With the current bear market and the price fall, I recently convinced a lot of people to join the bitcoin bandwagon plus not to panic sell. Sharing my thoughts here…

With the current bear market and the price fall, I recently convinced a lot of people to join the bitcoin bandwagon plus not to panic sell. Sharing my thoughts here...

For people who have been in the bitcoin space, such price falls are nothing new and are in fact expected. But a lot of new entrants get worried over investing and even panic sell to "save" their losses.

Thankfully with some right knowledge, it is quite possible to convince them not to give in to the price fall and actually use this opportunity to buy. Sharing some pointers here:

Historical data:

One of the best ways to assess bitcoin's performance is to look at its historical data. Looking at the logarithmic regression of the bitcoin price [also known as the rainbow chart], which takes the historical data of bitcoin price and charts the future trajectory of its price movement, shows a clear upward trend in the coming years.

https://preview.redd.it/jizi9ipysr691.png?width=1263&format=png&auto=webp&s=f7d9fcd8c0abd5b1b042074bd9f88c8732ca46e8

Adoption:

Another great indicator of any asset's success is its adoption by the mainstream audience. Bitcoin is seeing an exponential adoption within the mainstream with the number of active addresses seeing a clear upward trend in the past years.

The same trend is seen for the number of transactions per day recorded on the bitcoin blockchain.

Volatility:

Bitcoin's current price of $20,500 is almost a 70% price decrease from its all-time high of $69,000 back in November 2021.

But these price drops are also a great opportunity for new investors to enter the market and buy some bitcoin.

Technology:

There is no argument that bitcoin technology is truly revolutionary and is set to disrupt multiple industries, the biggest one of course being financial.

In a matter of 10 years, blockchain has become a multi-billion dollar industry and is only expected to grow as its ecosystem expands.

Source: Blockonomics – Is it too late to buy Bitcoin

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