Remember that time when Bitcoin price hit almost $20,000? Those good old days are gone but they are coming back, slowly but surely…
Despite the previous bumps, Bitcoin price is going up slowly, and there is a big chance that this time it won’t drop like before, here’s why:
About 3 years ago when Bitcoin was close to hitting 20k, I was among few people who saw what others choose to ignore knowingly: It was all a bubble caused by the average Joe and it was time to get out. I sold my Bitcoins at 17k and a month later, the entire market crash-landed at 3k.
In a previous article, I compared the Bitcoin crash of 2018 (December 2017) to the economic crisis of 2008. They both had one thing in common: In both cases, people without any investing knowledge decided to buy something to make quick money because it seemed easy, and when the buzz was gone, everyone panicked and started to sell, which brought the price down to almost 3k!
Keep in mind that the 2008 economic crisis was much more complicated but if you’ve watched the movie Big Short, you’ll know that back then, everyone started buying houses because it was easy to do so and it seemed like a good investment without actually knowing anything about it, because everyone else was doing it. (sound familiar?)
Now with these out of the way, let’s talk about the future of the Bitcoin in 2020 and beyond…
Since the crash of 2017, Bitcoin has been building up to a nice 10k. The past couple of month’s events has brought Bitcoin up and down about a thousand but there’s a bigger picture that no one is seeing, and that’s how healthy Bitcoin price is performing.
Bitcoin price is raising, but this time it’s not thanks to average Joes buying in because everyone is talking about it, it’s because of the real people, investors, and traders, and that’s why it’s performing strong and healthy.
What’s The Best Bitcoin Investing Strategy in 2019?
Two words: diversify and hold! Bitcoin will probably go down again and go back up, that’s the nature of it and we can’t do anything about it but here’s what you can do to earn profits with it: Diversify 50% of your assets in other coins, such as Litecoin, Ethereum or XRP (ripple). This way, a big drop in prices won’t hurt your investment as much.
The next step is to play the long game. Most of the people who invest in Bitcoin are checking its price every day and sweating when it drops.
As a smart marketer, you shouldn’t not be doing that. It’s exactly like the people who use the Robinhood app to invest in stocks and then check their app every day to see if they have lost money or earned anything. Amateur investing is all about the long term play, so be patient, and only check the prices once a month.
Finally, Don’t Get Greedy!
One of the reasons that I didn’t lose money in the Bitcoin crash of 2018 was the fact that I didn’t get greedy. I saw the trend and decided to get out since I’ve already doubled my money. I could wait until it hit 18k or even 19k but I didn’t, because I had a goal.
“Set a goal, and exit instantly when you hit it”
Set yourself a goal, let’s say your goal is to earn a 10% profit. Let’s say you enter the market right now and buy at $9,800 and in 7 days, the price hits $11,000. Since you’ve already made money and hit your goal, it’s time to sell and cash out. Don’t get greedy and don’t more than that.
I also recommend checking out my Bitcoin trading course here. This program will teach you to invest your money correctly in Bitcoin and other cryptocurrencies and earn a reasonable profit from them.
Leave a comment below and let us know what you think about the future of Bitcoin!