Bitcoin’s price is down over 10% from its all-time high and its critics are taking victory laps this week as bitcoin has plummeted all the way back to… $97,000.
It is still practically almost $100,000 for a single bitcoin. It is crazy to me to think that the “dip” is back to just under that important milestone, and really shows how far this asset has come over the last 15, going on 16 years.
Year-to-date, bitcoin is up over 128%. And by historical trends, it is entering into its third year of rising in price before having a large correction. So this tells me that bitcoin isn’t done pumping yet, it’s just taking a breather before its next leg up.
#Bitcoin should continue pumping through next year, based on historical trends 👀
How high will BTC rise in 2025? 🚀 pic.twitter.com/VFX6jNgvvP
— Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
HODLing bitcoin can be scary at times for new Bitcoiners. This asset is volatile both ways – which is great when it’s pumping but it makes people rethink their lives when it’s dumping. If you are new and bought the local top of $108,000 and are panicking, take it from me, someone who has been in Bitcoin for almost eight years now – you’re going to be fine.
This is a healthy pull back and the only thing you should be worried about is stacking more bitcoin today than you had yesterday.
It is more important to learn the fundamentals of Bitcoin and understand this new asset class than to worry about what the price of bitcoin does on a day to day basis. Bitcoin is a wild beast and will have downturns just as hard as it swings up. This volatility, even the downturns, are a good thing for many reasons – it creates opportunities. Especially for new bitcoiners to take advantage of stacking bitcoin at cheaper prices than when they originally got in.
Whenever you’re in doubt, it’s always important to zoom out and see the trajectory that bitcoin is on. Bitcoin has two possible scenarios it will experience:
1.) Bitcoin will fail and go to $0.
2.) Bitcoin will succeed and reach a price range in the millions and beyond.
I think Bitcoin has proven itself that it will not fail, so option number 1 here is not on the table. Meaning option number 2 is what is more likely to happen.
And if option number 2 is going to happen, then well, you should stack more bitcoin on every downturn.
When in doubt, zoom out.
HODL ✊ pic.twitter.com/mr61ppIn3Y
— Nikolaus Hoffman (@NikolausHoff) December 20, 2024
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.