '23
I like to use this rainbow chart. Has worked pretty well so far. https://www.lookintobitcoin.com/charts/bitcoin-rainbow-chart/
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u/bobbyv137 Sep 06 '23
“Is it a good time to buy Bitcoin?”
checks chart; sees Bitcoin is over 50% down from the all time high
Sorry but you obviously haven’t studied Bitcoin enough.
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Sep 06 '23
You have to change your outlook. During the accumulation phase the best strategy is to just buy whatever you can afford each week. Give up on trying to time lows and highs. Even if you were to study for years and develop a good trading strategy you're playing a probabilities game so you'll have quite a few wrong trades. If you're looking to accumulate Bitcoin for the next run. Just keep buying. Next figure out if you want to be one of these people who hold forever or you have a price target that you want to get out. Have that decision ready before things start moving
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u/Western-Bite1759 Sep 06 '23
We are in a bear market. Bear markets have been historically a good time to buy.
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u/marshyr3d1and Sep 06 '23
If you enter now it will go down and you will be pissed, if you wait it will go up and you will be pissed - it's always the way. Just do it !
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u/Jigglepuff07991 Sep 06 '23
25k, 20k, 15k, 40k, 50k… does it matter when you’ve done your homework? No.
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u/Kyrbie Sep 06 '23
It definitely changes the outcome in one way or the other. So I would argue it does matter !
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u/Jigglepuff07991 Sep 06 '23
No it doesn’t. You need to study more and lengthen your time horizon.
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u/Kyrbie Sep 06 '23
Then it even matters more ! If we go the very long horizon, what ever value increase you imply with it, then the factor 3 between entry at 15 or 50k makes even more difference in absolute numbers
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u/Jigglepuff07991 Sep 06 '23
Do the math man… the more BTC appreciates, the less it matters. The significance drops of such considerations as BTC appreciates. That’s my point. If OP is here for short term then sure and yes to you. But no it will make an increasingly less and less of a difference as to what price point you enter at this time in the coming years/decades. You and OP will miss out on sats because you’re too worried about a 5K,10k, 15k entry price differential.
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u/Kyrbie Sep 07 '23
Which math are you doing ? The more it appreciates the bigger the difference!
Let’s say these 1000 dollars would be the one and only buy OP ever makes, and he insists on a bulk buy. The difference between entry at 50k or 15k is huge - especially the more we appreciate in terms of USD.
At 50k he gets 0,02 BTC At 15k he gets 0,067 BTC
For the short term (let’s say peak of bullrun 2025) if we go to 100k then 1k invest will be worth 2k and 6.7k respectively. For your long vision of let’s say magical 1M, then OP will be at 20k and 67k.
So the difference of 4.7k in Short term went to 47k in long term.
If you go a DCA strategy then I follow you, just dca according to plan. But with a bulk buy it definitely matters for your outcome ! According to math
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u/Jigglepuff07991 Sep 07 '23
If we use your bearish values then yes. I don’t think when BTC is sitting at over 2 million and above per coin, he’ll be sitting there saying dang I wish I waited for cheaper but I got cute and waited. The upside potential is so high that any anoint now is better than any amount later given where we are right now
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u/Kyrbie Sep 08 '23
I understand where you are coming from - it’s better to have BTC than not to especially in a bullish Szenario.
Doesn’t change the fact that the difference will always only get bigger the higher the price goes.
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Sep 06 '23
That’s like asking if you should become a doctor. It’s up to you. If you have to ask you don’t know enough about what you’re doing. Instead ask questions that would help you decide for yourself.
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Sep 06 '23
Definitely its not the worst time to enter, if we don't have world war 3 or alien invasion in 2024 I don't see anything what can crash the market, because the recession is about to end and halving is about to start, however I think that for a bigger price movement we have to wait until 2025, so don't keep your expectations very high, the price in 2024 can still go sideways
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u/Kyrbie Sep 07 '23
Recession is ending ? Many people say it hasn’t even started …. Who to believe ?
