At the time of writing , the price of Bitcoin is at $35,845. This is down from its 5 day high of 43,000.
It has been a miserable new year for bitcoin holders who have endured one of the most tumultuous periods in the history of cryptocurrency. And things are not getting any easier anytime soon as prices remain under pressure and volatility returns with a vengeance.
It has been the same picture across the entire crypto market with other big name currencies also struggling to make any real impact on the market.
However, this downward trend should not come as a surprise to anyone who has been following the cryptocurrency market for any length of time as this is not the first time that prices have taken a dip.
In fact, earlier in the year when bitcoin hit new highs, many were warning of a correction. And this is what has come to pass.
The bad news is that the price could be set for further falls before it bottoms out.
However, the good news is that there has never been a better time to buy than right now and it’s not too late to get involved in cryptocurrency.
This is because bitcoin and other cryptocurrencies will gain more value in the long term. This is based on the premise that Bitcoin was created as a decentralized currency to replace fiat money and give people more freedom when it comes to making transactions.
As time goes on, the price of bitcoin will gain more momentum and continue to rise in value. What we are seeing at the moment is just a blip and it will be overcome in due course.
The price of bitcoin is likely to follow an uptrend over the next few years. It may not be plain sailing all of the way, but if you hang in there and ride out any stormy waters, there will be a time when all of your patience and hard work will pay off.
It may not be this year, but it is definitely on the cards for 2023. A price of $100,000 or more per bitcoin is a distinct possibility. And that is not a wild prediction.
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