Bitcoin’s price is down more than 10% from its all-time high, and its critics are taking victory laps this week as Bitcoin falls to…$97,000.
The price of one bitcoin is still around $100,000. It’s crazy to me to think that the “low” has come back just below this important milestone, and really shows how far this asset has come over the last 15 years, over the course of 16 years.
Year to date, Bitcoin’s value has risen more than 128%. According to historical trends, it is entering its third year of rising prices before getting a major correction. This tells me that Bitcoin is not finished pumping yet, it is just taking a breather before it rises in the next phase.
#Bitcoin Pumping should continue over the next year, based on historical trends 👀
How high will Bitcoin rise in 2025? 🚀 pic.twitter.com/VFX6jNgvvP
— Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
Holding Bitcoin can sometimes be intimidating for new Bitcoin users. This asset is volatile in both directions – which is great when it’s pumped but makes people rethink their lives when it’s dumped. If you’re new and bought the $108,000 local high and are panicking, take it from me, I’m someone who’s been in Bitcoin for almost eight years now – you’ll be fine.
This is a healthy decline and the only thing you should worry about is amassing more Bitcoin today than you had yesterday.
Learning the basics of Bitcoin and understanding this new asset class is more important than worrying about what the price of Bitcoin is doing on a daily basis. Bitcoin is a wild beast and will experience downturns as strong as its upward swing. this VolatilityEven recessions are good for many reasons – they create opportunities. Especially for new Bitcoin users to take advantage of staking Bitcoin at cheaper rates than when they originally entered.
When in doubt, it’s always important to zoom out and see what path Bitcoin is on. Bitcoin has two possible scenarios you will encounter:
1.) Bitcoin will fail and go to $0.
2.) Bitcoin will succeed and reach a price range in the millions and beyond.
I think Bitcoin has proven it won’t fail, so option #1 here is off the table. That is, option 2 is what is most likely to happen.
If option 2 is to happen, you should stack more Bitcoin on each pullback.
When in doubt, zoom out.
Hodel ✊ pic.twitter.com/mr61ppIn3Y
– Nicholas Hoffmann (@NicholausHoff) December 20, 2024
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.
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