Bitcoin has been rallying since 2020 and has seen some major ups and downs along the way. But all this time, no fluctuation has even been close to the one that happened on 22nd February 2021. From trading at $58,000 to falling to $46,000 for a moment and climbing back to $53,000 almost instantaneously. The crazy dip Bitcoin just witnessed has many puzzled, and at the same time, it has investors worried about the long going rally. But, I think this is more of a market correction that came after the rapid ascent in price in the last few days.
Bitcoin’s Crazy dip
When we hear Bitcoin, we should also read volatility and wild swings in the same line. Over the past year, bulls have been out in the open talking about why Bitcoin is the future. And just one wild swing has made bears crawl out speaking negatively about the cryptocurrency. Even I was worried about the crazy dip that Bitcoin just witnessed, but that was something I already considered before getting in the game. At the same time, even big companies knew the volatility factor of the cryptocurrency. So, the only losers here are the ones that dumped their coins at their lowest while the market was down.
Twitter has been booming with Bitcoin enthusiasts, and everyone is saying one single thing, “Buy the Dip.” If an asset that might overturn gold in a few years gives you a dip, you don’t get worried; you buy more. At the same time, the bears of the market that think Bitcoin is a bubble are coming out on the internet to prove their point. Many notable individuals like Will Hobbs said that he is staying away from cryptocurrency because of the wild swings.
The Chief Innovation Officer at the Federal Reserve is not a Bitcoin holder. This was reported by the famous Bitcoin account “Documenting Bitcoin.”
— Documenting Bitcoin 📄 (@DocumentingBTC) February 22, 2021
Just imagine the kind of belief that Bitcoin has built that even officials from the system are buying in. Even institutions are very bullish about the same and have constantly been building in their wealth in terms of cryptocurrency. Tesla has also made almost $1 billion in Bitcoin investment, with their $1.5 billion investment made in January. The fact is that most individuals that are advocating against cryptocurrency don’t understand the technology and why it’s worth what it is. Even Bill Gates changed his mind on Bitcoin, saying that he has now taken a neutral view on it.
Crypto bulls haven’t given up; they are still standing strong and are looking at a solid $250,000 to $300,000 in the upcoming years. I don’t even think there is something to give up. Yes, there was a market dip; it has recovered mostly, and what else! There is nothing more to think about this.
What are your thoughts on the crazy dip that Bitcoin just saw? And do you think it is more of a buying opportunity? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.