Opinion

The Time to Stop Worrying About the Bitcoin Price is Right Now

JP Buntinx | March 31, 2018 | 11:00 pm
price
Opinion

The Time to Stop Worrying About the Bitcoin Price is Right Now

JP Buntinx | March 31, 2018 | 11:00 pm

Being involved in Bitcoin means ignoring short-term changes and discrepancies. Anyone who has followed this cryptocurrency for multiple years knows that unwritten rule all too well. The Bitcoin price is always subject to interpretation and speculation. Even so, the overall trend is still extremely bullish.

The Bitcoin Price is Just Fine

Many people are spoiled when it comes to the Bitcoin price. Last year was extremely bullish and borderline ridiculous. With a meteoric rise in value from under $1,000 to nearly $20,000. It became evident the “bubble” was quite real. Even so, the hype has calmed down as of right now, or so it would seem.

Most people tend to look at the Bitcoin price in a very short time frame. Granted, the value has dropped dramatically compared to late December 2017. It was entirely expected and will benefit the Bitcoin market in the long run. Spectacular gains are always suspicious, especially in the world of cryptocurrency.

Even so, there are some experts who remain uber bullish. Some say we will see a Bitcoin price of $25,000 soon. Others project half a million per BTC or more by 2020. All of these predictions can be either correct or completely wrong. Speculating about it serves no purpose in the end. The Bitcoin price will evolve in one direction or another, that much is guaranteed.

The Bigger Picture Looks Pretty Sweet

Judging the Bitcoin price trend from a long-term perspective, everything is just fine. One year ago, the value per BTC was just over one-seventh of what it is today. Compared to three years ago, it is still up by 3,500%. If that doesn’t warrant a positive long-term outlook, there really is no hope. During these periods, we have seen Bitcoin price declines as well.

It is evident this uptrend will be broken at some point. Perhaps 2018 will be a buffer year to refuel the rocket to the moon. Only time will tell how this plays out. Those who truly believe Bitcoin will succeed couldn’t care less about this current dip. Market shifts occur every year and tend to get quite volatile. Bitcoin survived a 99% price retrace in the first two years and came out just fine.

During times like these, people tend to forget how far Bitcoin has come. From a technical perspective, it is only just getting started. The Bitcoin price will respond positively to most of these developments, even if it doesn’t show throughout 2018. Everything needs to be put in its proper perspective at all times. Bitcoin is – by far – the most volatile asset on the market today. That means we have to deal with steep corrections and rises as they come and go.

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  • Mountain Man

    Price before means nothing!

  • Ilan Lichtnaier Gil

    Great perspective article. Just HODL.

    • YexusFreak

      What do you tell those of us who got in at $10k per bitcoin, also good perspective?

      • why bother

        Everyone must learn. I made mistakes with my investing in my early thirties and early 40s. They were costly. My own solution is diversifying. I was made fun of for buying gold and savings bonds and T-bills in the early 2000s but I was also buying stock index funds. And that continued today. I added bitcoin in my buying in 2015. I still buy bitcoin today. I bought at $300 and I bought at $19,000. I buy at $7,000. But I also have been buying my other assets.

      • Vos_L

        Shouldn’t have gotten in at $10k……with completely speculative investments like this, you never want to get in during the middle or end of the party….it’s the people who got in on the ground floor and sold high that made money off the rest of you.

      • Ilan Lichtnaier Gil

        Yes. The more you believe in a certain potential than your patience increases in direct ratio. You raise a child with that exact same mindset don’t you? Or do you expect them to blow up in size and wisdom like tumors?

        Get rich quick schemes characterize the weak minded, and perseverance does not last long if all you’re looking for is a momentary pleasant sensation.

      • Bobby Jones

        You’re down 30%. Hold on and you’ll make a ton

  • Loteck

    What HODL’s just refuse to address is that any Govt. can push cryptos underground any time that they feel threatened, They simply turn crypto traders into criminals, by
    outlawing the currency, thus making it a marginal black market currency, instead of
    mainstream money.

    The US Govt. did this very thing to gold in 1933, when they outlawed any private ownership of the yellow metal. This lasted until the Nixon years, 1973 as I recall.

