Do you need a definite number? Okay, here it is: $2,745
And, that's no big deal.
I'm not saying BTC is going to hit that bottom. It could have already hit bottom, last February, at $6,000. However, a case can be made for lower levels of support, as we may be currently experiencing today. Despite everyone's sincere wish for a crypto "moonshot," some serious voices remain out there, telling us that, "BitCoin is going lower." Personally, I have no idea where it's going, in the short to mid-term. One thing I do know: wait a couple of years and you're going to be in a really good position. Cryptocurrency is here to stay, and it is going to be, "the next currency."
In case you didn't already know, cryptos are very volatile.
Also, you should never be investing more than you can afford to lose.
Anything you put into cryptos needs to be "play money." Treat it as if you were going to buy games, see some movies, take a vacation, etc. It's best to only be using "extra spending money" to play in cryptos - because you might lose it all. And, if you take that money and put it into crytpos - prepare to forego your other "play-time" spending.
You see, the age-old idea of "sacrifice" is lost on many people today. Everyone thinks they can "have their cake, and eat it too." Don't make that mistake. Every single person who pulled themselves up by their own bootstraps and made themselves into a wealthy individual had to sacrifice some short-term pleasures along the way. This is something almost like a, "law of the universe." Whether you belive in a religion or certain philosophical point-of-view, the concept of personal sacrifice is an oft repeated theme throughout all ideas of literature, history, religion and philosophy. Simply put, you can end up getting back more than you give. But, if you don't give something up...?
If you entered your crypto position in ignorance of these two things, you bought at the 2017 high, and now you're crapping your pants - you can only come out ahead in this game by waiting...
That's the short answer. If we follow a similar path to the 2014 spike/crash cycle, we're still going lower. Take a look at the BTC daily chart from late 2013 - 2015:
In December of 2013, you could have bought into BTC at $1,175, only to watch it drop to $162. Take a while an think about taking over an 80% drop in your investment...
If you sold at the bottom, you simply realized your 80% loss. You gave away your tokens and walked away from the game empty-handed. And, today, we have a similar "opportunity" before us:
You can feel free to go right ahead and "Panic Sell" - just like big money investors want you to. Buy into the Fear, Uncertainty, and Doubt (FUD), sell your tokens, realize your loss - and walk away all butt-hurt. It's your prerogative to make your own choices.
However, I would urge you to make a different choice. If you haven't already done so, go out and buy some physical silver and/or gold (preferably silver - it has more upside potential). Exchanging worthless paper currency for real silver and gold money has many advantages. Worst case scenario: you will save your money in a form which has always had value, always will have value, and always will be accepted around the world - no matter where you go. Holding real and stable precious metals will provide you with a safe base for your wealth that can not be destroyed by money-printing. And, do not sell your cryptos - HODL them, wait a year or two, and sell for a good profit.
If we see another repeat in the BTC price, similar to what happened in the 2014 drop, we could see an 85% "correction," which would put the bottom around $2,745. That would seem scary, catastrophic, and like an "end of the crypto world" scenario - but it wouldn't be. It would simply be a repeating of the past cycle we've already seen in the BTC price. Then, wait a while for the next moonshot...
You hear all of this talk about BTC going to $50,000 and higher. I believe that is true. I also believe that many people will give up on their dreams and get beaten-down by the normal shake-outs which occur in emerging markets. There's a reason why there are only a very small number of very wealthy people in the world: they learned to sacrifice their present comfort in order to secure their financial future. They gave some things up along the way: money, fun, vacations, movies, the approval of their friends and family, etc.... So what if people are laughing at you now? Save your cryptos, save your silver & gold, and wait....
Keep one very important thing in mind: Since Feb. 2018, we are seeing HIGHER LOWS in the BTC price - and that's a very encouraging sign. We had lows of $6,000, then $6,425, and today we're at $6,630 - but it could close lower. I think this could appear to be a FALSE BREAKOUT to the upside. Volatility will shake out a bunch of tokens from the weak hands, trigger the selling by bots and trading programs, and create an environment of "ON SALE NOW!!" where big money will come in and snap up all of the tokens at a greatly reduced rate. Don't behave like a weak hand - HODL. SELL HIGH. Do not sell low - or you'll just make yourself a loser.
If you do have some extra cash to play with... BUY THE DIP !!!
DISCLAIMER: I am not a financial advisor. I hold physical silver and gold, BTC, ETH, LTC, and STEEM tokens. Anything in the above content is meant for educational/entertainment purposes only. Do not make trades based on this article. I am not responsible for any financial gains or losses you make in regards to this information.
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