Historically, those who hold their ground through the ups and downs of the market have been disproportionately successful. Those who let market pressures get the better of them quickly find themselves out of the market.
Which one will you be?
It sounds like a very simple idea. Just invest in Bitcoin for 10 years straight and don’t let the ups and downs of the market get to you. These are the people who have had the most success in this market and created life-changing wealth.
However, it is by no means as simple as it sounds. In fact, becoming an active investor in Bitcoin without hesitation will be one of the most mentally challenging adventures of your lifetime.
Just ten years ago in 2014, the price of Bitcoin was below $500 for most of the year. You can begin to imagine how much wealth you could have accumulated since then simply by dollar-cost averaging. It would be enough to make you regret it for years.
The harsh reality is that only a very small number of people can handle the pressures that this market brings. Throughout the history of Bitcoin, most people have considered Bitcoin investors to be almost "crazy." They believe that Bitcoin has no intrinsic value and the price will soon drop to zero. It takes a different type of person to go against the behavior or beliefs of the majority, and for better or worse, Bitcoin investors can do this.
The biggest strength of Bitcoin users is their passion for the market. They want to eat, sleep, and breathe Bitcoin. They consider Bitcoin a part of their personality and usually know the price of Bitcoin at all times. However, their dependence on Bitcoin can also become their biggest weakness, especially when negative events happen one after another.
The year 2024 is no exception, with numerous events occurring that are enough to make even the strongest Bitcoin users question their beliefs.
The past 6 months have been all about survival, and here are some of the negative panic events that Bitcoin users have had to go through.
German Bitcoin Selloff
Mt. Gox Bitcoin Redistribution
“Black Monday” caused by the Japanese yen
The US government is promoting Bitcoin
Recession concerns
All of these events caused the price of Bitcoin to plummet. But more importantly, it completely destroyed the market sentiment. Experts claimed that the market had reached its peak and we were about to return to a bear market. People either lost all confidence and finally sold, or started to lose interest.
People hope that Bitcoin can go straight to the "golden line" without setbacks, but this is impossible. Bitcoin's volatility makes those outrageous price predictions possible. But volatility not only has an upward trend, but also a downward trend.
There will be many bumps in the road, but when you feel stressed about this market, all you need to do is remember this key phrase. “When in doubt, zoom out.”
Throughout the summer, the overall sentiment in the cryptocurrency market was gloomy, with prices moving sideways or even falling. However, if you look back at this time last year, the price of Bitcoin was half of what it is now. In January, the price of Bitcoin was $42,000.
Patient Bitcoin investors will ultimately be the most successful. The biggest threat to this market is yourself. When people feel stressed, they lose confidence and end up making impulsive decisions that they will eventually regret.
Bitcoin will eventually reach all of these wild price predictions, but it might take a little longer than most of us think. Until then, we just have to be patient and survive this dangerous market.
What about you? Have you ever panic-sold your Bitcoin? $BTC
