Did you buy Bitcoin for $108,000? don’t panic
The price of Bitcoin is down more than 10% from its all-time high, and critics are winning this week as the price plummets to $97,000.
The price of a single Bitcoin is still close to $100,000. It’s crazy to me to think that the “drop” puts us back just below a major milestone and really shows how far this asset has come over the last 15, 16 years.
Since the beginning of the year, Bitcoin has risen more than 128%. And historical trends suggest we’re entering a third year of price growth before a major correction. So this suggests that Bitcoin has not finished pumping yet and is taking a moment to catch its breath before moving on to the next phase.
#Bitcoin Based on historical trends, we should continue to pump next year.
How much will BTC rise in 2025? 🚀 pic.twitter.com/VFX6jNgvvP
— Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
Holding Bitcoin can sometimes be scary for new Bitcoin users. This asset is volatile in both directions. It’s great when you’re pumping, but when you dump it, it makes people rethink their lives. If you are new and you bought the local high of $108,000 and are panicking, take it from me, who has been in Bitcoin for almost 8 years. You will be fine.
This is a healthy retreat and the only thing you need to worry about is accumulating more Bitcoin today than you did yesterday.
It’s more important to learn the basics of Bitcoin and understand this new asset class than to worry about how the price of Bitcoin changes every day. Bitcoin is a beast and the downside is likely to be just as severe as the upswing. This volatility, even in a recession, is a good thing for many reasons. This creates opportunity. New Bitcoin miners, in particular, can take advantage of accumulating Bitcoin at a lower price than when they first started.
Whenever in doubt, it is important to always zoom out and check Bitcoin’s trajectory. There are two possible scenarios in Bitcoin.
1.) Bitcoin fails and becomes $0.
2.) Bitcoin will succeed and reach price ranges of millions of dollars and more.
I think Bitcoin has proven itself that it will not fail, so option number 1 is not on the table here. This means that option number 2 is more likely to occur.
And if option 2 happens, you have to accumulate more Bitcoin every time there is a recession.
When in doubt, zoom out.
Hoddle ✊ pic.twitter.com/mr61ppIn3Y
— Nikolaus Hoffmann (@NikolausHoff) December 20, 2024
This article take. The opinions expressed are solely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
