If you haven’t been paying attention to the news over the past few months, Bitcoin has taken a dip.
This is discouraging to some people but they should realize that a gradual growth is also expected to most likely peak in 2024 when the next halving happens.
It is disappointing to see Bitcoin reach this level because it had a huge year in 2021.
As the calendar changed, Bitcoin and the rest of the crypto market floundered which was not a good sight for crypto enthusiasts.
You can see people showing concern with Bitcoin and the rest of the crypto market.
People read news about the market going down in any decent Bitcoin blog which all have merit to think that way but there are expectations that Bitcoin will gradually grow in the next few years.
According to the experts, they believe that the peak reached in 2021 will pale in comparison to what we can see by 2024.
The Bull Market Will Return
People found it challenging to be bullish about Bitcoin and other cryptocurrencies because of its dip.
However, it should not discourage people from buying cryptocurrencies and investing because there is still room for potential growth in the future.
If you are aware of crypto trends, you should know that when the value dips, a time will come when it will go up again.
You should have an optimistic mindset towards the crypto market given that its volatility has proven that it can bounce back and reach absurdly high levels of value.
A bull market is where you can expect the value to keep rising. This has been a term used in many financial markets with stocks, real estate, and now, crypto.
If you are looking for a market where you can emerge as a successful investor in the long term, it’s fair to say that Bitcoin will definitely be up there.
It’s interesting to see that people have shown distrust of the crypto market because of its volatility but all they need to do is find the right time for their investments to have higher value.
The Next Halving Will Be Significant
Most of the time, Bitcoin increases in value when the halving occurs. A halving entails the process of halving the rewards of mining BItcoin after each set of 210,000 blocks is mined.
If the rewards are halved, it means the supply will be limited which means the price could rise if the demand can remain strong.
Since 2021 was the last halving, it was not surprising that Bitcoin managed to reach an all-time high value in late 2021.
This should be the case again because most experts are predicting 2024 will be the next peak for the industry which is after the next halving.
The Effects of the 2021 Halving
Bitcoin managed to reach an all-time high back on November 10, 2021, as it reached around $68,000. They managed to beat the previous record which was set a month before when it nearly hit $67,000.
You can tell that the crypto market thrived during that time because people were interested in investing in it.
A few months later, the crypto market is struggling to get back to that peak.
While it’s okay to be concerned about the market, people should not give up on crypto because there will always be a shining beacon in the distance.
You can expect that the crypto market will build itself back up.
With more people showing interest in crypto through assets like cryptocurrency and even non-fungible tokens (NFTs), you should expect more innovations from the crypto industry.
Hodling Might Be the Best Move for Now
There are strategies when it comes to dealing with cryptocurrencies and people need to consider some when dealing with long-term investments.
Some experts believe people should try to hold their Bitcoin and other cryptocurrencies for now so they can sell when the value is up again in the future.
While hold is the technical term, people within the crypto industry refer to this move as ‘HODL’, which stands for ‘hold on for dear life’.
Why Do People Hold Cryptocurrencies?
Since we’ve established that cryptocurrencies dip and rise in value, the buy and hold strategy has become commonplace.
With this tactic, you can hold on to their assets for a long period so they can profit from the long-term valuations.
Most people believe that the crypto market will keep growing in the future.
This is the name of the game for investments because you will have to rely on market trends to know when you’re going to sell and buy.
With cryptocurrencies, it will be better to hold on to the assets for now and then sell them high when the time comes.
Are There Risks When Hodling?
Of course, there are still some risks when it comes to this tactic. There is a big chance that you will earn solid rewards when you find the right time to sell after hodling but you should expect some bad events as well.
Crypto prices can drop instantly which is why you should know when to find the right timing to succeed.
Bitcoin Still Has Untapped Potential
While a large chunk of the population is aware of Bitcoin, its potential is still supreme.
You should expect Bitcoin projects to ramp in the next few years, especially when another halving is set to shatter peak records for Bitcoin.
Bitcoin is still predicted to be a huge asset in the future around the world. It has already reached a level of popularity that most assets would never reach and it has only been around for more than a decade.
It is a short time for an asset to grow at that rate but the potential is there to become one of the biggest assets in the world alongside the US dollar.
If you want to thrive in the crypto industry, you should try to read a decent Bitcoin blog so you would know what you need.
It will be a long process but you should know that Bitcoin will be around for a long time and it’s good that you’ve jumped on the train early on.
Ella Marcotte
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