Bitcoin dip hack? Matt Hougan says grab a 'sticky note'
Crypto investors often swear they're going to buy Bitcoin when it dips back to a certain price, and then when it finally gets to that magic number, most stare at it, frozen.Why? Because after a drop, it seldom "feels good," says Matt Hougan, CEO of Bitwise.
To pitch an idea to fix the problem, Hougan says he has an idea that is as simple as a sticky note.
In a post, Hougan points out that when the market is blasting off, people confidently get into a Fear Of Missing Out (FOMO) sentiment and wish that the next time Bitcoin's price dips they would buy. However, when the actual dip arrives, sentiments change, and they hesitate to buy the asset.
His advice? Determine your buy target in advance and put it on your monitor. Then, when the market shakes your conviction, you've already made your decision.
"The dip comes when sentiment drops. Writing the number down can be a good form of discipline," adds Hougan.
He is not alone in this! Fundstrat's Tom Lee—whose firm Bitmine Immersion is the largest corporate holder of Ethereum—is in accord with the sentiment.
Lee's thoughts have always been that it is discipline and not emotion that separates winners from panic sellers. He says, "Agree
.”At press time, Bitcoin was trading at $109,533.29, down 2.83% over the last day but up over 70.46% in a year.
This article has been published in thestreet.com via Yahoo News.
