Bitcoin can still drop to $20K but holding remains winning strategy, data shows

Bitcoin can still drop to $20K but holding remains winning strategy, data shows


Unloading Bitcoin (BTC) spot positions when it starts crashing violently upon forming its all-time highs is a bad investment call, at least according to its historical price action.

The flagship cryptocurrency’s eleven-year lifetime has seen it undergoing many bullish and bearish cycles. The BTC/USD exchange rate typically rises parabolically. It later trims more than half of those gains down as profitable traders sell the top. But, at the same time, traders who buy bitcoin around its local top suffer longer periods of losses.

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However, the overall historic price trajectory of Bitcoin remains skewed to the upside.

The cryptocurrency bottoms out after every bullish-to-bearish cycle and rebounds all over again to seek new all-time highs.

Its weekly timeframe chart shows the price forming consecutive higher highs separated by years — $500 in November 2015, $768 in June 2016, $2,998 in June 2017, $19,891 in December 2017, $41,986 in January 2021, and $64,899 in April 2021.

Bitcoin’s bullish

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