At time of writing, Bitcoin is trading at just under $36,000 — down over 40% from its high.
For many investors, especially those who bought crypto for the first time last year, these drops are extremely worrying.
Some, such as Bill Noble, a senior analyst at Token Metrics, see a fall to $20,000 as the worst case scenario for Bitcoin.
Traders often use charting tools and patterns to try to forecast various possibilities and potential support levels.
Popular YouTuber and crypto analyst, Michaël van de Poppe, explained in his latest video that we’ve lost the resistance level of $37,500.
It is in the process of a huge upgrade and has just had to delay the rollout of its next step.
In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before.
Warren Buffett’s right hand man at Berkshire Hathaway, Vice Chairman Charlie Munger, has been extremely vocal in his views that the value of Bitcoin may well go to $0.
“We believe bitcoin is the most profound application of public blockchains, the foundation of ‘self-sovereign’ digital money,” said the report.
Others, such as billionaire investor Mark Cuban, compare crypto to the early days of the internet.
What of Ethereum? A recent survey of 36 industry experts by Finder reflected concerns about the Ethereum merge and wider upgrade.
On the other hand, investors try to build wealth by holding assets for the long term.
This means only investing money you can afford to lose, and making sure crypto only represents a small percentage of your overall portfolio.
Position yourself so you can wait out any dips in the short term and you’re not dependent on potential — and as yet unrealized — gains from crypto.
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