When is the time to buy bitcoin when it is down to $29k?

[Lens1000]

The cryptocurrency market is experiencing a turbulence right now and there are so many investors that are making losses most especially the whales that have invested huge amount of money on cryptocurrency. Any whales that is not hodling will record very huge losses. This is why one need to be very l careful when you are investing in cryptocurrency because it is a high-risk investment.

You shouldn't panic- sell at any point because it could make you lose all your funds and you need to be very patient whenever you're dealing in cryptocurrency. It is very important that you should study the coin that you are investing on so that when you study the coin and you notice that it has a promising future, you can put your money on it. Example of such coin is Bitcoin, it has gone down to $29k and so many people are panic selling and this is basically the best time to buy and make huge profits in the future because the market is actually presented a buy option.

So many crypto investors are still afraid of buying because they thought that bitcoin will go down further but I have not taking time to study the crypto chart but I know it will surge. Based on the antecedent of Bitcoin, it will rise in the future and you should by now to make a huge amount of profit.

 

[Shaf]

While it's important to know not to panic sell in cryptocurrency, it's even more important to know when to cut your losses. This should be part of your plan even before you make your purchase, except you are using the DCA method to be a long term holder.

Most traders would not take more than 10% loss before cutting their position, from what I've observed. That's why a stop loss should be set immediately you buy a coin, so even if you happen to be offline, you won't lose more than necessary.

It will also help if you look at the current macro economic conditions. With the talks of war between Russia and Ukraine, the tension between the US and China over Taiwan, the horrible inflation, the outbreak of monkeypox even when we haven't finished dealing with covid 19, this is really a bad time to invest even in Bitcoin. I think it's better to wait for a while.