<img src="https://bitcoinmagazine.com/.image/c_fit%2Ch_800%2Cw_1200/MTc5Mjk3NzYwNTgwNDEzMDc5/report-crypto-exchanges-saw-trading-volumes-plummet-in-january.jpg” />
The price of bitcoin is down more than 10% from its all-time high and its critics are doing victory laps this week, as bitcoin has plummeted to… $97,000.
It's still practically almost $100,000 for a single bitcoin. It's crazy to me to think that the “drop” has come back to just below that important milestone, and that it really shows how far this asset has come over the last 15, 16 years.
So far this year, bitcoin is up more than 128%. And based on historical trends, it is entering its third year of price increases before suffering a major correction. So this tells me that bitcoin isn't done pumping yet, it's just taking a breather before its next rise.
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<a target="_blank" href="https://twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
How high will btc go in 2025? pic.twitter.com/VFX6jNgvvP
– bitcoin Magazine (@BitcoinMagazine) <a target="_blank" href="https://twitter.com/BitcoinMagazine/status/1867666030312796439?ref_src=twsrc%5Etfw”>December 13, 2024
HODLing bitcoins can be scary at times for new Bitcoiners. This asset is volatile both ways, which is great when it's pumping, but makes people rethink their lives when it's unraveling. If you are new and bought the local high of $108,000 and are panicking, trust me, someone who has been in bitcoin for almost eight years: everything will be fine.
This is a healthy pullback and the only thing you should be worried about is accumulating more bitcoins today than yesterday.
It is more important to learn the fundamentals of bitcoin and understand this new asset class than to worry about what the bitcoin price is doing on a day-to-day basis. bitcoin is a wild beast and will have declines as strong as rises. This <a target="_blank" href="https://x.com/TFTC21/status/1822322750842658914″>volatilityEven recessions are a good thing for many reasons: they create opportunities. Especially for new bitcoiners to take advantage of the possibility of accumulating bitcoins at cheaper prices than when they originally entered.
Whenever you have doubts, it is always important to zoom out and see the trajectory that bitcoin is following. bitcoin has two possible scenarios that it will experience:
1.) bitcoin will fail and go to $0.
2.) bitcoin will be successful and reach a price range of millions and more.
I think bitcoin has proven that it will not fail, so option number 1 here is not on the table. Which means option number 2 is the one most likely to happen.
And if option number 2 is going to happen, then, well, you should accumulate more bitcoins every downturn.
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When in doubt, walk away.
HODL pic.twitter.com/mr61ppIn3Y
—Nikolaus Hoffman (@NikolausHoff) <a target="_blank" href="https://twitter.com/NikolausHoff/status/1870138533345931594?ref_src=twsrc%5Etfw”>December 20, 2024
This article is a Carry. The opinions expressed are entirely those of the author and do not necessarily reflect those of btc Inc or bitcoin Magazine.
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