Experts believe that bitcoin is here to stay. Its appeal will grow in the coming months. Right now is not the time to sell bitcoin.
Bitcoin was worth pennies in 2009. Then the bullish really of 2017 came and the world learnt of bitcoin through news industry. During the end of 2017, BTC reached a height of $20K for the first time.
The year 2020 was interesting for bitcoin. In the start, currency’s value stood at $8,000. It quickly went down by the month of march and lingered around $3K for quite some time. The mid of 2020 was some unprecedented time, not just for crypto industry but also for the rest of the world. The COVID-19 pandemic had a severe impact on small businesses. The world economy nosedived as a result of travel restrictions and other measures taken for the containment of the virus. Bitcoin thrived on this dwindling traditional market.
By the end of 2020, Bitcoin had crossed the $20K barrier again. The bullish rally’s continuation brought record-breaking highs at the start of January. The highest value BTC has reached so far is $42K.
On Sunday, we saw a big correction in bitcoin’s bullish trend. The price plunged 26% to hit the rock bottom of $30K. However, now we see it rallying again to reclaim the $40K mark.
Not the Time to Sell Bitcoin:
The fear of bitcoin falling from a high point is always imminent. Hence, this shouldn’t be the deciding factor for whether you should sell or buy bitcoin. On the other hand, watch out for the fundamentals of currency.
Bitcoin has strong fundamentals. It has growing institutional support. Many governmental authorities in the US are now considering the use of digital currency and blockchain. The most recent development in this sense is the letter from the US Office of the Comptroller of Currency (OCC) stating that federal banks can use blockchain.
Despite volatile price movements, the top 100 addresses of bitcoin holders have added more coins in their wallets in the past 30 days. Most of these addresses belong to big exchanges like Binance. It is evident that bitcoin will soon become an important asset class.
A Twitter user Michael Saylor praised Bitcoin in the following words,
Bitcoin is open, fair, & equitable monetary network. It improves as news members contribute their human & financial capital, just like every country, state, city, agency, club, church, party, union, cooperative, association, school, institutions, ideology, & culture.
Therefore, it is certainly not the time to sell bitcoin. If anything, you should be buying more.