New Year's Resolutions and Bitcoin

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Happy New Year Bitcoiners! Welcome to 2018. This time last year we were completely unaware that the price of Bitcoin was about to go parabolic and thrust the cryptocurrency onto the world stage like never before. Very few people would have believed you if you'd said that Bitcoin would climb from less than $1,000 to nearly $20,000 a coin before the year was out. In fact, most would have laughed or mocked.

So what does Bitcoin have in store for 2018? Could we see a flood of Wall Street money push the price all the way to $100,000 per BTC? Will there be a major exchange hack or government regulations that spook investors, leading to a crash and extended bear market? Personally I'm on the positive side, looking for a significant move upwards, and I certainly wouldn't be surprised by 100k. This website is 'Bitcoin to the Moon' after all.

New Year optimism. There's nothing quite like it. I was reminded of this yesterday when doing my daily exercise. The place where I go for this was packed. Getting a park was almost impossible, as even the illegal parks were taken. People were everywhere. You could feel the 'get fit, lose weight, eat healthy' New Year's resolutions in the air. And that's great. I'm happy to see people wanting to improve their physical well being. After all, if you don't have your health, it doesn't matter how much Bitcoin you have.

The thing is, that at the start of the year, on a beautiful day, and a holiday at that, filled with optimism and surrounded by like minded people, motivation and a positive outlook come easily. This won't be the case as the days, weeks and months pass. Sooner or later the day will come when holidays are long gone, you're tired and stressed, the weather is lousy, the crowds have disappeared and those who shared a smile and an encouraging word have decided to stay at home. This is the true test of whether or not a resolution will become reality.

If you entered the Bitcoin market in 2017, well done. You have seen the price go up and up, while the corrections have rebounded quickly to achieve further all time highs. Not only that, but many others have joined you on the journey. People from all walks of life, some of whom had never even heard of Bitcoin before, have piled in to get themselves some BTC. Exchanges haven't been able to cope with processing the number of requests for new accounts. It's been one big Bitcoin bull run party. Until now.

The recent fall from nearly 20k to under 11k did rebound, but it is still significantly below the all time high. The market is moving sideways, looking for a breakout to the upside or possibly even the downside. Now I think it will move up, however, it may not. Some are selling their Bitcoin and getting out, while others are exchanging their BTC for the latest fad altcoin where the price is pumping. These are the most testing times we have faced since the start of the 2017 bull run. What should you do now? What will you do if the price falls?

What will I do? Learn from the past. In 2011, Bitcoin fell in price by more than 90% from $32 to $2. The amount in dollar terms seems small now, however, those who bought large quantities at $32 faced a tough situation after the crash. It's easy in hindsight, but it wouldn't have been easy at the time. Next, towards the end of 2013, Bitcoin's price spiraled downwards from a high of $1,100 into a long term bear market that went as low as $200. Again, testing times for people who bought in near the peak.

Those who have believed in the technological innovation of Bitcoin and its potential for changing the future of finance, have in most instances, held during the market downturns. This decision has paid off handsomely, as they have eventually seen their Bitcoin rise in value way beyond previous highs and in some cases beyond their wildest dreams. This is the kind of motivation that can help you to stay strong when everyone around you has given up.

Speaking of up, one way or another, I believe that's where Bitcoin is going.

Bitcoin to the moon in 2018!