Post
Topic
Board Bitcoin Discussion
Re: Knowing Bitcoin price history is important
by
rachael9385
on 22/01/2024, 01:57:42 UTC

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.

I agree with you that knowing the history of Bitcoin and how the price changed over the years is very helpful. I am just not sure how the exact price almost 10 years ago is going to help us make better decision today. Would you expect the price to drop down to 200 USD again during a bear market? For me this is very unrealistic, because I don't think we will ever see a price below 10,000 USD again. There are just too many different investors who would be buying large amounts of bitcoins below 20 or 15,000 USD. Maybe a more relative comparison  of the price 10 years ago can help. But even then would we expect a 80% drop in price this year? This seems quite harsh for my expectations of 2024. The world is still recovering from the pandemic and the high inflation rates. Also we have the halving coming up this year. I am rather expecting rising prices this year than falling prices.
What the OP said might be truth because with some good information about the past price of Bitcoin one can easily tell or predict how much it will be next time.
However, most of the times some predictions are might not be accurate but there will definitely be a day or time when one can predict the actual price of Bitcoin.
I also don't think that Bitcoin will ever decrease to $20 or $15k in future because it will cause a serious commotion that a lot of people will buy and hold it, both those that do not have the money to buy the Bitcoin at that time will want to borrow and buy (which is not a good idea).
The reason why I said it would be good to know the past price of Bitcoin is because it might help an investor to know when Bitcoin will increase or decrease.