I Told Investors to Stop Panicking about Bitcoin, and I Was Right!
Bitcoin was on the verge of disaster. After previously holding strong at $12,000, the king of the cryptocurrency markets floundered around the $11,000. So long as it held at least the five-digit level, we were fine. But when it dipped into $9,000 territory, it must have felt that the world was coming to an end.
I admit that prior to the sudden drop in cryptocurrency valuations, I was preparing myself for bitcoin $8,000. I believed in the long-term story for bitcoin and altcoin assets; however, as we Christians like to say – we believe, help us in our unbelief!
It’s one thing to say that you’re holding strong. But when every tick down in the bitcoin price represents a chunk of your portfolio disappearing into the blockchain, it’s hard to avoid an emotional reaction.
Nevertheless, when push came to shove, I reinforced my position. When InvestorPlace asked for my opinion about the bitcoin fallout, I unhesitatingly wrote my honest-to-God feelings about the sharp correction. Yes, this moment is extraordinarily painful. However, we need to look at all major factors in their proper context.
Ultimately, I came to the conclusion that the fundamentals for bitcoin and altcoin assets remained strong. What was missing was the newcomer’s aggressive sentiment. They had an extremely biased view towards the cryptocurrency markets, and they happened to enter a brief phase where the markets worked against them.
Their rookie panic took down the blockchain a notch, but they have yet to deliver the fatal blow; in fact, far from it. With the bitcoin price steadily regaining lost ground, I feel quite vindicated in my bullish article for InvestorPlace.
Remember folks: no market ever rises perpetually. The fact that we have both bullish and bearish cycles is evidence of a healthy, trading dynamic.
You can find my InvestorPlace article here -- https://investorplace.com/2018/01/the-bitcoin-bubble-burst-because-it-had-to/#.WmMPm7pFxPY
True.. ; )
Hold on for dear life.
Anybody who invested to BTC earlier and those who saw this changment of price of course they should not panic even as you said was under 10,000$ but this low value drop should be cos' when the BTC value hit the 20,000$ price it was really hopefull for civilization but this price decreasment should not have been so concerned cos BTC had a boom and a revolution when hit that value
you were right because bitcoin is global,japan its self has the half the world biitcoin trading volume,actually wall street cant contlol demand or price,they could flood with sell orders to crashbut thats more of a gamble than especially on a sure thing in this emerging market
Totally agree. The underlying fundamentals are strong. I'm a believer in staying the course at this point.