This question gets asked every time after a bull run. Bitcoin is only worth $6,000, it is only up 500% compared to last year! Bitcoin is dead!
In fact, this has happened 6 times now.
9x over 5 days in 2010 from $0.008-$0.08
10x over 5 months in 2010 from $0.08-$1
40x over 2 months in 2011 from $0.07-$30
14x over 3 months in 2013 from $15-$213
12x over 2 months in 2013 from $139-$1132
20x over 7 months in 2017 from $1,000-$19,800
Every time there was a 17x bull run with a 70% correction on average and it will happen again.
This is the natural market movement, especially after such a huge bull run of 17x increase like in December. Every bull run is followed by a months long correction period of 70% with several ups and downs.
Conclusion
It’s really silly. When Bitcoin is very cheap at $6,000 everyone is scared and won't buy Bitcoin, but when Bitcoin is $20,000, everyone wants to buy and takes out loans and sells their house to buy it.
People don’t think logically, they are slaves to their emotions.
They buy high and sell low, but you need to buy low and sell high. Duh.
You need to do it how Warren Buffet says it:
"Buy with the cannons, sell with the trumpets."
"Be greedy when others are fearful and fearful when others are greedy".
So, just hold on to your coins, buy the dip and sell next time you’re at a 10,000% profit. Most traders become greedy when they already made a 10,000% profit and think they can make a 20,000% profit. Once they have made a 20,000% profit, they want to make a 30,000% profit and thus never sell. Then the price drops by 50% and they beat themselves up that they never sold. Then the next time they are at a 10,000% profit they will do the same thing again and not sell.
This is a newbie trader mistake. Don’t be a newbie trader.
