My how quickly things can change in the wild world of Bitcoin/Blockchain. Coming out of the New Year everything was pointing to BTC challenging the $20k level and likely new all time highs. The news of the crack down in South Korea caught the market by surprise, especially given the high volumes of trading there in the recent weeks and months.
Declines and consolidation are all part of a healthy market up-trends. The price of Bitcoin experienced an incredible rise in 2017 which took even the most ardent bulls by surprise. It’s declines like these that prevent bubbles from forming. It also makes it more attractive for new buyers to enter the space at the lower price levels.
The key to remember is this is nothing new for Bitcoin and longer term HODLers. There were similar declines many times in the past with one or two occurring in 2017. People who bought and HODLed during those declines look like geniuses now even with this weeks decline.
Fundamentally, nothing has changed. Bitcoin is simply correcting and consolidating. The business case, value proposition, and asset class remain strong. The overwhelming demand is still out there. Bitcoin and blockchain will continue to lead the charge in transforming life and business as we know it. It’s a quick of when, not if.
So Stay Calm and HODL On is the mantra of the day. GLTA and be safe out there. D