Wed, April 17, 2024

Beginning In 2023, Bitcoin Will Grow

Bitcoin

Beginning In 2023, Bitcoin Will Grow

Recently, there has been a lot of talk concerning the price of Bitcoin. It’s funny how the same facts can lead bulls and bears to arrive at conflicting conclusions. Nevertheless, it’s important to note that Bitcoin has increased by 13.58% so far this year.

The chart is highly positive. Obviously, reaching 19k today was a significant step toward recovery. To get back to 70k, however, there is still a long way to go on the path to recovery. Nevertheless, for Bitcoin bulls, the year has started off well. Even with enormous peaks and drawdowns, the trend is still bullish when we zoom out to the all-time chart.

Bitcoin has a reputation for volatility; the price fluctuates quickly. The all-time chart amply demonstrates this fact. The following “cheat sheet,” which is often shared on investment message boards, was uploaded. We appear to be in the “disbelief” stage if you compare the illustrated chart below to the overall Bitcoin trend.

Does anyone anticipate this rally lasting long? Given that the last two rallies in December and November were wasteful, we are all now skeptics. Will this price change be persistent, or will it just be another bear market rally? Perhaps worth noting is that the last three times Bitcoin’s RSI level (the overbought/oversold indicator, where 0 indicates severely oversold and 100 indicates extremely overbought) has been this low, new all-time highs have been set:

Additionally, a NewsBTC story mentions today’s “Parabolic SAR” purchase signal that was activated. It is nearly hard to predict the bottom, particularly during a bear market. There are several signs I’m noticing suggesting that the worst is over.

Anniversary Of The First Bitcoin Transaction

 

The possibility of testing the lows again is undoubtedly real. I continue to use a DCA strategy for my long-term holdings of Bitcoin and Ethereum since I have a lengthy time horizon for both of these currencies. I think cryptocurrency is still on sale, and a bear market is just a prolonged purchasing opportunity.

The world’s first decentralized peer-to-peer cryptocurrency network saw its first transaction on January 12, 2009, when Satoshi Nakamoto transferred Hal Finney 10 BTC.

Regarding Bitcoin speculation, Finney wrote: “The risk arises if people purchase bitcoins in the hope that the price will grow and the price rises as a result of greater demand. A bubble is defined as that, and as we all know, bubbles burst.”

We have now witnessed that bubble expand and burst four times. However, every bull run raises the market to a record high. One day, as Finney said, every Bitcoin will be worth millions. He died in August 2014 and was the second person to download and execute the Bitcoin Core program, Satoshi being the first.

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