The price of Bitcoin is down more than 10% from its all-time high and the critics are taking victory laps this week as bitcoin has fallen all the way back to… $97,000.
It is still close to $100,000 for one bitcoin. It's crazy to me to think that the “dip” is back to just short of that important milestone, and really shows how far this asset has come. on the last 15, going on 16 years.
A year ago, bitcoin is up over 128%. And by historical trends, it is entering its third year of price increases before a major correction. So this tells me that bitcoin is not done pumping yet, it is just taking a breather before the next leg up.
#Bitcoin they should continue to pump through next year, based on historical trends 👀
How high will BTC rise in 2025? 🚀 pic.twitter.com/VFX6jNgvvP
– Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
HODLing bitcoin can be beautiful at times for new Bitcoiners. This asset is volatile both ways – which is good when it's pumping but it makes people rethink their lives when it's dumping. If you're new and you bought the local top of $108,000 and you're panicking, take it from me, someone who's been in Bitcoin for almost eight years now – you're going to be fine.
This is a healthy withdrawal and the only thing you should worry about is stacking up more bitcoin today than you did 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 does on a daily basis. Bitcoin is a wild animal and will go down just as hard as it goes up. This volatilityeven the recession, a good thing for many reasons – it creates opportunities. Especially for new shoppers to take advantage of stacking bitcoin at cheaper prices than when they first got in.
When in doubt, it's always important to step out and see where bitcoin is headed. Bitcoin has two possible scenarios that it can experience:
1.) Bitcoin will fail and go to $0.
2.) Bitcoin will flourish and reach a price range in the millions and beyond.
I think that Bitcoin has proven itself that it will not fail, so there is no option number 1 here on the table. The meaning of option number 2 is the most likely to happen.
And if option number 2 is going to happen, well, you should stack more bitcoin on every decline.
When in doubt, move out.
HODL ✊ pic.twitter.com/mr61ppIn3Y
– Nikolaus Hoffman (@NikolausHoff) December 20, 2024
This article is a Take. The views expressed are entirely those of the author and do not necessarily reflect the views of BTC Inc or Bitcoin Magazine.
