The short-term price of Bitcoin is exciting. But that's not something that should interest you any more than the fundamentals of the Bitcoin revolution. It's far more interesting to talk about the why of Bitcoin and the progress of this revolution block by block.
Seeing a country adopt Bitcoin as its official currency, or professional athletes demand to be paid in Bitcoin, or even American cities fighting to be the most welcoming to entrepreneurs in the Bitcoin ecosystem are all more important things to watch.
This is a sign that the Bitcoin revolution is moving in the right direction. This progression of the Bitcoin revolution induces an increase in demand for BTC, and therefore ultimately an increase in its price since the supply remains limited to 21 million units no matter what.
Despite this, articles about the short-term price of Bitcoin are still popular. It is because of this demand that I do this from time to time as well. It's not my favorite thing to write about, but it's important to do to help newcomers to this world maintain confidence in Bitcoin.
The price drops 15% after an ATH close to $70K, and everyone panics
Since the ATH at $69K reached on November 10, 2021, the price of Bitcoin has dropped 15% to around $58K. This corrective movement is not unusual in the Bitcoin world. This is how the price of Bitcoin increases: in successive upward waves, interspersed with more or less pronounced corrections (and sometimes crashes).
All Bitcoiners repeat this constantly, but many still start to panic as soon as the Bitcoin price corrects by more than 10%:
However, it is during these times that the best opportunities to accumulate more BTC are found in my eyes. When everyone is panicking and selling their BTC at a loss, you need to take a long-term approach and step back. Then you will be able to see that what lies ahead for Bitcoin in the future is phenomenal.
Continuing to buy Bitcoin even now, close to the $60K mark, will prove to be more than the relevant decision in the future. Provided you remain patient and become a Bitcoin HODLer no matter what.
This fear is one of the phases that never lasts forever. Focus on the price of Bitcoin, which keeps rising over the long term
To do this, you need to understand that no short-term movement in the price of Bitcoin lasts forever. Take the chart of Bitcoin's price movement throughout 2021:
On this chart, I have shown you different phases corresponding to the feelings of the investors. When the price of Bitcoin rises above $50K in February 2021, the market is excited. However, this excitement is then interrupted by a correction of more than $10K, which gives rise to a feeling of fear.
This fear then gives way to excitement again when the price of Bitcoin reaches an ATH above $64K at the time of Coinbase's IPO.
In between these phases of fear and excitement, you have moments that are considered boring by some when the Bitcoin price consolidates sideways as it did in the early summer of 2021.
As you can see, all these phases last for a while, but they never last forever. Whatever happens in the Bitcoin world, even when China bans Bitcoin from its territory, its price will resume its rise sooner or later. Because if all these phases have been going on since the beginning of 2021, you can see that its price has more than doubled since the beginning of January 2021.
That's what you need to focus on: the increase in the annual lows of the Bitcoin price. Year after year, Bitcoin's annual lows are increasing. That's what you need to be patient and take a step back rather than panic at every correction. You won't last long in this market if you make that mistake.
The current fear from the dip around $58K will not last forever either. The next phase will either be boredom or excitement, but either way, the price of Bitcoin will move on. It's up to you to take a step back and focus on the Bitcoin revolution, which is progressing block by block, as the acceleration of its adoption in recent months shows.
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