During bull runs, it’s very easy for market participants to get carried away. They believe the market is going to go much higher than it actually will. I’ve been just as guilty of this as everyone else. When we start to feel this type of $FOMO, that’s probably when the market top is near.
One of the biggest problems we face in this industry is famous people who keep giving their huge price predictions with timelines that seem unrealistic. Every year they predict that $BTC will reach a price that we would all like to see, but is not likely to happen. Some of the biggest culprits of this in the past have been Tim Draper, Max Keiser, and the list goes on. Both of them predicted that $BTC would reach $200,000 by the end of the year.
Those of you who have been following my writing for a while already know how passionate I am about Bitcoin. I believe it is the future of money and how much I believe its price will increase. However, while I am optimistic about the future of $BTC , I remain realistic. Bitcoin will do very well in the future, but it will not reach $200,000 by the end of the year. It has incredible long-term potential, but it will not reach $1 million next year.
The hard truth about cryptocurrencies is that all those price predictions you’ve heard over the years are all true. But they’ll likely take a lot longer to come to fruition than you want or can handle. Few people can handle the stress of living through full-on bull and bear cycles. Seeing years where their portfolios have dropped over 80%. Markets often move at much slower rates than we can handle. They go lower than we expect and don’t go up as fast as we’d like.
If you invest in this market for the long term, you will do very well. Don't get carried away by short-term price predictions. Unfortunately, no one really knows how this market will evolve. It is risky and we need to plan accordingly.
What do you think about these important price predictions?