Bitcoin’s price is down more than 10% from its all-time high and its critics are taking victory laps this week as bitcoin has plummeted to…$97,000.
That’s still basically almost $100,000 for a single bitcoin. It’s crazy to me to think that the “dip” is back to just below that important milestone, and it really shows how far this asset has come in the last 15, 16 years.
Year to date, bitcoin is up more than 128%. And according to historical trends, it is entering its third year of rising prices before undergoing a major correction. So this tells me that bitcoin isn’t done pumping yet, it’s just taking a breather before its next step.
#Bitcoin should keep pumping well into 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 sometimes be scary for new Bitcoiners. This asset is volatile in both directions: which is good when it is rising, but makes people reconsider their lives when it is falling. If you’re new and bought the $108,000 local high and are panicking, trust me, someone who’s been in Bitcoin for almost eight years now: you’ll be fine.
This is a healthy retreat and the only thing you should worry about is accumulating more bitcoin today than yesterday.
It is more important to learn the fundamentals of Bitcoin and understand this new asset class than to worry about the daily price movement of Bitcoin. Bitcoin is a wild beast and will have equally harsh recessions as swings. This volatility, even recessions, are a good thing for many reasons: They create opportunities. Especially so that new bitcoiners can benefit from accumulating bitcoin at cheaper prices than when they originally joined.
Whenever you have doubts, it is always important to zoom out and see the trajectory bitcoin is on. Bitcoin has two possible scenarios it will experience:
1.) Bitcoin will fail and go to $0.
2.) Bitcoin will be successful and reach a price range of millions and beyond.
I think Bitcoin has proven not to fail, so option #1 is not on the table here. This means that option number 2 is what is most likely to happen.
And if option number 2 comes to fruition, then well, you should accumulate more bitcoin with each recession.
When in doubt, zoom out.
HODL✊ pic.twitter.com/mr61ppIn3Y
— Nikolaus Hoffman (@NikolausHoff) December 20, 2024
This article is a Take. The opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.