Uncharted and Unknown
Bitcoin drops below the price of its previous all time high
It finally happened.
This weekend, Bitcoin broke a trend it has never done in its history. The price crashed below the previous all time high of $20,000, and is currently trading in the $18-19K range. BTC hasn’t been below $20,000 since November 2020, and first achieved the price in 2017 (followed by a huge selloff).
Congrats on being an investor during uncharted times.
This price drop surprised many, especially technical analysts who’ve charted the asset since before 2013. They’ve talked in the past about $20,000 being a key range of support, and how dropping below it would be a massive moment.
But regardless, here we are.
So, why did it happen?
Tough to say. Indeed, it’s hard to make sense of all the markets right now, from stocks to bonds, to real estate. The macro problems of supply chain, labor markets, inflation, war, and pandemic have created more turmoil than most investors can stomach, and more uncertainty than most analysts can bear.
Rough, hard times are ahead.
Will Bitcoin survive?
Yes, it will. The network keeps growing, adoption keeps happening, and investors remain.
Just don’t expect your investment to make you rich overnight. You’re going to have to hold and accumulate with a long term mindset.
More on that this Thursday.
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.