This is the price fluctuation of Bitcoin in November 2017. On November 9, it was still 7,470 USD, but just 3 days later, on November 12, there was a 'plunge' of 26%, bringing the price down to 5,511 USD.
Historical Bitcoin prices in November 2017
Who could have predicted such risks? If I remember correctly, at that time, everyone in the crypto world was like a frightened bird, and all news related to Bitcoin was negative.
However, less than a month later, there was an epic surge. From 5,511 USD, it 'surged' 257% to 19,697 USD. Will this year's plot be the same? We can only wait and see. But the question is whether to buy in and watch for a rise, cash out, or stay put.
The funniest part is, when you look back from 2024 at the thrilling 'surge' and 'plunge' in 2017, it turns out to be just a trivial, insignificant small fluctuation as shown below. The epic upward trend came later.
I don't know if looking back at the 'new high of Bitcoin price' in November 2024 after 5 years or 7 years will also feel 'just like that.'
Now Bitcoin has broken through the 'critical point' of 80,000. I wonder if there will be a 'discount promotion' on November 11 and the next two days. We can only wait and see; in the current market, anyone looking is bewildered.
Many people only see the 'rise' of Bitcoin and not the 'value' of Bitcoin. They naively think that investing means earning, the sooner you invest, the sooner you earn, and that investing now means you earn now.
I can indeed understand that when first entering the market, everyone is confident they can surpass 'Buffett.' Including me, I have intentionally or unintentionally raised Bitcoin to a level of 'common value.' It seems that buying Bitcoin equals financial freedom.
But don't get too carried away. In the current market, if you invest money that you can't afford to lose into Bitcoin, then you are 'losing.' Countless experiences have taught me that people not only can't earn wealth beyond their understanding, but they also can't hold onto investments that aren't 'spare money.'
Making a slightly absurd prediction, don't be surprised if Bitcoin hits 80,000 soon, or even rushes to 90,000 and above after a while. But it's very likely that it will drop back to around 80,000, or even lower.
It's important to know that although it reached a 'historical high' in December 2017, just 5 months later, in April 2018, it fell back to the price of November 2017. History may continue to be remarkably similar.
Another point I have is: if Bitcoin rises to 1 million in the future, it doesn't matter if you bought in at 70,000 or 100,000. Some serious friends say there's a profit difference of 30,000, which seems like a math problem, but in reality, it's a thought-provoking question.
