Bitcoin’s path to the top has not been easy. On the contrary, to go from being a virtual currency practically unknown, to being the financial asset with the best performance of the century. Bitcoin has faced booms and busts in its price on a daily basis. However, for the most ardent proponents of cryptocurrency like Scott Melker, every pullback in Bitcoin is a buying opportunity, as discussed in the Tweet of the day:
Setbacks and opportunities in Bitcoin
The Bitcoin market can be intimidating, especially for first-time visitors. And it is that, when observing a historical graph of the cryptocurrency, the first thing that can be noticed with the naked eye is the enormous volatility in its price. Going from strong and sudden booms, to pullbacks of several hundred and even thousands of dollars in a few hours.
That leads to thousands of people routinely leaving the crypto market every time there is a drop in the price of Bitcoin. Fearing that it is an indicator of the definitive end of the cryptocurrency, and therefore the last chance they will have to save their money from the total collapse of BTC.
However, time and again the crypto market has recovered. Demonstrating not only the strength of Bitcoin, but also the opportunities that the cryptocurrency provides in each of these setbacks. These are moments when, as Scott Melker comments on his Twitter account, the best course of action is to buy Bitcoin while it has low prices:
«Remember. Bitcoin has had a number of corrections of more than 30% during its most bullish moves. Every pullback from here on is probably an epic opportunity to buy down and not a trend reversal.».
In this way, Scott Melker warns, in the midst of what appears to be a new bullish rally in the price of Bitcoin, against panic in the face of setbacks in the cryptocurrency. Ensuring that they almost always turn out to be a simple correction in the price, and not the beginning of a downtrend of the virtual currency.