My trust in Bitcoin grew exponentially when I knew the price history of Bitcoin.
Besides other things, history is one main thing used in technical analysis. You can't analyze a market if you don't know the history of that market. History helps you determine how that market behaves at different points in time.
Bitcoin price history is necessary for all Bitcoiners, but to be a successful holder you have to understand the price history of Bitcoin.
This will help you understand the volatility of Bitcoin.
When you know the price history of Bitcoin you will understand that there is nothing new about the fall and rise of price. Also, the history will let you know that the price always goes back up after a fall and that should help you in your effort to hold Bitcoin.
When you read about the price history you'll see years like 2017 where Bitcoin peaked at just over $19000 from a thousand dollars. The volatility of Bitcoin goes both ways and you can only hold on to your Bitcoin when you know these things.
This is a graph of Bitcoin price in 2014 by Statmuse
In 2014, Bitcoin went from about a thousand dollars to under $200 and finally ended the year at just over $300. This kind of knowledge helps you keep the faith as a Bitcoin holder when the price dips.
This story may not be that relevant against the topic but since we're talking about how reliable bitcoin is anyway I think this one's worth bringing up. Back in 2022 I have heard about the guy who created this formula or whatever that could dependably predict how much bitcoin will go for as time goes by. So far as I said the graph and formula he made has been very dependable and at least accurate which is a good thing, cause it means that bitcoin is cyclical, and that if we play our cards right we could time our buys and sells and expect massive profit upturns all by playing around bitcoin's price behavior. Plus the fact that bitcoin's still volatile yet cyclical allows it to be one of the most risk-free cryptocurrencies on the market right now. You could lose all your shit in any other cryptocurrency but with bitcoin, there's a chance for recuperation and even profits after a tumultuous crash as long as you don't sell your positions when the market is down.Besides other things, history is one main thing used in technical analysis. You can't analyze a market if you don't know the history of that market. History helps you determine how that market behaves at different points in time.
Bitcoin price history is necessary for all Bitcoiners, but to be a successful holder you have to understand the price history of Bitcoin.
This will help you understand the volatility of Bitcoin.
When you know the price history of Bitcoin you will understand that there is nothing new about the fall and rise of price. Also, the history will let you know that the price always goes back up after a fall and that should help you in your effort to hold Bitcoin.
When you read about the price history you'll see years like 2017 where Bitcoin peaked at just over $19000 from a thousand dollars. The volatility of Bitcoin goes both ways and you can only hold on to your Bitcoin when you know these things.
This is a graph of Bitcoin price in 2014 by Statmuse
In 2014, Bitcoin went from about a thousand dollars to under $200 and finally ended the year at just over $300. This kind of knowledge helps you keep the faith as a Bitcoin holder when the price dips.
This doesn't mean that you could just put your money onto bitcoin and expect profit upturns though, as you need research and a deeper understanding of cryptocurrencies and bitcoin if you really wanna maximize your profit potential with it. Investing willy-nilly and then selling your position when the market's down, then blaming bitcoin for dumping is one of the worst things you could do for yourself. Bitcoin will eventually come around, but soon as you step out of that door you're no longer part of the party. So make it a point to always have a foot at the door when you're investing in cryptocurrencies, particularly when it comes to bitcoin, as it rarely disappointed people who believed in it.