After several months of virtually uninterrupted rise, the price of Bitcoin came to a serious halt in May 2021. A crash in the price of Bitcoin took place which sent its price plummeting to the major support of $30K. Bitcoin held its ground, as it always does, and a strong rebound then took place above $40K.
With fear continuing to dominate the market, the price of Bitcoin was unable to break through the $42K resistance that would have allowed a return to the $50K level.
From then on, the rejection of this resistance brought the price of Bitcoin back below $40K, and even below $35K now. The price of Bitcoin is moving sideways with the market waiting to see which way to go. This situation, which requires patience, is likely to continue for some time. Probably all summer.
Nothing is certain as always, but you should be prepared for this scenario.
Many wonders if it’s a mistake to buy Bitcoin now
As a result, I am getting questions from people asking me if this is a good time to buy Bitcoin. Some people go further and ask me if it is a mistake to buy Bitcoin now when a Death Cross is looming that could result in a more pronounced crash in the price of Bitcoin in the weeks to come.
To all the people who are wondering if buying Bitcoin today in June 2021 can be a mistake, I will answer this question quite directly in this article.
In my opinion, buying Bitcoin is a no-brainer, except in one very specific case where it could indeed become a huge mistake. After such a sentence, you will obviously be eager to find out in which case buying Bitcoin is a huge mistake.
First and foremost, you should seek to understand fundamentally what Bitcoin can do for you. The initial reasons for buying Bitcoin are the same for 99% of people: greed. Everyone hopes to profit from the incredible rise in the price of Bitcoin to make big profits.
It is a mistake to buy Bitcoin if you think it is a get-rich-quick scheme
However, you can’t really profit from Bitcoin if you limit yourself to this mindset. You will end up selling your Bitcoin at a loss sooner or later. You will either sell out of fear of a crash like the one in May 2021, or you will take profits by exchanging your Bitcoin for US dollars.
Taking profits by exchanging your Bitcoin for US dollars is like losing money in my eyes.
In effect, you are exchanging the hardest money in the world for weak money whose value keeps getting devalued over time. In the last twelve months, more than 25% of all U.S. dollars in circulation today have been printed out of thin air by the Fed.
Holding on to U.S. dollars makes no sense if you really want to take care of the fruits of your labor to enjoy your life as you see fit.
If you don’t understand what I just said, then buying Bitcoin would be a mistake for you. You will be disappointed sooner or later to find out that Bitcoin is not the get-rich-quick scheme you dreamed of.
Bitcoin is a technology designed to give you back the power over your life
In reality, Bitcoin is much more than a simple get-rich-quick scheme. What Bitcoin offers you is clearly priceless. Bitcoin gives you the freedom to live your life on your own terms. With the Bitcoin you own, you can choose at any time how to use it. No one can force you to spend it either through coercion or fear of the ravages of monetary inflation.
The guarantee that Bitcoin gives you changes everything: 1 BTC in 2021 will always be equal to 1 BTC on 21 million in 10, 20, or 50 years.
So you can save the fruits of your labor safely within the Bitcoin network. If you buy Bitcoin to gain the freedom to reclaim the power over your life, then you can never make a mistake buying BTC.
In the short term, its price can still fall. I can’t tell you otherwise. Nobody can.
That’s why you have to take a long-term view. In the long run, what Bitcoin brings to the world is unique. Hundreds of millions of people will need Bitcoin in the future. The demand for it is going to keep growing. With supply frozen at 21 million units no matter what, and the supply of new units inevitably shrinking over time, the price of Bitcoin is bound to explode in the future.
Bitcoin is indeed a NgU technology.
To take advantage of it, you’ll need to have confidence in the Bitcoin revolution. This confidence will allow you to be patient. So it all starts with the knowledge of what Bitcoin brings to you. Once you realize what Bitcoin brings, you will stop asking these types of questions.
You will also stop talking about taking profits by trading Bitcoin for weak money.
You’ll focus on the only thing that matters with Bitcoin for years to come: accumulating more and more BTC. When its mass adoption is finalized, then you’ll be able to enjoy the fruits of your labor the way you want to, not by obeying the consumer society that pushes you to buy more and more useless stuff.
As you can see, the answer lies within you. It’s up to you to decide whether or not you want to take advantage of the Bitcoin revolution.