The reason for the drop in the price of Bitcoin was too much panic and very little reason. The recent move of Bitcoin to the downside is not something that caught off guard. Bitcoin has had several drops in the past ranging from 40% to 50% before the halving.
HODLers opine that those who are selling their Bitcoin at the yearly lows are setting themselves for trouble. The ideal is to shake the weak holders before the next Bull Run. Some of them are strong enough not to sell their Bitcoin from their long-term holdings.
Many do not feel like they should buy the Bitcoin Bottom at all. The recent price decline is a savage which dumped a consensus that has been built nearly over an eight-year period. Therefore, it is expected that it will take yet another eight years to rebuild the confidence thing.
Bitcoin influencers continue to encourage investment. Several tertiary institutions are continuing to provide cryptocurrency education to several millions. Experienced industrial leaders are teaching, mentoring, and instructing students to build their career in the Bitcoin space.
Sydney Ifergan, the Crypto Expert, tweeted: “There were several people who stepped out and purchased their first bitcoin during this decline. There is always a new entrant keeping the attitude and market alive.”
The price will either go to the moon or dump the investors, and many times technical analysis can prove wrong. However, the hope is that at some point in time, the world will need Bitcoin, and this is very certain.
The Federal Reserve and Treasury are working to facilitate unlimited liquidity. This means unlimited inflation, as well. It looks like the Fed and the US government would prefer to steal whatever is required to ultimately keep the fiat currency pyramid scheme alive and going well.
When liquidity is worrisome, people will need an alternative. One, Danny Scott on Twitter tweeted: “While everything else is closed for trading this weekend, Bitcoin continues to do its thing 24/7. This is history in the making watching a new class safe-haven asset in its first weekend after a global crisis. Predictions?”
It now seems like everything would sell-off during a collapse, whether Gold or the Bitcoin. This is particularly when people realize the value of the safe-haven asset following a panic. Investors, despite the downtrend, are betting on Bitcoin.
Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9
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