The price of Bitcoin has fallen more than 10% from its long-term high and its critics took a victory lap this week as bitcoin fell back to… $97,000.
It is still almost $100,000 per bitcoin. It’s crazy to me to think that the “dip” is back below that important milestone, and it really shows how far this stock has come in the last 15 years, going on 16 years.
So far, bitcoin has risen more than 128%. And with historical trends, it is entering its third year of price increases before a major correction. So this tells me bitcoin isn’t done pumping yet, it’s taking a breather before its next leg up.
#Bitcoin it should continue to grow next year, based on historical trends 👀
How much will BTC rise in 2025? 🚀 pic.twitter.com/VFX6jNgvvP
– Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
HODLing bitcoin can be intimidating at times for new Bitcoiners. This material is versatile in both ways – which is great when it’s pulling but it makes people rethink their lives when it’s thrown away. If you’re new and you’ve bought a $108,000 spot high and you’re scared, take it from me, someone who’s been in Bitcoin for about eight years now – you’ll be fine.
This is a healthy reversal and the only thing you should worry about is packing more bitcoin today than yesterday.
It is more important to learn the basics of Bitcoin and understand this new asset class than to worry about what the price of bitcoin is doing day to day. Bitcoin is a wild beast and will have a hard fall as it turns higher. This flexibility, even the downside, is a good thing for many reasons – it creates opportunities. Especially for new bitcoiners to take advantage of putting bitcoin at cheaper prices than when it first came in.
Whenever in doubt, it’s always important to step back and see the direction bitcoin is on. Bitcoin has two possible scenarios:
1.) Bitcoin will crash and go to $0.
2.) Bitcoin will prosper and reach a price range in the millions and beyond.
I think Bitcoin has proven itself that it can’t fail, so option number 1 here is off the table. Option number 2 explanation is the most likely to happen.
And if option number 2 is going to happen, then, you have to put a lot of bitcoin in every drop.
When in doubt, reverse the image.
HODL ✊ pic.twitter.com/mr61ppIn3Y
— Nikolaus Hoffman (@NikolausHoff) December 20, 2024
This article is a Take it. The views expressed are entirely those of the author and do not reflect those of BTC Inc or Bitcoin Magazine.