Cryptocurrencies

Bitcoin enters the record books

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.

Ross Chalmers

Ross first discovered Bitcoin as an undergraduate at the University of Sussex in 2013. Since then, the self-confessed Game of Thrones superfan has travelled extensively before returning to academic studies with Leiden University in the Netherlands to complete his MA. His focus was on the philosophies and groups underpinning the Bitcoin movement, Crypto Anarchy and the CypherPunks. As a child, Ross set his heart on one day becoming an F1 driver but nowadays focuses his passion on the high-speed nature of crypto.

Disqus Comments Loading...

Recent Posts

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

3 weeks ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

3 weeks ago