Bitcoin has been in a downward spiral over the past couple of weeks, with the price falling from the 6,000s to the 5,000s to the 4,000s and now to the 3000s.
After holding steady for so long in the $6,000 range, many had got comfortable with the stability of the price. BTC had become like the ultimate stable coin. Not so now, as even some long time holders have started to sell, fearing a further price collapse.
For those who invested more than they could afford to lose, selling is an understandable reaction to a sudden fall, after a sustained period of market strength. This is why I repeatedly say, "Never invest more than you can afford to lose." That way, you can afford to hold your Bitcoin, no matter how low the price may go. In a worst case scenario, you can still pay the bills without losing a single Satoshi of your Bitcoin position.
So if you're entering the BTC market now, or increasing your position as the price falls, keep in mind what I have just said. Bitcoin could still go lower and the price may not rebound for a considerable period of time. No one knows for sure. Don't put yourself in a position where further price drops or a sustained bear market force you to sell because you're overextended. Be a wise investor, not a gambler.
Personally, I believe that Bitcoin will eventually return to all time highs and beyond... to the moon! Nothing has changed in terms of its fundamentals and the technology being built around it and to support it. Better days are ahead. Stay strong.
This brilliant song and video clip, 'Bitcoin Please Go To Moon', featuring 'bearish' Tone Vays and 'bullish' Mike Novogratz, was created by 1thousandx.
You will find the lyrics and video below. Enjoy!
Bitcoin please go to moon
Stop going sideways now
Tone Vays say
We going down to 1k
But Mr Novogratz say
Novogratz is bullish
Tone Vays is bearish
[Tone] Bearish target is 1300
Novogratz is bullish
[Novogratz] Bitcoin can be at 40 000
Let us go to moon
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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