You need to be patient to be successful with cryptocurrency investing. Although cryptocurrencies are volatile there are usually cycles that you can rely on to predict upswings and downswings. This is particularly true of Bitcoin.
Waiting for the right time to buy and sell cryptocurrencies comes with experience. One of the ways that you can usually make a profit with Bitcoin investing is to use the dollar cost averaging method.
With dollar cost averaging you will make regular purchases of Bitcoin say weekly or monthly. You do not have to worry about the prices being right – just buy at whatever the price is now. It is best to invest the same amount every time for this strategy to work.
So for example if you can comfortably afford to invest $100 a week in Bitcoin then do this using the dollar cost averaging method. Some weeks you will get more Bitcoins for your money and other weeks you will get less. Over a period of time your profits should average out as well so that you will make a profit.
If you just invest a lump sum in Bitcoin or other cryptocurrency and the price goes down then don’t panic. Keep your investment going until the price rises above what you paid. If you make a withdrawal before this time then you will make a loss.