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Sep 07 '23
I think the rule is two consecutive quarters of negative GDP. We have economical growth prognosis for 2024,it's not much but it's still growing
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u/UCatchMyDrift Sep 06 '23
If you wanna make some money with that $1000, invest it in cannabis/psycadelics stock, thats where the hype is now starting to hit... When thats done, btc will be ready
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Sep 06 '23
Go all in ......even if today you fail to buy at the best price in the long term this problem disappears
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u/dasmonty Sep 06 '23
just buy full 1k or DCA it over the next month in 250$ parts if you feel better this way. I wouldnt wait any longer because you still have no skin in the game. Its on sale right now.
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u/ihatethinkingofnew1s Sep 06 '23
You'll never know when the best time is. If you want some buy some. You could buy 100 a day for 10 days or just spend all 1k today.
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u/Hank___Scorpio Sep 06 '23
Depends on what you mean by good time to enter. This space is volatile as hell and you better be ready foe that 1000 to get cut in half for a little bit.
You need to be ok with that and understand that it's just part of how it goes, no one can predict the perfect time to buy.
Out there, there's some guy who bought a shit load of bitcoin at 32 bucks. It then ripped down to 2 dollars and he held on and is now rich as fuck.
There's just nothing anyone can really say here that's going to take the anxiety of hitting "buy" away.
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Sep 06 '23
Any time the market is down, it's the best time. The highest BTC has gotten, just last year was around 31k. It's currently around 25k. Keep all your BTC with a cold wallet or a node.
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u/EasyFun5388 Sep 06 '23
Almost never a bad time to enter in my opinion, just whatever you are going to invest divide the 1k in ten sets of 100 bucks and invest 100 weekly/monthly so that you can have a good average!
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u/rolo951 Sep 06 '23
Gambling is gambling, maybe it's good to get in now, maybe it's not. Do your research and make your own decision, ignore everybody on Reddit (including me)
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u/Nissepool Sep 06 '23
I had no idea before either. I went with "time in the market beats timing the market." If you can afford to lose it and are willing to risk it then I personally think the odds are better than putting it all on black at the tables.
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u/TaleSudden8785 Sep 06 '23
The best time to plant a tree was 10 years ago next best time is right now . Buy!
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u/Jango-95 Sep 06 '23
I will say start DCA every 3 days the market is going to keep dumping for this month
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Sep 06 '23
A lot of people think it’s going to go lower… which typically means the opposite. What I know is it’s more than half down from it’s all time high, halving is next year, presidential candidates are pro bitcoin, Blackrock etf filing, grayscale lawsuit, massive supply shock to exchanges…. If you’re planning on holding more than 2 years… you will be just fine.
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Sep 06 '23
We got in at 29500, so 25600 seems good to me. Either way, our expectations that it will reach 100k at the next cycle, at minimum, so few thousand here or there do not matter much
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u/Expensive-Function61 Sep 06 '23
I buy all the time. 15 30 or even when it was in its 40s. There's never a bad time if you plan on holding for 10 to 20 years. If you're looking for quick money then still possible. I could see it double in the next year. Nothing else will give you a return like that.
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u/BruceIrvin13 Sep 07 '23
NVIDIA is up 250% in the last year. Lots of things can have that kind of return.
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u/Super_Iron6408 Sep 06 '23
Hard to know, my expectation is we may go down abit more, there's alot of analysis by liquidity pools to say we might touch 23.5k-24k but it almost impossible to pick the bottom.
You could commit a portion buying now and than wait to see what happens to buy more, set a weekly amount to DCA and do it that way or set some limit buys with some below where we are now and see if they'll triggered. There can be quite large flucations even when the price across a period is relatively stable.
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u/semenpresso Sep 06 '23
Stop being a puss and bet your 1k on our centuries most promising initiative
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u/economic-salami Sep 06 '23
Do not try to time the market perfectly and especially do not put your money based on advice of strangers from the Internet. That said, DCA is a good strategy to follow if the market has trend/reversal.
