This is not for you if you have no idea what Bitcoin is. This is if you believe in bitcoin's future, and need some strategy in making sure you get a good price. If you want to learn more about bitcoin, I suggest watching Banking on Bitcoin on Netflix. Or there are a few other Bitcoin documentaries on Youtube which are also worth watching.
Since the beginning of September we've seen Bitcoin become very flat in price. It has been hovering between $6000-7000 per coin. We are in whats called an "Accumulation phase" Or "Depression" phase. Below is a chart comparison of 2018 (top) and 2014 (bottom). You can see after the many ups and downs, it flattened out for quite some time. This flat period was the optimal time to buy in 2014. Some people that bought during this time made 100x their money. If you bought at $200 and sold at 20K (extremely few people did this but still incredible profit, even if you didn't catch the bottom or top).
Here is another comparison with the famous Wall St Cheat sheet. Wall st cheat sheet shows a typical market cycle with all the emotions which investors go through.
What should you be doing?
You should be "Accumulating" which means every week/month or so you should be buying very small amounts. Buying small amounts at a time will give you a nice average price. This strategy is called "Dollar cost averaging". If you want to watch the price more closely, you can buy anytime bitcoin drops $100 or so, that will give you a little better price.
Put in whatever you can afford. I suggest anything under $20, you should wait until you want to spend more than $20 to save on fees. If you want to pay no fees, you should use pro.coinbase.com, fund your account with USD and put in limit orders. I will not explain that here, but there are plenty of youtube videos which can explain.
Should you buy Bitcoin Cash, Ethereum, Litecoin etc?
In my opinion, most people should stay away from all of these, except Ethereum maybe. If you want to buy Ethereum, I would buy much less than bitcoin. Coinbase is adding a bunch of new coins. My favorite are Stellar Lumens and Zcash, which have not yet been added. But I would buy those if you want as well, I think they have bright futures. The bulk of your portfolio should be Bitcoin though. Learn about them before you buy!
When will it go back up?
Nobody knows. There are a few catalysts like an ETF approval from the SEC, that could drive the price up. But most likely it will just naturally go up upon a bunch of piled up good news or adoption.
Can it go lower?
Yes. But as time goes by, it gets less likely. 4800 would be another spot it could flatten out again. Some people throw out 3K as a number. There are a variety of reasons it has sat at 6k for this long, and will probably continue to stay here. If you see drop by $500 or $1000 in one day, which is very possible, buy the dip!
Will you get 100x your money if you buy now?
In the next cycle, or pump? I would say 99% no. 10-20 years from now? Maybe. I think 10x is very possible, and thats still incredible.
Yes you need to pay taxes on your bitcoin gains, this should not deter you.
If you don't have a coinbase account yet, please use my code, both of us will get $10 when you spend your first $100.
https://www.coinbase.com/join/595176c6c3431300c77c52c0?src=ios-link
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