    They also interfered with our money once again in the Lyndon Johnson years. The
    Government told us to redeem our “silver certificates” (silver backed
    dollars) at the current spot price of silver. In return you were given “fiat” Federal Reserve Notes, just like we have today, . . .backed by nothing.

    You are naive if you think that cryptos can defeat the US Government if they get serious. They make the laws, . . they have the guns, and the prisons to protect the dollar if they choose to do so. If they decide to criminalize crypto trading, cryptos survive only as a marginal trading currency in the black market, . .as businesses will be afraid to trade cryptos for fear of jail or fines.

    Fiat is crap

    Cryptos are crap.

    Be worried, . . Be very worried.

  • Loteck

    Fiat is crap

    Cryptos are crap.

    Be worried, . . Be very worried.

  • A voice of reason

    Price doesn’t mean anything. I’m old enough to remember when it was “TO THE MOON!”, and when it was changing everything. I remember when it was “Gold 2.0”, I even remember when the futures markets opening up was a sign that we were finally seeing “legit trading.” The whole time, you hear HODL BABY!

    When you read articles and analysis, you need to understand that the underlying interests of those pumping this crap don’t align with yours. For example, this blog. If BTC goes to zero – then who reads it? Its the same as financial channels, they are just trying to get you to read and click, only to sell ads. They don’t care as long as your are reading or watching. In the end, the only thing that ever matters is price. Its how you keep score on whether you should be in the market or not.

    Only the truly stupid think this is something you should be holding onto. You don’t even use it in real life. There will be crypto, but it will be central bank crypto. That is the truth.

    • Bobby Jones

      If you remember all that and didn’t buy anytime before $1000 you’re insane.

      Most of us got in prior to $1000. Yes we wish we sold at 20k (some did)… we’re still up 7x while owning something we believe will make the world a better place.

      To hold and assume we’re going to 80k or 100k isnf unreasonable based on the history at all.

  • Vos_L

    “From a technical perspective, it is only just getting started.” Except it has no patent on the technology. It’s open source, which is why there are now thousands of cryptocurrencies. Big banks and financial institutions will eventually use blockchain for their international transactions and won’t need a third-party to achieve that. Outside of speeding up the time to process an international transaction, there’s not much appeal to Bitcoin. Frankly, Ripple is far cheaper and faster than Bitcon in terms of processing transactions. The only other draw to Bitcoin is that people are literally betting the entire financial structure of the world will collapse and they’ll be rich because they own Bitcoin which won’t be dependent on those financial systems for its value. Of course, we’d basically be living in the wild West with complete chaos and anarchy at that point…so I’m not sure any form of money would do you any good at that point. The whole “decentralized currency” aspect as more drawbacks than advantages. It makes the currency very susceptible to price manipulation. People are just putting their Bitcoin in exchanges instead of banks….it’s still a third-party in control of your “money”, except that exchanges are not government insured which means once your Bitcoin is gone, it’s completely gone. Exchanges have gone bankrupt, been hacked, had people held hostage to transfer Bitcoin, etc. The Bitcoin price has been fueled by nothing but pure speculation. The problem is that can’t continue because it would depend on someone else always coming along willing to pay more than the last person for it. Eventually, you run out of people willing to gamble their money away on such a speculative investment. The people who got it early and sold high made a lot of money, but that’s what happens with speculative ventures….the people who get in later lose a bunch of money to the people who were smart and got out early. It’s like a game of musical chairs and you don’t want to be the one without a chair when the music stops.

  • mcored

    History holds true, however present and future trends will not. Bitcoin Futures changed how Bitcoin used to grow. Bitcoin Futures is killing the market I reckon; because whales can short and make money, they are not interested in waiting for BTC to grow in value any more. Basically we gotta ride the wave with them; when there is a pump, we gotta sell; and when there is a dump, we gotta buy.

  • Mike

    Made up invisible non existant money lol..kind of like santa claus and the easter bunny…sounds like a great scam err I mean idea…at least while playing monopoly you can hold the fake 500$

    • Mike

      In reality all bank transactions are just moving digital money around with very little physical money to back it up. The only real money is gold, and we should return to the gold standard, but that will never happen since the invention of the federal reserve.

      • Mike

        I absolutely agree that if there is an ultimate crypto it will be government backed. They already tax bitcoin and other current cryptos so in a way they control it even now.

    • john

      Like the US Greenbacks aren’t much like monopoly money??

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