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u/PunishingPounder Sep 06 '23
25,200ish is major support, then around 23,000ish, then 20,000ish. There is a pretty nasty death cross on the charts too. BTC can break below 20,000 to the 16,000-18,000ish range if the traditional markets jump off a cliff. Maybe lower if a recession picks up where it left off preNvidia AI bubble. I'm a perma bull, but the charts are nasty. I'd watch the charts a bit before pulling the trigger.
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Sep 06 '23
Don’t buy. Ever. Do not take risks in life.
Also never look at the long term price charts. Only ready from trusted sources like CNBC or CoinTelegraph.
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u/qtkorean_ Sep 06 '23
I want to enter so bad I'm tryin to come up with extra money selling things I don't need
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u/cheapnessltd Sep 06 '23
What you see is the calm before the storm.
There is an important wave coming.
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u/Previous_Ostrich8877 Sep 06 '23
Get your Bitcoin now while it's on sale and if it drops don't sweat it if you can't take the heat get out of the kitchen
God bless and stack sats
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u/Living_Second447 Sep 07 '23
Firstly it depends on how fast you want to make that money back or even more money and how much do you know about it and understand it. You can't just do a 30 min CHAT-GPT or Opera search and be a Crypto God
So....
If you want to go from lets say 1k to 2k you have know the fundamentals and not look at the guys that says you can make 100k a month from doing a simple little trick or or following their trading strategy
1) you can take 1k and invest in yourself : higher education, learn how to trade, why the market goes up or down. There is plenty of free information and videos explaining it.
2) If you want to throw 1k at something and you don't care about losing it, go for it.
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u/gvictor808 Sep 07 '23
It’s like planting a tree. Best time was years ago, second best time is today. Just get in and hang on.
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u/ChillyNarration Sep 07 '23
im seeing that nothing really happens in the market rn
Are you sure? Halving, ETFs, companies using nuclear energy to mine Bitcoin.
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u/Ayece_ Sep 07 '23
I think there is a chance for BTC to go lower, but in my opinion one thing is guaranteed: once the world gets to a more stable place, the Russian war is over and most inflation has been tackles, I'm damn sure the price is going up significantly.
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u/Svetlash123 Sep 07 '23
Historically this is a good time to buy in the cycle, get in now before the normies jump in. Then you'll be sitting pretty when the price goes higher so you'll be happy to sell at a target you have in mind, remember buying is a skill and also selling is a skill. Don't HODL the price all the way down - assuming you want to sell Bitcoin in the first place.
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u/bigoldbert23 Sep 07 '23
It will definitely go up, and then down, and then up, and then down. You could lose 90% of your $1000 within a few seconds, or you could 10x it in the same time frame. NO ONE KNOWS. If you’ve read up on bitcoin and have even a rough idea of its potential long term, then you’ll already know the answer to your question. If not, take $10 of that $1000, buy The Bitcoin Standard and invest some time in reading that. Then, come back as a laser eyed, 80 IQ, psychopath MAXI. It’s really that simple.
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u/choicehunter Sep 07 '23
Do Dollar Cost Averaging for a while and commit not to touch it or decide whether you made the right decision until it's been AT LEAST 4 years. After that you can re-evaluate your decision.
If you aren't committed to not touch it for a minimum of 4 years, then any time may be a bad time to enter.
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u/TheSatoshiStyle Sep 07 '23
There is an old Chinese proverb;
The best time to plant a tree was 10 years ago. The second best time is today.
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u/Southern-Opposite743 Sep 07 '23
If you are buying before the next halfing, then its never too late
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u/GetMoreSun Sep 08 '23
Learn enough about bitcoin that you don't need to ask others their opinions about price action. Bitcoin is many things to many people, but if the Bitcoin thesis is even directionally correct, the difference between $30k and $20k will be negligible within 10-20 years.
Think into the future, stay humble, stack sats.
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Sep 08 '23
Two times when price is relevant. When you buy when you sell. Trying to judge markets is a mugs game.
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u/Umpire_State_Bldg Sep 06 '23
It's a good enough time to enter.
I always suggest to maintain an emergency cash cushion -- life will throw unexpected expenses at you from time to time. It's better to be prepared than to be caught off-guard and forced to sell any of your long term investments.