Hello and Namaste Everyone
The Crypto market is volatile and things change very fast. Until last week we were talking about Bitcoin being part ETF and how it is going to make a big impact in this market. Some people were also expecting that Bitcoin will be making its 50K US dollar price soon. But looks like things have gone the other way around and now we are at 40K. This is how this market works and sometimes when everything looks great it's not that great. It is a market and nobody can predict any market exactly how it will behave so it is better to be ready for the best and worst at the same time. There is no investment option without risk so with the crypto market also a certain amount of risk involved. The more risk we take makes us eligible to get the same amount of profit returns if things go the way we planned.
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Now talking about Bitcoin which is in a downtrend as of now. I keep on reading different articles and trying to see what people think about the current market situation. Now the same people who have been talking about Bitcoin moving towards 50K are saying that it can also go to 35K USD. Again it is market dependent so if there is no strong volume at the current price level then be ready to see Bitcoin going towards 35K US dollars. Do you think it's a problem if Bitcoin reaches $35K? I don't think so because if you believe in Bitcoin or crypto for the long term then I'm sure you also know that it is going to grow a lot.
Just have a look at the above price chart for Bitcoin in which you can see that the current price is approx 40K US dollars. It is a day chart where the highest price is almost 42 K so we can say the dip is slightly bigger. Is this the first time we have seen this type of drop in the market? The answer is no because it is quite common in this market and this is not the first and even not the last time when we are going to see this type of price fluctuation. But yes one thing is surely different this time we already have spot ETF approved and people can buy these ETFs even without investing directly into Bitcoin. It's a form of indirect investment into Bitcoin through a different way where money can be flown through a leading and reputed asset management company.
I think it is the right time to think of buying more Bitcoin if you are a long-term holder. Again don't forget that we are also getting closer to the halving event and it is going to happen in April month. The January month is about to get over in a week and it will not be even three months left for the Bitcoin Halving. I can't predict the future but based on historical performance, the price of Bitcoin has reached its all-time high in the same year as the halving event. Is history going to repeat this time also? I can't say to be honest but you never know.
So all I can say is that the Bitcoin price is down and the market seems to be in a downtrend but I don't think it is going to stay for too long. The hard time in this market is already gone so all you can expect is to have some positive momentum but it does not mean that we are in the bull run cycle. Maybe the bull run is so far away I don't know anyway nobody can predict the exact party still market is in better shape and we can expect some good things to happen sooner or later.
This is my participation to Initiative: January Posting Spree - InLeo by @tsunsica and it is open for everyone so you can check and take part.
Thank you so much
Stay Safe