Bitcoin buyers are currently facing yet another episode of whether to buy or not to buy the cryptocurrency. The largest cryptocurrency by market capitalization is currently trading around $61.8k at press time, after an earlier drop threatened to move below the key long-term $60k support level last week.
Prospective buyers, many of whom have been waiting for a major bearish move to load up their purses again, are double-minded right now, struggling to decide whether to buy now or wait for it to fall further, potentially to $50k or even lower. However, there is no guarantee that the bears will make such a move, which makes the situation all the more interesting from a market psychology perspective.
The sentiment was perfectly captured by a popular crypto analyst, Michael Van de Poppe, in a recent tweet:
The analyst has repeated familiar tropes that crypto users heard hardly a year ago, when BTC was sitting comfortably above the $100k resistance level. Back then, countless crypto users who had missed the 2024-2025 bull market were lamenting their miss and expressing their desire to buy crypto when it dipped back to $80k.
Now, we are way below it, and the buying momentum is still nowhere near where it should be, as holders wait for a final drop once again. Many of these users are likely to miss the chance again as they keep waiting for a bottomless drop.



 Missed Buying Opportunities
The same behavior was observed in previous Bitcoin cycles as well. In 2018, many who swore they would buy Bitcoin when it would dip below $10k couldn’t loosen their purse even when it hit $3.2k. Similar hesitation occurred in the 2022 bear market. Each time, the maximum pain phase, when there was widespread capitulation, created the strongest long-term buying opportunities, yet retail participation often dried up. Institutions and seasoned accumulators, on the other hand, have used techniques such as Dollar Cost Averaging (DCA) when there is blood in the streets.
The emotionless strategy helps turn volatility from an enemy into an ally, allowing investors to acquire more BTC at a lower average price point. The reason this is a useful buying strategy is that there is no way to know for sure when BTC will bottom. Currently, we have anywhere between $30k and $60k, and as crypto continues to lose value, the goalposts keep shifting, adding to buyer confusion. Investor discipline is essential here to maximize the benefits of this bear market.
