Savvy Investors are Accumulating Bitcoin While Bargain Buyers Search for the BTC’s Absolute Bottom
As the constant speculation about the future price of bitcoin continues as always, many investors have engaged in a back and forth debate about where the bitcoin bottom will be. This further intensified when we entered the bear market in 2018 and doesn’t seem to be stopping anytime soon.
One person who has also chimed in is EmptyBeerBottle, a prominent voice in the crypto industry, who has said that most investors will have a hard time determining the bitcoin bottom. He recently took to Twitter to share his thoughts.
“The majority of people won't call the exact bottom.
That probably includes you. History tells us that buying a set amount of #Bitcoin per week/month and setting it aside will be a good financial decision if you believe in it in the long term,”
his tweet said, noting that investors should think of the long term when buying and not spend their time frantically looking for a bottom price.
He also had words for speculators who predicts bitcoin dropping to less than $2,000. According to him, such a drop is unlikely and more importantly, should bitcoin return to its $20,000 high, it won’t really matter whether its bottom was $2,000 or $4,000.
Josh Rager, an advisor to TokenBacon and Blackwave, backed up this point by doing online to ask, “what’s another 5% or 7% compared” to how much of a drop has taken place already? For those who are investing in crypto for the long term, it doesn’t matter whether the price drops a little bit more or not.
He concluded by stating that whatever the bottom price of bitcoin is now, it will not matter in the next three to five years when a massive resurgence will take place. This shows that Rager supports the notion that cryptocurrency will indeed see a future spike.
The only situation in which a difference in bottom prices would matter significantly is if the price were to swell to hundreds of thousands or millions of dollars.
Stocking Up In The Winter
While the price of bitcoin is at a low as of now, many investors are taking advantage of this by storing up as much crypto as they can in anticipation of the winter coming to an end.
According to Diar, a cryptocurrency publication, the number of addresses that hold between one to ten bitcoin has seen a 5 percent increase since the 2017 peak period. It seems many are indeed in the crypto business for the long haul and getting their hands on as much crypto as they can while the price is low.