Bitcoin started the year 2019 below $4,000 in the midst of a prolonged bear market that had started in early 2018. Since then, you have been reading articles from Bitcoiners all over the place defending Bitcoin, saying that the best is yet to come.
The drop in the price of Bitcoin below $7K may have shaken your beliefs and you are about to panic. This would be a total mistake because with Bitcoin, as with all investments, you must keep a cool head so as not to make monumental mistakes.
I will therefore give you my position and try to reassure you by showing you that this fall in the price of Bitcoin below $7K is a non-event.Bitcoin’s Price Has Gone From $13K To $6.5K Since June
You must remember the peak of Bitcoin above $13,000 at the end of June 2019. This peak had seen the appearance of a new strong FOMO feeling around the Bitcoin. This feeling may have finally convinced you coming or returning to Bitcoin. Unfortunately, since this annual peak, the price of Bitcoin has only decreased overall.Since September 2019, many people had been promising a surge for the end of 2019. Some even hoped that Bitcoin could once again exceed $15,000 before attacking a very special year 2020 with Halving scheduled for May.
And finally, after having stagnated for a long time between $7,000 and $8,000, the Bitcoin fell below $7K on December 17 to finally hit the $6,500 support.
Doubts Are Seizing Investors
This drop in the price of Bitcoin is instilling doubt in many investors, some of whom had chosen to buy Bitcoins following the upturn in the middle of the year.
Those investors who have taken a position with a Bitcoin above $10,000 are already thinking about selling their Bitcoins.
When it comes to investment, fear is just as bad as greed. Investors of this type who would sell their Bitcoins now would have succumbed to these feelings twice during the year 2019: once to greed when they were bought in June and a second time to fear at the end of 2019.
I often repeat that when Bitcoin prices fluctuate widely, you have to cut yourself off from social networks.
This is once again true. You must not let yourself be swayed by this irrational fear that Bitcoin must be sold simply because its price has dropped below $7,000.
In 2020, the Bitcoin will continue its journey to write history.