Bitcoin has continued to defy not only the odds but now… well common sense. Anything any asset cannot climb like Bitcoin has but Bitcoin has bucked the trend in many different idea before.
Now I still say if you are an individual who trades off of percentages and uses large sums of money you probably will not get burned. The average person though who is chasing Bitcoin at these levels is going to get wrecked in the short term.
Bitcoin long term this price is 110% fine to invest in or to dollar cost average even but to try and ride this short term is a very bad idea. It reminds me of 2017 when people in the US began to mortgage their houses strictly to buy Bitcoin thinking it could only go up. Well we do not live in a fantasy where that works and Bitcoin will go down again.
Pullbacks are common with any and all assets from stocks to gold and silver. This is not a sign of doom nor anything else wrong with Bitcoin but just a fact of something that is a healthy asset. Assets ebb and flow and that’s good! From watching Bitcoin pullbacks before the drops can be huge percentage wise..... previous pullbacks have ranged from 15-25% which at $17,700 could be a pullback from $15,000 to $13250.
These number while rather crazy and hard to fathom have happened on a much smaller scale before. Hopefully if and when this pullback occurs it will be in area and not a $4,000 drop in a day or even a week. Odds are in the favor to that this drop does not happen all at once or with the severity previous ones have had.
This is all my opinion from living through the rides of Bitcoin though. With the economy and markets are they are really anything could happen. This stock could take off like a Tesla and just not look back for a long long time or it could be a Facebook shoot up pull back and than continue its ride up. Societal issues further compound in the idea of unprecedented times that we are in and how maybe just maybe this will be a time Bitcoin does not look back!
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