Bitcoin’s path to the top hasn’t been easy.
On the contrary, from being a virtual currency practically unknown, to being the best performing financial asset of the century. Bitcoin has faced price spikes and declines on a daily basis. However, for the most fervent defenders of cryptomoney like Scott Melker, every setback in Bitcoin is a buying opportunity, as he commented in today’s Tweet:
Remember. #Bitcoin has a had a number of 30%+ corrections during its most bullish moves. Every retrace moving forward is likely an epic dip buying opportunity and not a trend reversal.
Regressions and Opportunities in Bitcoin
The Bitcoin market can be intimidating, especially for first-time viewers. When you look at a historical chart of the cryptomone currency, the first thing you notice is the enormous volatility in its price. Going from strong and sudden booms, to setbacks of several hundreds and even thousands of dollars in a few hours.
That leads to thousands of people routinely leaving the crypto market every time there’s a drop in Bitcoin’s price. Fearing that this is an indicator of the definitive end of the cryptomarket, and therefore the last chance they’ll have to save their money from the total collapse of BTC.
For Scott Melker, every drop in the price of Bitcoin is an opportunity to buy it down. Source: CoinDeskFor Scott Melker every drop in the price of Bitcoin is an opportunity to buy it down.
However, over and over again the crypto market has recovered. Demonstrating not only Bitcoin’s strength, but also the opportunities that cryptomoney provides in each of these downturns. These are times when, as Scott Melker comments on his Twitter account, the best course of action is to buy Bitcoin while prices are low:
„Remember. Bitcoin has had a number of corrections of more than 30% during its most upward movements. Every reversal from here on out is probably an epic opportunity to buy down and not a trend reversal.
Thus, Scott Melker warns, in the midst of what appears to be another bullish rally in Bitcoin’s stock, against panicking over retreats in the cryptomoney. He assures that these almost always turn out to be a simple correction in the price, and not the beginning of a downward trend in the virtual currency.