Many times I've missed the opportunity of buying Bitcoin dip because of media sentiments. In 2022, when Bitcoin was $17,168.57, which would have been a good time to build a larger holding, some claimed Bitcoin was on the road to irrelevance others said it was dead. I could understand and agree with them because the value of bitcoin had peaked at USD 69,000 in November 2021 before falling to USD 17,000 as at the mid-June 2022.
Now you are personally convinced that that time was ideal for purchasing bitcoin.
After that time, the value had fluctuated around USD 20,000. And the same media claimed it was an artificially induced last gasp before the road to irrelevance. It seemed true as the FTX bust had sent the bitcoin price to well below USD 16,000.
The media has repeatedly buried and will continue to bury bitcoin in the future. Why do you treat their words as the ultimate truth? Ignore the extra noise around you.
Later in 2023, Forbes headline crushed the confidence of many Bitcoin enthusiasts, saying if ETFs managed by asset managers are too successful, they will completely destroy bitcoin. Other sentiments like Bitcoin has failed on the promise to be a global decentralised digital currency and is still hardly used for legitimate transfers and that the approval of an ETF doesnt change the fact that Bitcoin is not suitable as means of payment or as an investment.
Bitcoin is unlikely to be suitable for some purposes (means of payment), but is certainly well suited for others (investment).
Yet today, I saw the image above and it suddenly got the question into my head, Is Bitcoin still dead? We've all seen how Bitcoin has weathered through all the critics and FUD to breaking above USD 70,000 steadily since the beginning of 2024. There's all indication it's headed toward USD 100,000. What are you all thinking about these feet.
The $100k level looks like the mark that bitcoin should at least reach, judging by the growth dynamics that are happening now. It is not necessary that this will happen in the near future (who the hell isnt kidding, right?) and before the correction, but it will inevitably happen. The market is in high spirits and even these numbers seem easily achievable.
Should those who didn't buy all along dare to jump in or would you recommend going for ALTs as the rising of Bitcoin often drag along the altcoins. Let me hear your thoughts?
Is it worth buying bitcoin now? It depends on the long-term investment. If you hold it for a long time, then you can buy it now, because the current price doesn't matter in terms of subsequent cycles. If you want to
get rich quickly, then it would be better to wait for the correction for a more profitable purchase of bitcoin.
