I am not active much these days but still keeping eyes on the markets. Bitcoin has gained a lot of momentum in the recent days. But Bitcoin is observing correction once again after hitting an all time high for the year 2023. We have seen it trading at $44k in recent days but it could not survive to stay at that price for long enough. Bitcoin price fell today to $40500. There are multiple reasons for its downfall.
Those who bought at lower ranges like below $20k may be taking profits. This is normal as we have mix of traders, short term and long term holders. Short Terms holders always look out for the opportunity to dump their bags for profits while lomgterm holders do not care about little profits.
As its a free market so we cannot force anyone to hold or sell, everyone is free to buy and sell whenever they want.
Another reason for decrease in Bitcoin price maybe the delay in the approvals of Spot Bitcoin ETF applications. We know that it is another good thing that may push Bitcoin to the moon.
Bitcoin has taken down everything with it, i mean look at the altcoins , they are having a nice big red candles for example Hive is 6.5% down following Bitcoin price decrease. Its currently trading at $0.33. This does not stop here, every altcoin is down right now.
While market is in correction , it could be a nice opportunity to get our hands on favourite coins. If you were crying at $44k for not buying early then it is your chance to grab what you missed.
We all wants to buy low when the price pumps but when the price goes low then we do get in to the fear.
I can say one thing very confidently about Bitcoin that It can go low further from its current price but that would be temporary. It will always do a come back with more power and strength. If you know what Bitcoin is then you will never hesitate to buy in corrections.
I am not convincing you to buy , i just wanna make aure you dont have to cry when Bitcoin will melt faces. You must own it even if its a fraction.
Read Bitcoin history, check current stats and compare it to the ten years ago. You will get an idea that where we will be in the next ten years.
Still not comfortable ? Ok lets try again.
Bitcoin has a total supply of 21 million. There will never be more of it. Now have look on the world total population. If you know you know.
You can print more fiat but cannot print more Bitcoin as it has fixed supply of 21 million. This property makes it rare and valuable. If you still doubt bitcoin then you should quit crypto.
Thats it for today. Thanks
for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you.
Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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