Sadly (or not, depending on the way you view it), Bitcoin has created a new record by entering the longest bear market the cryptocurrency space has ever seen. On Friday, Bitcoin entered its 411th day of the recent bear market, surpassing the 410 days set between 2013 and 2015.
The trend could continue for a little while longer as well. Tone Vays and many of his trading buddies anticipate a drop below $3,000, with some even anticipating that we could go as low as $1,000. On the other hand, many are hopeful that the $3,000 level will hold.
If you are looking for some hope, then the Bitcoin halvening is where you should be casting your gaze. Although this is still over a year away, historical trends have shown that around a year before the halvening is due to take place, the price of Bitcoin starts to look upwards.
Whilst many began to FOMO towards Bitcoin as it reached the heights of $20,000, those same people have since turned away thinking that Bitcoin is dead. These are the people who thought buying at $20,000 was fine, but now at its current price it doesn’t look too attractive. Whereas before you had greed, now you have fear.
Human psychology is a strange beast. With the prices as they are, now would be a sensible time to start accumulating Bitcoin. This doesn’t mean to say that you should splash your savings straight away. Rather, slowly but surely accumulate Bitcoin and only pay in what you can afford to lose.
There are never any guarantees with Bitcoin. It could rise to an extremely valuable price or the whole thing could go poof and disappear in an instant.
This recent downtrend has affected many companies, and only the strong will survive. If this record-breaking bear market continues further, expect more pain but also more opportunity.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.