Over the last few months, there is no doubt that Bitcoin prices have been interesting. Especially since November 2017 when there was a parabolic rise in the price of BTC, hitting the $20,000 mark. Afterwards, by the end of December, the rate declined to $6,000 and is now traded at the $7,000 level.
Despite these price imbalances, traders and investors have become accustomed to the nature of fluctuating price bands. Some have reported that the price is still positive despite the fact that it is hanging below the estimated $8,000 range. However, it all becomes figuratively essential when looking at the bigger picture. Looking at monthly BTC price charts could easily mislead.
Other traders depend on BTC manipulation. They say that the price is still favorable, but constant exchanges between $8,000 and $10,000 depend on Bitcoin manipulation. In the case of those investors who invest on the basis of BTC prices, they are in the worst situation. Those who got traction when the price hit $20,000 are undoubtedly not smiling.
According to Anthony Pompliano, a partner of Full Tilt Capital, Bitcoin has reached its standard price value after the crazy rises in 2017. Here is what he had to say about the fluctuating Bitcoin prices;
“Daily price changes do not really interest me if you ask the truth. If we look carefully, we’ll see if the price changes in Bitcoin go to a certain area. Only in the last quarter of 2017 was a parabolic increase. So, in fact, the market has returned to normal or normal. That percentage is that there is no reason to panic right now. Things are on track, and I think there will be serious growth in 2018 as well. I’m as hot against Bitcoin as ever. ”
He further emphasized that Blockchain technology and best bitcoin wallet are becoming widely accepted and popular over time. Even though its use does not affect Bitcoin prices directly, the continued rise in its adoption is a great thing; “ There is at least a direct relationship between the price of bitcoin and the increase in the use of Blockchain, and I think many people are aware of it. But it is still an excellent development for large companies to start out-of-the-box Blockchain research. I think this trend will increase in the near future. ”
On the same note, Anthony Pompliano said that Bitcoin market prices are now stagnant. Currently, no news is likely to influence the current prices negatively. Concerning cryptocurrency investors and traders, there is some stagnation too, that should not affect prices adversely. With such a big picture in mind, it provides an avenue for thinking about legal regulations and future price imbalances as experienced in a few months ago. However, Pompliano believes that as positive news may come anytime, the market should adjust itself positively.
Invest With a Purpose and Avoid Selling
This principle generally means that you should concentrate on buying bitcoins and not selling them to take the short-term profit. That’s because it would be worthless to accumulate them for a long period of time and lose everything when you sell, due to the ups and downs of the price. That said, any money invested in bitcoin should be considered as completely lost.
As a bitcoin investor, your main aim is to retain the investment as long as possible and avoid selling even when the market is taking a dump. Remember that you are not getting in the bitcoin industry to pump and dump the market. As many investors will tell you, the market may continue to take a dip as you buy and you never know when the pattern will change. That means you can’t predict the lowest price that the bitcoin will hit at any particular moment.
Common Mistakes to Avoid When Buying Bitcoin
Though you may not predict the price of bitcoin, you can avoid making mistakes that may result in a loss of your investment. Here are the four most common mistakes that people make when investing in this industry:
- Making rush investment decisions due to the fear of missing out.
- Storing bitcoin in an exchange rather than a wallet.
- Inserting the wrong address when transferring bitcoin
- Failure to do enough research when buying and selling
From Pompliano’s point of view, it can be seen that thinking about the bigger picture of future Bitcoin prices play an important role. However, such thought is common among other Bitcoin enthusiasts.