@lukestokes - I am no expert in crypto but I have seen a lot of trade in typical stock and commodities market. Pull backs are common in any instrument that can be traded. Usually, the public sentiment of greed drives the price up and then profit taking drives it down. The profit taking is always accompanied by some panic selling by smaller investors. As such - pullbacks up to 38% are usually common. On more volatile instruments, even 50% pullbacks are seen. In crypto space, things are a bit more volatile because of the ability of whales to manipulate as you rightly point out.
In my viewpoint, there is no 'perfect time' to buy. What we need to have is a long term view point with belief that bitcoin will rise in price over long term (as you have pointed out) and then keep buying in dips as and when we have some spare cash to invest.
At least, that is what I am following. I have already seen 50% return on investment in 4 months. I will, therefore, keep accumulating slowly and not sell.
Thanks for your article which made me sit back and review my strategy (I find that I am on the right track :) ). Cheers. Upvoted.
Regards,
Glad to hear things are working out well for you. :)
Wow. You are up late !!
Lol. My crypto investments are meagre at this stage so it looks great in % terms for profit but it's hardly anything much. Proves my direction is right and hope to invest more in future.